What is The Graph (GRT)?

What is The Graph (GRT)?

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The Graph is a blockchain-based and open-source software program that collects, processes, and stores data from several different blockchain apps to improve data retrieval.

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Initially established on the Ethereum blockchain, The Graph's purpose is to assist developers in using important data to optimize their decentralized application's efficiency (DApp).

The Graph analyses and collects blockchain data before it is stored in multiple indices called Subgraphs. This enables any application to make a query to its protocol and immediately obtain a response.

Decentralized Applications (DApps) can submit various queries using GraphQL. This is a unique and widely used language that was first developed by Facebook to collect data for a user's news feed.

The Graph users who offer network services, referred to as indexers and delegators, assist in the processing of data and its distribution to end-users and applications.

 

Component The Graph (GRT)
Technologies GraphQL
Market Capitalization $3 Billion+
Open-Source Yes
Consensus Mechanism Proof of Stake
Smart Contracts Yes
Founders/Authors Yaniv Tal (project lead), Brandon Ramirez (research lead) and Jannis Pohlmann (tech lead)
Launch Date 2020
Circulating Supply of Coins 4,715,735,200 GRT
Maximum Coin Supply 10,057,044,431 GRT
Mining-based Coin? No
Is The Graph a Stablecoin? No
Does The Graph have a burn rate? Yes, 1%
Does The Graph have a Whitepaper? Yes, the white paper can be viewed here

 

Evolution and Development of The Graph

The Graph Network and its associated native token, GRT, represent an entirely new kind of cryptocurrency. GRT has been trading on the cryptocurrency exchanges for much less than a year as of April 2022.

The Graph Network is led by a group of industry professionals, including Yaniv Tal, Brandon Ramirez, and Jannis Pohlmann. They began work on the Graph in 2017, and the project was completed just a few years later.

The Graph Foundation issued around $12 million worth of GRT in October 2020 at its maiden public sale, which included 400 million tokens. In December 2020, the Graph protocol was introduced, providing functionality to GRT.

Some traders and investors may be unfamiliar with GRT since it is still relatively new to the market but has garnered traction with institutional investors. Ten investors own more than 50% of the GRT stock.

What makes The Graph unique?

The Graph aims to mainstream trustworthy decentralized public infrastructure. Participants utilize Graph Token to maintain the network's economic security and the data's integrity (GRT). Indexers, Curators, and Delegators use GRT to provide sophisticated services associated with indexing and curating.

GRT is an Ethereum-based ERC-20 token that is used to distribute network resources. Active Indexers, Curators, and Delegators can easily earn money from the network based on their labor and GRT investment. Curators earn a percentage of fees according to the subgraphs that they signal on. Delegators share in the revenue of the Indexers they delegate to.

Subgraphs are the first Graph feature. These participants define how the app and DApp programmers will consume blockchain data. App and DApp developers can easily query the network when they use both the subgraph schema alongside GraphQL (GRT).

Nodes provide this data and are rewarded with GRT tokens. This ensures that the API will always be decentralized and that data is appropriately provided.

Because there may be numerous subgraphs, curators must discover the most valuable subgraphs for developers. Curators are also rewarded with GRT tokens for finding the most helpful subgraph.

The Graph Network diversifies the internet application stack's API and query layer. The Graph Network enables efficient blockchain data querying without a centralized network operator.

Furthermore, Graph Nodes can be operated on a proprietary infrastructure or as a hosted service. Consumers can also use this diverse set of Indexers for a fee. Thus, they provide a scenario where supply and demand can support the protocol's services.

The system has several unique functions that interact with it, behaviors that must be performed for the protocol to work, and rewards that encourage them.

The network's primary players are listed below.

  • Consumers who pay the Indexers for the queries that they carry out. For example, end-users, web services, middleware, and other components that integrate with The Graph.
  • Indexers are node operators of the Graph who are motivated by incentives for services that they provide.
  • Curators use GRT to signal the subgraphs that are valuable to the index. These participants can be developers and end-users.
  • Delegators can stake their GRT tokens on behalf of the indexers. This allows the delegators to earn a portion of certain indexer rewards and fees.

