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Blockchain technology is inarguably complex. While it has millions of users across the globe, it’s hard for non-coder users to create anything. In general, the blockchain world lacks an all-users-friendly interface where anyone can effortlessly create a cryptocurrency, execute trades on exchanges, develop bots and DEXes, and monitor the progress of smart contracts, among other functions. These capabilities were otherwise impossible without proper coding background, but the GraphLinq protocol is here to unlock the impossibility.
Launched in March 2021, GraphLinq is a no-code protocol that allows blockchain enthusiasts to automate actions both on-chain and off-chain. The protocol presents an unprecedented model that integrates and automates blockchain-related and unrelated activities, allowing the effortless interaction of blockchains and connected systems.
GraphLinq Protocol’s Ecosystem
The GraphLinq ecosystem comprises tools that include an IDE and an engine that runs simultaneously with other blockchains and centralized streams of data to provide the automation service without requiring any coding skills. The automation functionality is made possible using graphs, which are sets of nodes attached.
The protocol has its native token known as the GLQ token. It is an Ethereum ERC-20 token and serves to run graphs on the GraphLinq test net or the main net to execute various processes on the blockchain with just a few nodes.
The engine forms the protocol’s core and is the software process responsible for executing graphs over the network. It’s developed and maintained into the net core 3.1, which allows for fast execution and cross-compatibility over any exploitation system. The engine deploys two separate protocol layers for testing and the production of its graphs.
Using the GraphLinq Protocol
To use the ecosystem and the engine protocol, you need a web3 compatible wallet or preferably a Metamask wallet. The wallet connects to the GraphLinq web interface to sign a unique Ethereum transaction for authentication and authorization to use the GraphLinq online interface. After signing up, the session automatically kicks off, and you need to acquire some GLQ tokens in your wallet. Then, if you have the tokens ready, deposit the amount you wish on the particular smart contract managing the cloud balance.
You can withdraw at any time by contacting GraphLinq’s API, but the amount will be short of the graph execution cost initiated on the main net engine.
Individuals can create graphs using the IDE available on the GraphLinq web application available on idegraphlinq.io or download the desktop app version. Once on the IDE, you can follow the simple process after clicking on File on the top menu.
Users can deploy and test graphs for free on the test-net but with cycle-length restrictions and limited possibilities and activities. However, the functionality is unlimited on the main net, although a user must have a balance cover-up in the engine depositor smart contract.
GraphLinq’s GLQ Token
GLQ is the symbol for GraphLinq’s native token deployed on the Ethereum blockchain. It’s the token for all transactions on GraphLinq protocol, including graph execution fees and community needs. The protocol follows a program that will ensure the continuous evolution of the token as it continues to be used in GAS fees. As a result, every GLQ used as GAS fees for a graph will get burned, thereby reducing the circulating supply of the token.
GraphLinq launched with a total circulating supply of 500,000,000 GLQ. The tokens are distributed as follows: 10% to the private presale, 40% to the public ILO presale on Unicrypt, and 27.9% to the treasury fund. Further, 10% will go to bounty rewards, 5% to the GraphLinq team, 4% to marketing, 2% to the Ethereum network, Binance Smart Chain, nodes and engine hosting, and 1.1% to the circulating staking team.
GLQ Staking Feature
The GraphLinq protocol recently launched its GLQ staking feature on the GraphLinq App. It will be pretty beneficial for the price momentum of the token as it incentivizes people to hold the token and earn a passive income. The staking rewards will go as high as 50% APY, depending on the tier. The first 15% stake of all the stakes will fall under tier one and earn 50% APY. The following 40% stake will fall under tier two, getting 25% APY, and the rest will get 12.5% APY under tier three. However, the APY will run for a short period before it gets updated.
First-time stakers will fall under tier three and then rise to the higher tiers if they hold their tokens for long. Holders can drop to the lower levels upon withdrawing their GLQ stakes.
The GraphLinq team lives on the premise that most of the job tasks ran on mainstream cryptocurrency, and blockchain projects can automate and generate using nodes and graphs. People can listen to the data, trigger it, and save it to a safe place where they can maintain the services from an off-chain side and benefit from lower execution fees and complexity.
Under that thought, the team presents the GraphLinq protocol to enhance the communication and manipulation of blockchain data. It unlocks an effortless way of setting up a cryptocurrency pipeline and workflow and more possibilities like up to 50% APY passive income. In just two months since its launch, GraphLinq has come a long way. It is trading at $0.04668 as of this writing and is a project worth the attention.
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