422
views

The Beginner’s Guide to The Graph (GRT)

The Graph (GRT) is a decentralized, open-source indexing protocol for blockchain data.

Starting with Bitcoin’s inception, blockchain technology has become a playground for developers, investors, and organizations. All these entities look to develop new financial instruments and help everyone profit from them. However, navigating around a distributed ledger has turned into a tricky endeavor for newcomers.

Fortunately, innovative projects, such as The Graph, look to simplify things for everyone. This indexing protocol aims to enable developers to build various APIs known as subgraphs for separate queries. This way, it should solve issues like query security, the finality of property, and chain reorganization.

In this beginner’s guide to The Graph (GRT), we take a closer look at how this rare protocol works. Also, we scour through its history, understand its purpose, and why you should give it a try.

Why Indexing Protocols Matter

Cryptocurrency is a decentralized financial (DeFi) system that seeks to eliminate third parties (financial institutions) and traditional currencies. Its goal is to put the power and responsibility in the currency holders’ hands. This would help limit the time and transaction costs. Lastly, it should make transactions more convenient for all parties involved.

Due to the advantages of blockchain technology, individuals, companies, institutions, and organizations have started adapting to it massively. The entirety of the digital currencies adheres to the five properties and the three functions of money. Also, each coin endeavors to address at least one real-world problem. However, not all of them have fully incorporated it. And, many people and organizations have launched their coins without really considering the fundamentals of blockchain technology.

This trend has emerged because new entrants have been more agile in adopting emerging technologies. But, on the other hand, most incumbents still have to deal with legacy systems. 

Research conducted by Katharina B., May 2021, for Statista Global indicates that reliance on remittance and peer-to-peer payment has led to a steep rise in cryptocurrency. The paper analyzes how standard cryptocurrency and blockchain technology impact our financial understanding.

Katharina B. concludes that blockchain knowledge isn’t sufficient to accelerate digital currency adoption. That’s due to difficulties in comprehending blockchain languages and the unavailability of concrete data sources.

Nevertheless, Graph (GRT) is a project that adhered to all the primitives of cryptocurrency. It also gives easy accessibility to data about the blockchain system. Just like Google indexes web, The Graph indexes blockchain information on the Ethereum network and Filecoin. The availability of blockchain data will advance the general ideas of the cryptographic ledger. This way, it should adhere to system fundamentals.

The Graph (GRT) in a Nutshell 

  • The Graph falls under the xDAI ecosystem coin by market capitalization.
  • GRT is an Ethereum token that powers the Graph.
  • The Graph is the first decentralized indexing protocol.
  • Yaniv Tal, Jannis Pohlmann, and Brandon Ramirez launched The Graph in 2018.
  • The Graph aims to make blockchain data easily accessible.
  • The Graph is an open-source query protocol for blockchain.
  • It aims to provide a genuinely decentralized query data solution.
  • The Graph uses DApps with GraphQL.
  • The Graph indexes blockchain data within the Ethereum network and Filecoin.
  • Many regard The Graph as an essential part of the web3 stack.

What is the Graph (GRT)? 

The Graph is a decentralized system that indexes protocols such as Ethereum, IPFS, and POA. It aims to query data and facilitate numerous applications both within the DeFi and the Web 3.0 ecosystem.

This project operates as an open-source protocol that empowers anyone to create and public their API (software), a subgraph. Also, it retrieves blockchain data for the subgraph by query using GraphQL.

At the time of writing, developers had built effortlessly on the Graph through a hosted service in productions. Their goal is to establish a fully decentralized system (DApp) later this year as per the whitepaper.

The Graph initially surfaced on the Ethereum network. However, it is currently indexing data from IPFS and POA. As a result, developers can utilize Graph Explorer to create, discover, and distribute all the public information they need to assemble decentralized applications. Aave, Uniswap, and Curve, among others, are the Ethereum DApps currently using the Graph.

The Graph helps new developers acquire the necessary data about blockchain technology. Through its indexing protocol, it seeks to enable them to build their applications. Also, it helps promote the blockchain, the soul idea of cryptocurrency.

This protocol also provides its users with a decentralized financial system (DeFi). Also, it has a native ERC-20 token, GRT. This digital coin powers the Graph and works as a guarantee for the network’s data accuracy.

Indexers can earn GRT by staking while querying data through the Graph network. Thus, anybody can devolve their tokens to indexers to secure the network, thereby getting rewards.

