So what is The Graph exactly? Well, it’s open source software that will be used to collect, process and store data from various applications to facilitate the retrieval of information on a blockchain.
The data is compiled via nodes (Graph Nodes) and each “set” is stored in a decentralized way in what they call Subgraphs. Applications (dApps) can then access the catalog of hundreds of subgraphs and connect/query the different smart contracts in order to retrieve the information they need.
The Graph was launched in 2018 and is based on the Ethereum network. And from the start the objective has always been to open up not only to other blockchains, but also to other types of networks in order to recover data (for example IPFS recently). The project is already connected with the Binance Smart Chain, Avalanche, Fantom, Celo, Moonriver, most L2 Ethereum (Polygon, Arbitrum, Optimism, etc.), Near Protocol… it’s still in beta for some, but it should be good shortly.
The GRT token
The Graph has a main token, the GRT, ERC-20 token (on ETH therefore) which will be used mainly to pay transaction fees and secure the network. Users, validators, and others indexing data must block a certain number of tokens to contribute to the network. They receive in exchange a share of the costs on the network, but also assume the failures (if an indexer alters the data for example). Basically, this is the classic operation of a lot of cryptos.
The TSO will also allow you to vote on new proposals for improvements or modifications to the project. You will have a vote on its future.
Why is The Graph an interesting project?
The project is already used by several other large platforms, which therefore use (and trust) the data stored on the blockchain. It is therefore not based on future promises, but on a product that has been 100% functional for a while and which seems to be proving itself over the months.
Among the big projects that use The Graph we can mention the decentralized exchange Uniswap, the Metavers Decentraland project , Curve Finance, Audius, Balancer, Synthetix Network, Gnosis or even Aave. If even more people start using The Graph there could be greater demand for the token. So there is still room for improvement.
Especially since an API is made available to developers (named GraphQL). It allows you to make things easier and integrate
S The ffi Graph into your own project, whether the latter is a DeFi (Decentralized Finance) solution, a social app, an NFTs marketplace, etc. They even provide a complete academy with courses, video tutorials and everything you need to dig into the API. You will be able to have fun 😉 And since the flash buzz of the moment is Web3, the project is well suited to it since it allows applications to access a whole lot of data which is accessible in a decentralized way, therefore without the need for store everything on in-house servers.
Data encryption will also be on the agenda in the future (but not yet operational at the time of these lines).