TL;DR
- Arthur Hayes, co-founder of BitMEX, joins Covalent as a strategic advisor.
- The Ethereum Wayback Machine project will ensure the long-term preservation of Ethereum historical records.
- The initiative will boost decentralized artificial intelligence and transparency in the blockchain community.
Arthur Hayes, known for being the co-founder of the BitMEX cryptocurrency exchange platform, recently announced his joining Covalent as a strategic advisor.
This collaboration focuses on the development of the Ethereum Wayback Machine, an innovative project that seeks to ensure the long-term preservation and availability of the historical records of the Ethereum network.
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— Covalent 🧬🏺 (@Covalent_HQ) June 11, 2024
The initiative arises in response to the need to maintain the integrity and transparency of data within the blockchain ecosystem, crucial aspects for its evolution and trust.
The Ethereum Wayback Machine is designed to function as an off-chain storage system, capable of saving and re-executing temporary data known as blob data.
This will allow for accurate reconstruction of old Ethereum states, something that is currently not guaranteed on most blockchain networks.
By preserving this historical data, the project not only strengthens transparency, but also provides a solid foundation for the development of decentralized artificial intelligence.
The importance of this data preservation lies in its usefulness for AI models, which require accurate and complete historical data to function correctly.
By ensuring this data is available and reliable, the Ethereum Wayback Machine promotes innovation within the blockchain community and supports the development of emerging technologies.
Additionally, the participation of Arthur Hayes brings valuable experience and knowledge, accelerating the progress of the project and highlighting Covalent’s commitment to technological advancement.
Covalent Drive for Innovation and Transparency
With the addition of Hayes, Covalent strengthens its position in the blockchain industry, differentiating itself through its focus on data preservation and transparency.
This move also underlines the growing importance of collaboration between cryptocurrency experts and innovative projects to address complex technological challenges.
The Ethereum Wayback Machine will not only benefit Ethereum, but its impact could extend to other blockchain networks, setting new standards for the manipulation and preservation of historical data.
The ability to reexecute blob data and reconstruct previous states provides a powerful tool for developers and researchers, allowing them to analyze and verify past transactions and events with greater accuracy.
Additionally, Covalent has launched an exclusive campaign in collaboration with Galxe, offering users the opportunity to earn $6,000 USD in CQT tokens by completing a series of tasks.
This campaign not only celebrates Hayes addition, but also seeks to encourage community participation and encourage greater commitment to the project.