What are the main uses for The Graph?

The Graph (GRT) currency is the network's native token. Its primary function is to coordinate activity on The Graph.

GRT is an ERC20-compliant coin. Indexers, or node operators, stake and earn GRT in exchange for executing requests. Indexers may be delegated by anybody to safeguard the network and collect incentives.

On The Graph, curators arrange data by signaling GRT on valuable APIs dubbed subgraphs. Indexers, Delegates, and Curators collaborate to create and maintain an effective worldwide API for DeFi and Web 3.0.

What is the future potential for The Graph?

The Graph offers a critical service to a sector poised for another record-breaking year. The network makes significant contributions to the decentralized sector's continued innovation and growth.

As the market matures, investors can anticipate seeing even more DeFi systems use this safe and fast means of accessing Ethereum blockchain data. For the time being, Graph is poised to maintain its status as a market-leading technology.

Price analysis on The Graph

The Graph was initially launched in 2020, and its price analysis over the past few months are as follows:

 

  2020 September October November December to date
GRT Price High $0.748 $1.06 $1.07 $1.20 $1.032
GRT Price Low $0.26 $0.62 $0.63 $0.85 $0.59
Market Cap $932M $5.02B $5.09B $5.70B $3.47B

 

Price prediction on The Graph

Some technical analysis forecasts a negative GRT coin price, with analysts who foresee that GRT's value might rapidly erode, reaching as low as $0.0875 by the end of 2023.

Some experts forecast a positive crypto price prediction for The Graph, indicating that the token price can reach $1.4 in 2024 and $1.76 in 2025.

Furthermore, GRT is expected to increase to between $0.6 and $0.7 per share by December 2025, although with some hiccups along the way.

Which wallets are the best option for storing The Graph?

GRT tokens can be stored, sent, and received to/from some of the following popular digital wallets.

  1. Freewallet
  2. Trust Wallet
  3. Infinitywallet.io
  4. Coinbase Wallet
  5. Atomic Wallet

1. Freewallet: Freewallet is a digital currency wallet service provider that supports over 30 different currencies. It offers wallets for both single- and multi-currency transactions.

The wallet is accessible on any iOS and Android device, as well as through a web interface. Numerous single-currency wallets are available, as well as two multi-currency wallets, namely Crypto Wallet and Freewallet Lite.

2. Trust Wallet: Trust Wallet is a popular name in the crypto space. It is a digital wallet that is decentralized and open-source, designed specifically for mobile devices. Trust Wallet supports more than 160K assets and blockchains.

While it was initially meant to only carry ERC20 and ERC223 tokens, the wallet now supports other popular cryptocurrencies like Bitcoin. The wallet includes a Web3 browser that enables users to purchase coins on the Kyber Network's native DEX.

3. Infinitywallet.io: An all-in-one cryptocurrency wallet, the Infinity Wallet has everything you need in one place, including a secure, multi-currency wallet. To make digital assets and fiat currencies available to everyone, wherever, at any time via a variety of new and creative features.

4. Coinbase Wallet: In comparison to other wallets, the Coinbase crypto wallet's usability is the safest and most convenient, making it a top choice for crypto investors.

For those who utilize the Coinbase exchange platform, the wallet is a terrific companion. It may be utilized by both professionals and novices in the field of digital money.

5. Atomic Wallet: More than 500 currencies and tokens are supported by Atomic Wallet, which is a decentralized digital token wallet that is easy to use, secure, and convenient for its customers.

With Atomic Wallet, users can stake more than 10 PoS digital assets, buy assets using 18 different fiat currencies, and more.

Where can you buy The Graph?

The Graph (GRT) can be bought, sold, and exchanged on:

  1. DigiFinex
  2. Upbit
  3. CEx.io
  4. Bitstamp
  5. Korbit

1. DigiFinex: DigiFinex has established itself as a leader in the business despite being a young cryptocurrency exchange. DigiFinex has rapidly grown in popularity, not just for its features but also for its 24-hour trading volume.