Curators sort out information on the Graph by signaling GRT on valuable APIs (subgraphs). Indexers, Delegators, and Curators cooperate to put together the information for the crypto economy. Also, they help keep a helpful worldwide API for DeFi and Web3.

A Brief History about the Graph (GRT)

The Graph originally appeared in 2018. The masterminds behind this invention are Yaniv TalBrandon Ramirez and Jannis Pohlmann. They represent the project, research, and technical team, leaders, respectively.

This talented group of developers studied electrical engineering and at Mulesoft company in the US. Their experience in APIs, IT, and business helped them build their first immutable database (Datomic).

Next, they built APIs and data access systems to help new developers quickly access blockchain data. This was possible using the GraphQL query language.

In 2019, The Graph released its token (GRT) in over 99 nations. They managed to attract $25 million, of which $10 million came from Multicoin Capital, Coinbase Ventures, and Digital Currency Group.

According to Coinmarketcap, at the time of writing, one Graph was selling for roughly $0.8391. It had a maximum supply of 10,057044431 GRT and a market capitalization of 3,930176271. Lastly, the circulating supply reached 4.72 billion GRT.

According to an interview with Tal in the block, the users who curate blockchain data using the Graph will earn a reward (money). This idea will help developers get accessible, helpful information.

How Does the Graph Work? 

The Graph’s mission is to provide a fully decentralized protocol for querying data. This way, first-time blockchain users can learn how to use this technology faster and more effectively. First, the system uses GraphQL, a query language that specifies the search criteria. Next, it organizes query-able data in the form of subgraphs.

The diagram below shows some of the technical terminologies that the Graph uses:

 

  • The Consumers ask indexers and pay them for providing data from different subgraphs. Any end-user or organization can be Consumers.
  • The Indexers are the Graph’s node operators. They usually join the network by staking GRT tokens and run a Graph node. Their primary function is indexing relevant subgraphs that consumers need. Additionally, Indexers serve fees for querying those subgraphs and set prices for their services.
  • Curators use their GRT tokens to signal the subgraphs worth indexing. Also, they receive financial incentives for their work.
  • The Delegators are network participants that stake their GRT tokens on behalf of indexers. In return, they earn a portion of the indexers’ rewards. However, they don’t have to run graph nodes.
  • The Fishermen and Arbitrators become helpful in case of disputes. For instance, they step in when an indexer provides incorrect data to a consumer.

How to Buy and Own the Graph token (GRT)

Currently, the GRT token is available on top trading exchanges around the world. Anyone can purchase GRT token on the following exchanges:

  • Binance
  • Coinbase
  • OKEx
  • FTX
  • Huobi Global

Where to Store the Graph (GRT) 

You can store your Graph tokens in a variety of crypto wallets, both software and hardware ones.

Software Wallets 

These wallets are also known as “hot wallets” because they are always online. You can install them on your desktop computer or smartphone. Here are some of the most popular ones:

  • Coinomi
  • Atomic
  • MetaMask 
  • Exodus
  • Trust Wallet 

Hardware wallets

These crypto wallets go by the name of “cold wallets” because you can keep them offline most of the time. Usually, they come in the form of flash drives purposely modified to store cryptocurrencies. Some of the most popular hardware wallets include:

  • Ledger
  • Trezor
  • Ellipal

Benefits of Using the Graph (GRT) 

The Graph aims to make decentralized query protocol easy and accessible to new developers. This way, anyone can create DApps and enhance the blockchain ecosystem.

Holding GRT tokens helps the Graph develop faster and provide more rewards in the long run. Also, staking on the platform can deliver significant ROI.

Numerous popular projects, such as UniswapSynthetix, and Decentraland, already use the Graph. These partnerships enhance the project’s credibility and popularity.

The Graph live price
Grt
The Graph
$0.1040190000
price
2.01986%
price change
BUY NOW

In conclusion, the Graph is a reliable decentralized protocol that can only improve in the years to come. Jumping on its wagon could be a sensible strategy for investors looking to diversify their portfolios.

