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Can The Graph (GRT) provide a vibrant decentralized future? Is it underrated?
The Graph is an indexing protocol where anyone can create and publish open APIs as it makes data easily accessible. Earlier, the teams had to operate the indexing servers, which would have required considerable hardware and engineering resources. The Graph makes it easier for the developers to start building open APIs for querying using GraphQ. It supports indexing data from IPFS, POA, and Ethereum now.
The platform aims to bring decentralized infrastructure into the mainstream market. It offers GRT (or Graph Token), its native token, to provide indexing services to the network where the token can be locked up by the delegators, curators, and indexers. The Graph is indeed the first querying and indexing software to be made available in the market, aiming to provide the flawless exchange of data between the applications and the blockchain.
The current market price of GRT is $1.57 after a decrease of 0.85% over 24-hours. It has a 24-hours trading volume of more than $300 million and is ranked #66 in terms of market capitalization. The significant exchanges to trade GRT are Upbit, Binance, OKEx, CoinTiger, and Huobi Global. GRT has two primary uses that are indispensable to the platform's functioning: First is Indexer staking, where indexers deposit the tokens to be discoverable in the market and provide economic security. The second is Curator signaling, where the Curators deposit the tokens in the curation market and get rewards to predict the valuable subgroup to the network correctly.
Talking about the time before the launch of The Graph, developers were required to be technically inclined to build the decentralized applications depending on acquiring data from the Ethereum blockchain. They had to use different strategies to gather and transform the data. To solve these problems, The Graph comes with powerful toolsets to drive innovation and simplify the complicated process of accessing the data.
The network provides full-stack decentralization, enabling the applications to be robust enough and facilitating an unprecedented level of interoperability. In simpler words, the platform makes it possible to query the blockchain data without the need for any centralized service provider.
The Defi space is exploding, and it becomes crucial for the developers to freely access the data of blockchain. The Graph makes the process easier and faster for everyone by bridging the gap between applications and blockchain data. The protocol indeed seems to be promising.