Designed primarily for the Chinese cryptocurrency market, this Singapore-based cryptocurrency exchange is operated by a firm named DigiFinex Limited, which is overseen by major crypto industry figures from many other tech giants, including HP, Baidu, and Tencent.

 

PROS CONS
The exchange is well-known for offering more than 100 trading pairs The focus is currently on Asian markets
DigiFinex also features a proprietary native token, DFT, which allows users to stake the token to receive rewards The platform does not accept clients from the United States or Singapore
DigiFinex does not charge any taker or maker fees There is a lack of advanced trading options
The trading platform is well-designed and user-friendly  
There are fiat to USDT exchanges offered on the platform  

 

2. Upbit: Upbit is a crypto exchange trading platform that offers 297 cryptocurrencies in over 289 markets. It is one of the largest platforms in the crypto market, with a 24-hour trading volume of up to $11 billion. Additionally, it has advanced analytical tools as well as a sophisticated newsfeed.

 

PROS CONS
There are more than 200 coins supported in addition to 150 different trading pairs  There are only 6 fiat currencies supported
There is an innovative app for iOS and Android devices There are limited trading opportunities
There is robust security which is backed by a large fintech company Verification is tedious and time-consuming
Users can seamlessly buy and sell cryptocurrencies  
The platform is known for its safety features including 2FA, passwords, and strict verification  
The trading costs are extremely low and there are no deposit or withdrawal fees  

 

3. CEX.io: Oleksandr Lutskevych launched Cex.io in January 2013, originally linked to the now-defunct cloud mining site GHash.io, which aided the exchange's early success.

In the years that followed, the firm managed to add numerous fiat markets, a mobile app, and, in October 2016, debuted margin trading, which should be relocated to a separate CEX.io Broker website in 2019/2020.

 

PROS CONS
CEX.io is a reputable crypto exchange with a high level of trustworthiness The trading costs are quite high
The interface is clean, simple, and intuitive There is a limited selection of digital assets offered
There are unlimited withdrawals offered Contacting customer support is not as easy as it should be
The exchange has high trading volumes There is a lack of advanced order types
There is an innovative mobile app offered  
Traders and investors can choose from a range of convenient funding methods  

 

4. Bitstamp: Bitstamp is one of the earliest cryptocurrency exchanges, founded in 2011. It now supports 45 coins with low trading costs. Simple online trading, active trading, and mobile applications are available from Bitstamp.

However, Bitstamp keeps client accounts safe while delivering a user-friendly bitcoin trading and investment experience.

 

PROS CONS
The trading platform is user-friendly that makes the purchase/sale of digital assets easy There is a limited selection of crypto coins
The main platform features competitive fees that decrease as trading volumes increase There are limited options for staking
The exchange is one of the oldest exchanges with a high trust score There is no margin trading or lending features offered

 

5. Korbit: Korbit's cryptocurrency exchange offers consumers advantageous conditions of collaboration and access to the world's most prominent cryptocurrency exchanges.

The trading terminal's smooth operation, the availability of fundamental technical analysis features, and a low entry barrier are the platform's primary benefits.

Commissions and costs for trading activities are below the market average, and they may be further lowered by boosting the trading volume and using Traders Union rebates.

 

PROS CONS
The exchange offers a wide range of crypto assets that can be traded There are no affiliate programs
The trading terminal is fast and highly functional Demo accounts are not provided
There is decent optimization and trades are executed quickly  
There is a multi-channel call centre in addition to a dedicated support service  
There is a multi-level encryption protocol used for data protection  
The exchange is known for its low commissions   

You can buy Graph safely from these cryptocurrency platforms.

Does The Graph use coin burns?

Yes. The graph has a sophisticated timetable for token creation and a mechanism for the token burn. In addition, The Graph Protocol unlocks vesting tokens over a 5- to 10-year period.