Stay up to date with our latest articles

More posts

SpurDex – A Cross-Chain DEX Platform for Hassle-Free Trading

SpurDex is a cross-chain DEX platform that supports the hassle-free trading of digital assets. The platform aims to provide a decentralized, secure, and user-friendly experience for all its users. SpurDex aspires to establish a safe and secure environment for digital asset trading. What Is SpurDex? SpurDex is an easy-to-use cross-chain DEX platform allowing you to trade digital assets in a new manner. It utilizes smart contracts to facilitate the exchange of tokens between different chains. SpurDex wants to provide the…

Hami Network – The Next Level Launchpad for Investors and Project Owners

Hami Network, an all-in-one cryptocurrency platform, revealed its new investor-friendly launchpad helping projects gain more traction from their first day in the cryptosphere. Additionally, the project started the Seeding Round A for its HAMI token on August 19, ending on September 8. Investors can board the initiative or join the Seeding Round B on PinkSale from September 1 to September 14. This short Hami Network review looks closely at the project's new launchpad and features. Read on to learn more…

BC.Game – A Complete Casino and Sportsbook Experience

BC.Game is a crypto casino offering the widest variety of crypto deposits and withdrawals. The website features over 6,000 games, including BC Originals and house games. Most importantly, it operates as a casino and a sports book allowing users to play with crypto and fiat currencies. This BC.Game review dives deep into one of the most popular cryptocurrency casinos. Read more about its features, games, supported currencies, and payment methods! BC.Game in a Nutshell BC.Game launched in 2017 as a…

ZUNAVERSE NFT Marketplace – Discover, Collect and Sell NFTs

ZUNAVERSE is an NFT-centered platform on BNB Chain aiming to make non-fungible tokens (NFTs) more accessible to everyone. The project is developing rapidly and incorporating an NFT marketplace, a proprietary token (ZUNA), and a brand new NFT collection, the ZunaNauts. This short ZUNAVERSE review looks closely at one of the latest NFT marketplaces to enter the market. Read on to discover its many features and plans! ZUNAVERSE in a Nutshell ZUNAVERSE plans to rival the industry-leading NFT marketplace. To this…

LykaCoin – All-in-One Blockchain Ecosystem

LykaCoin is a multi-chain blockchain ecosystem similar to Polkadot and Avalanche but promising to be more competitive. Its goal is to add innovations, progressive views, and a different vision to the newly-built meta universe with the projects it will do and develop. Notably, it aims to attract them with zero gas fees and potentially unprecedented scalability. This LykaCoin review looks closer at one of the fastest developing blockchain projects in the industry. Read on to discover its features, tokenomics, and…

Decentraland – A Virtual Reality Platform Unleashing the Blockchain Potential

Since its inception, virtual reality has been a phenomenon. People have been fascinated by the idea of stepping into another world that humankind created. With Decentraland, this fascination has become a reality.  Decentraland is a popular virtual reality platform that allows users to create and experience anything they can imagine. Decentraland is also a cryptocurrency platform. Within the Decentraland ecosystem, users may buy goods, services, and real estate with the MANA token. The MANA token enables the project's founders to…

Chain Pet – A Play-to-Earn Ecosystem for an Enhanced Crypto Experience

Blockchain gaming is starting to take off, and Chain Pet is one of the games leading the charge. In this review, we'll look at Chain Pet's main features and how it sets itself apart from the competition. Chain Pet is a play-to-earn ecosystem that rewards players for their contributions. By upgrading, breeding, and combating their elves, players may construct their world. The elves obtained are all personal assets, so finding a partner is essential to help you get started. One…

LoserChick – A GameFi Crypto Platform Relying on Staking

LoserChick is a fun and addictive new game that allows players to catch and smash eggs for NFTs. In addition to providing many ways for players to earn, LoserChick also offers lower gas fees and higher transaction speeds.  Because of its relationship with Polygon, it's an excellent option for gamers seeking to spice up their day a little. This review will analyze LoserChick in detail, so be sure to check it out if you're interested in learning more. What is…

DeNations – A Global Play-to-Earn Crypto Experience

DeNations is a popular platform for gamers who want to get involved in the crypto market. Users can expand their nations, build civilizations, and earn rewards. The gaming industry is growing rapidly, and DeNations provides an excellent opportunity for gamers to get involved.  This review will analyze the main features of DeNations that appeal to crypto investors and gamers. What is DeNations? For those who like to earn prizes while having fun, DeNations can be an appealing platform. Each nation…

AbellWorld – A Gaming Ecosystem Using NFTs and DeFi Technology

Cryptocurrencies are changing the gaming industry, with new platforms and games emerging that use blockchain technology and decentralized systems.  One such platform is AbellWorld, which uses NFTs and DeFi technology to create a gaming ecosystem that benefits players economically.  In this article, we will discuss how AbellWorld is providing a decentralized solution for all crypto gamers. What is AbellWorld? AbellWorld is a gaming ecosystem that uses NFTs and DeFi technology. It aims to be fair and equitable, focusing on data…