GRT Listing – A Token for a Better Internet
Making Data Easily Accessible
We are excited to list GRT – a highly lucrative token making the internet a better place. Its parent company – The Graph – is a decentralized protocol for indexing and querying data from blockchains. An open network producing the fastest, cheapest, most reliable way to access data for the crypto economy. The Graph achieves this by storing and processing it on open networks with verifiable integrity. Read on to find out why you should include this gem in your portfolio!
How does The Graph work?
Blockchain data contains a lot of different pieces making it time consuming and conceptually hard to retrieve. By indexing and querying the data, The Graph makes the process efficient and performant. It creates APIs called subgraphs which can be queried with the standard GraphQL API, an open-source data query developed by Facebook.
A subgraph manifest, also called a subgraph description, defines the properties of smart contracts, the events in those smart contracts to pay attention to and how to map event data to information that can be stored by The Graph in its database. Creating a subgraph is permissionless meaning that anyone can create subgraphs and call them whatever they like. A Graph Node facilitates the process by updating the data store.
An important step in the whole process – the flow of data queries can be described in the following steps:
- A dApp adds data to the Ethereum network through a transaction on a smart contract.
- The smart contracts send one or more events whilst processing the transaction.
- A Graph Node scans the Ethereum network for new blocks and data that may be needed for the subgraphs
- The Graph Node finds the relevant data and runs the mapping called a WASM module, which creates or updates the data entities stored by the Graph Node
- The dApp then queries the Graph Node to get the data and translated it into a format for end-users
GRT – Better Blockchain Data Ops
Before The Graph, teams had to develop and operate proprietary indexing servers. This required significant engineering and hardware resources and included a major drawback – it breaks the important security properties required for decentralization.
Data is the new “oil” – and speed, security and accessibility are what make this commodity a vital asset in the blockchain field. You don’t want any single one of those out of the scope.
With The Graph, developers can combine Web3 protocols and build dApps with powerful new features for solving the world’s greatest challenges. Entrepreneurs are creating next level apps to scale human coordination on the internet.
The Graph Network
Founded in 2018, The Graph raised 7.5 million US dollars in a private round two years later, as well as 12 million US dollars in 2020 in their ICO, where a total of 400 million GRT were sold to 4500 investors. It has been online and running on the mainnet since December 2020 as an ERC-20 token running on the Ethereum blockchain.
In other words, The Graph is an open source decentralized protocol for indexing and querying data from blockchain, facilitating the process of data query for projects like Uniswap or NFT initiatives like the Bored Ape Yacht Club. By retrieving and preparing data it gives users and developers easier access to data sources, allowing them to use the information directly. For developers this offers the direct benefit of speed and efficiency in the development of their decentralized applications (dApps).
In essence, The Graph Network consists of Developers, Consumers, Indexers, Curators and Delegators that provide service to the network and serve data to Web3 applications.
- Developers: essentially – developers of applications.
- Consumers: end-users who want to receive the data (entrepreneurs, organizations, private members).
- Indexers: node operators that provide query and indexing services, for which they get rewards. Rewards are also earned from a Rebate Pool that is shared with all network contributors proportionally.
- Curators: curators use their knowledge of the Web3 ecosystem to assess which subgraphs should be indexed by the network. They are able to view network data through the explorer to make signaling decisions. Signaling decisions help assess the quality of subgraphs and curators are rewarded for offering good quality subgraphs. The cues from the curators help indexers to process and index data from the subgraphs.
- Delegators: participants who deposit shares in the indexers and contribute to the security of the network. They do not need to operate their own node but can participate in an existing one by delegating GRT to indexers. They earn a portion of the Indexer’s query fees and rewards.
GRT Token – More Value to Data
An essential piece of the system – The Graph Token (GRT) is the utility token of the Graph Network and serves as a means of payment. Indexers, curators and delegators are rewarded with GRT for their services and contributions to the network. On the other hand, end-users need GRT to pay for the data.
GRT is also required to create or participate in subgraphs and used by indexers as collateral for the data they provide. To ensure quality and trustworthiness of data, the collateral can be (partially) lost when erroneous data is provided. Also, curators use GRT to vote for a subgraph and mark it as trusted.
Data – The Next Big Asset
If the current bear market is having you looking left, right and center for the next valuable asset, know this! The coming years will bring an exponential increase to the creation, circulation and processing of data. Accelerated development of blockchain and computational power are the main drivers, but equally important – our ever changing technological habits. With every interaction we have, we leave behind ripples of data. Nothing goes away. Everything is circulated, secured and analyzed and soon enough, nothing will function outside of blockchain tech.
The chips never sleep and the ever increasing computation of data will need the optimum workframe going forward. Do you want to have a hand in the network and tools mapping out the flow of data in the new internet? Know where the value is and choose assets that are heralding tomorrow’s technology!
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