The secret weapon of all dapp developers? The Graph, the protocol that makes data on the blockchain quickly available. Now on Young Platform!
GRT, the token utility of The Graph, the protocol that encourages and facilitates the creation of dapps for Web3, is now available on the Young Platform exchange.
What is The Graph?
The Graph is an open-source protocol to collect and make accessible blockchain data in a decentralised manner. One of the strengths of the blockchain is that the information circulating between blocks is public, however, even if this data is accessible to everyone, retrieving it can be complicated. There are two ways to find a piece of data on the blockchain, the first is to look through the entire history of the chain (a very long process), the second is to use blockchain explorers. These tools, however, such as Etherscan, are software owned by companies, centralised entities that require a licence. The third way is The Graph, called by many the “Google of blockchain“.
The Graph works as an index for the Web3, it is a registry of ordered and easily findable data active since December 2020. Why is it so useful to have this kind of data at hand? Because developers can use it to build performing and complex decentralised applications. The Graph protocol was created with the aim of facilitating their work: companies using The Graph make their data, their APIs and their programming tools readily available. In this way, data useful to other apps is decentralised and easy to find, which makes the apps faster and therefore more user-friendly.
What is GRT?
GRT is the utility token of The Graph. GRT is an ERC-20 token, built on Ethereum, which will be used for governance and in the internal economy of The Graph.
The collection of information and its organisation is the work of different players: there are indexers who index the data or curators who select the most significant data. But also delegators, fishermen and arbitrators. They are incentivised to do their job better through rewards in GRT. On the other hand, users who want to access the data collected by The Graph pay fees in GRT.
Why have we chosen GRT?
The Graph is a crucial tool for building a decentralised version of the internet, where information is the building block, the essential base from which to build. The Web3 needs resources like these that encourage all those who have an idea and want to implement it on blockchain. There are already many dapps using The Graph’s protocol, including Decentraland, Uniswap, Sushiswap and ENS.
Available pairs?
- GRT-EUR
- GRT-USDT
Want to know more?
Read the Academy article on The Graph!