The annual burn rate is expected to be 1%, during which query fees, as well as taxes, will be burnt. The token supply of The Graph is equal to the initial supply plus annual issuance minus the annual burn rate.

What is The Graph’s largest Competitor?

Covalent is the largest competitor of The Graph.

Covalent intends to simplify the process of developers accessing on-chain data. Unlike with The Graph, programmers do not need to construct subgraphs and may instead call the API with a little bit of code.

Covalent is the first multi-chain API with a single point of entry that gives data on-chain. Despite the proliferation of digital assets on the blockchain, only individuals with sophisticated technology and extensive expertise have access to historical and thorough blockchain data.

Directly querying the blockchain requires considerable time and processing resources, and further data processes and enhancements add another degree of complexity.

Currently, available solutions need developers to devote significant effort to writing additional code to query extensive historical blockchain data.

Developers must undergo retraining and get a working knowledge of difficult concepts (e.g., how to build subgraphs), which might take weeks and even months to accomplish.

The cost of implementing this solution is too expensive, impeding the widespread use of blockchain technology. Covalent provides developers with the simplest solution possible – no new code, just one API call.

Covalent's goal is to empower future pioneers by delivering the most robust and comprehensive digital infrastructure for the overall blockchain ecosystem. Covalent is implemented via a standardized API.

What is the Staking Process involved with The Graph?

The Network is made up of users who want query processing and are prepared to spend fit. As such, indexers, curators, and delegators manage the back end.

Several of these users serve as GRT stakeholders, assisting others in running nodes and processing those requests. However, to operate nodes, users must own a specific amount of GRT tokens.

GRT distributes resources inside the Graph Network and serves as an encouragement for network users to keep it functioning. This may include processing requests or optimizing APIs.

What can The Graph smart contracts do?

On the Ethereum Blockchain, the Graph Protocol Smart Contracts are a collection of Solidity contracts. The contracts allow developers to create open-source, permissionless distributed platforms that coordinate Graph Nodes to index any subgraph added to the network. 

Is The Graph a Good Investment?

The Graph could be a good investment, but there are some considerations.

GRT is a new cryptocurrency that may add diversity to a crypto portfolio. The value of GRT is now declining, but it may appreciate in the future if the Graph Network is adopted.

However, investors may need to HODL for a while before they can start benefiting from a return on investment. While The Graph launched 10 billion GRT in 2020, the overall supply is expected to expand by about 3% yearly, with around 1% of tokens being withdrawn from circulation.

What is the supply and distribution of The Graph?

The first circulating supply of GRT will be 1,245,666,867 GRT, with a total supply of 10 billion GRT. The Graph Council will issue new tokens as indexing awards at a rate of 3% yearly.

Is The Graph a viable Alternative Coin?

Yes, The Graph is a good alternative coin in terms of these features.

  • Hacking – The Graph has no history of successful hacking attempts
  • Security – The Graph features robust security measures to minimize the chances of a cyberattack.
  • Popularity – The Graph forms part of the top 100 altcoins in the blockchain space
  • Future Uses – The Graph's unique technology can ensure that it has future use in DeFi, amongst other emerging technologies.

Any cryptocurrency that isn't Bitcoin is referred to as an altcoin.

What are the differences between The Graph And Bitcoin?

Bitcoin is the largest cryptocurrency in the cryptocurrency market, and it has the largest trading volume and market capitalization. Bitcoin is a medium of exchange and a store of value, while The Graph is a blockchain-based project that can be used to collect, process, and store data across several blockchains, effectively facilitating the process involved with information retrieval.

 

  Bitcoin The Graph
Price change 20/21 +400% +85%
Market Cap $800 Billion+ $3 Billion+
Past Hacks None None
Popularity Very High Medium
Altcoin Rank #1 – Original Crypto #50

 

What are the differences between The Graph and Ethereum?

