Price (USD)$ 0.0652
Circulating SupplyGRT 7.40027B
Volume (24h)$ 18.51258M
Market Cap$ 481.43564M
Low/High 24h$ 0.0634 - $ 0.0654
Change (24h)$ 0.000625
Work on The Graph began in 2017, and the project was launched in December 2020. The launch was helped by large investors who took part in the project. One of them is the venture capital firm Coinbase Ventures from the eponymous exchange. In total, it took $19.5 million to launch.
The main idea of the project is the indexing of information on the blockchain. The task of indexing is to simplify the search for information.
The project architecture includes the following components:
All this works according to the following scheme: If a decentralized exchange opens, it may want to give access to its statistical information to external users. To stimulate indexing, the curator signals the indexers that there is a new subgraph to look out for and start working with.
In this case, two options are possible. If the newly opened exchange was an anticipated project that would gain popularity, the existing curator could signal the subgraph and start receiving a share of its indexing. If the exchange is unpopular, then the developers will have to become curators themselves and signal with GRT tokens about an important subgraph.
As soon as the signal to the indexers is received, they begin the indexing process. It can last from several hours to several days. It depends on the amount of data. When indexing is complete, users can start working with the data.
The project's tokens signal important information to the curators, other participants put them in stacks and receive them as payment for their services. Initially, 10 billion GRT tokens were issued, an additional 3% of tokens will be issued annually. There is also a mechanism for burning tokens: 1% of all paid commissions are burned.
The Graph network team plans to launch The Graph Council, a decentralized, community-driven project management body in the near future. Currently, indexing technologies work only on the Ethereum blockchain, but in the future, it is planned to expand the functionality to all networks.
There are already large popular projects among those who actively use The Graph. This is a decentralized exchange Uniswap (UNI), a network for trading synthetic assets Synthetix (SNX), Decentraland (MANA), Aragon (ANT).
If everything goes well with the network, it will become the missing link in the complete decentralization of blockchain applications. There is a growing demand in the industry for this service, which until recently could only be performed by centralized services.
Experts believe that the price of GRT can steadily grow due to NFTs. At the moment, the Graph Protocol supports Ethereum. Since most decentralized applications now run on this blockchain, most NFTs are created on Ethereum, but the project is going to integrate its protocol into other blockchains and even make the protocol internetwork, that is, it will be possible to request data from another blockchain. One of the largest NFT marketplaces, Decentraland, already has its own open API for the Graph, where you can find any information on parameters, so the Graph is called the Google of the decentralized world.
Like Google in 2000, The Graph has huge potential for growth in the new decentralized world, and this project should undoubtedly be worth a look. Now the protocol is used by such recognizable projects as Uniswap, Synthetix, CoinGecko, Aave, Compound and Aragon.
Today GRT coin price is 0.0652 USD.
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The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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