Ethereum is the largest programmable blockchain in the crypto space, and The Graph Network now supports NEAR and EVM chains. Subgraphs may now be constructed across chains, giving developers additional options for deploying smart contracts.

 

  Ethereum The Graph
Price change 20/21 +880% +85%
Market Cap $460 Billion+ $3 Billion+
Past Hacks None None
Popularity Very High Medium
Altcoin Rank #2 #50

 

What are the differences between The Graph and NFTs?

Nonfungible tokens (NFTs) are digital assets that each have a unique value, with no two NFTs holding the same characteristics or value as another. The Graph, on the other hand, is fungible, which means that one GRT has the same value and characteristics as another GRT.

What are the differences between The Graph and Solana?

Solana is a decentralized, scalable blockchain network. Solana can execute transactions far quicker and offers cheaper transaction costs than other blockchains like Ethereum.

After going live on Ethereum in December 2020, The Graph has merged with four major blockchains. The Graph enables ecosystem players to customize API data into unique feeds termed “subgraphs” for any blockchain or DApp purpose.

The self-hosted service will handle Polkadot, Solana, NEAR, and Celo queries, with a decentralized version in the pipeline.

The Graph is not in competition with the likes of Solana, especially considering that it is a much larger and more well-established project than the Graph in terms of trading volume, performance, and market capitalization.

 

  Solana The Graph
Price change 20/21 +9,300% +85%
Market Cap $54 Billion+ $3 Billion+
Past Hacks None None
Popularity Very High Medium
Altcoin Rank #5 #50

 

What are the differences between The Graph and Cardano?

Cardano is the first proof-of-stake blockchain built on peer-reviewed science. The novel platform needs transaction validations, which compels validators to “stake” ADA currencies. The ADA cryptocurrency has gained investor interest recently and is enjoying a fantastic year.

In March 2022, The Graph announced that it would deploy capital into the native token of Cardano, ADA, for staking purposes. The Graph is an open-source program that collects, processes, and stores data from multiple blockchain apps to improve information retrieval.

GRT, the native cryptocurrency of the Graph, is utilized to protect the integrity of data safeguarded inside its network. The Graph is integrating with large blockchain-based projects such as Ethereum, Solana, and others to serve as an indexing protocol.

 

  Cardano The Graph
Price change 20/21 +2,100% +85%
Market Cap $42 Billion+ $3 Billion+
Past Hacks None None
Popularity Very High Medium
Altcoin Rank #7 #50

 

What is a multi-platform wallet?

Multi-platform wallets, as the name suggests, refer to crypto wallets that are available on more than one device. Several wallets can be used on laptops, smartphones, and other devices, and they allow for secure, complete account and wallet integration.s

Some examples include Ledger, Nano, Atomic Wallet, Jaxx, and others.

What is a hardware wallet?

A hardware wallet holds the user's private keys (an essential piece of information necessary to approve outbound blockchain transactions) in a secured physical device.

Hardware wallets are harder to hack than other options. But they lack the convenience of online wallets since you must always have your gadget with you.

They also demand a minimal initial outlay to purchase the equipment. A hardware wallet is a USB drive that securely contains a user's private keys.

Unlike hot wallets, it is impervious to viruses since private keys are never exposed to networked computers or potentially susceptible software.

Some of the best hardware wallets include Ledger Nano, Trezor, Safepal, CoolWallet Pro, and others.

What is a software wallet?

A software wallet functions similarly to a digital bank account for cryptocurrency. Anyone can transfer, receive, and manage their coins when they utilize a software wallet.

A digital software wallet is a computer application. The coins are not stored on a computer, despite appearances. Consider the wallet as a keychain containing the keys to the currency.

The software wallet will generate a seed phrase when it is installed. The seed phrase, also known as a recovery phrase, contains either 12 or 24 words that are randomly generated. 

Users can use that combo (like a password) to establish ownership of your currency. These phrases allow you to access your money from any wallet.

Examples of software wallets include MyEtherWallet, Atomic Wallet, Guarda Wallet, Freewallet, and several others.