The Graph is an open-source protocol based on Distributed Ledger Technology that was created in the spirit of decentralization to collect blockchain data without the involvement of third parties. The protocol is a global API for indexing, organizing, and querying data that is easily accessed and processed using the GraphQL programming language. With the introduction of The Graph mainnet, the team set the road for total application decentralization, establishing a network of service providers where decentralized apps may run regardless of circumstances and blockchain data is easily accessible. Thousands of dApps may run on the network thanks to open and public APIs known as subgraphs, and The Graph mainnet already hosts hundreds.

The Graph mainnet is powered by nodes and provides an ideal environment for dApps and developers, while indexers, curators, and delegators engage in the marketplace using GRT tokens. GRT is The Graph network's native cryptocurrency, and it is utilized to allocate various resources inside The Graph ecosystem.

History

Yaniv Tal, Brandon Ramirez, and Jannis Pohlmann established The Graph in 2018. Tal was inspired by his own experience with the difficulty of creating new dApps on Ethereum. Yaniv Tal and his colleagues founded The Graph with the goal of designing and launching the first decentralized indexing and querying tool, as there was nothing comparable on the market at the time. The Graph mainnet was released in 2020 as a step toward fully decentralizing the use of dApps, which boosted the volume of subgraph production on the network. The project's ultimate objective is to make Web3 available to everybody and to enable the creation of dApps without the need for servers or centralized authority.

The Graph held both a public and a private token sale, with the public token sale raising 12 million USD. A private sale sponsored by Coinbase Ventures, Digital Currency Group, and Framework Ventures secured an additional $5 million for the project. Multicoin Capital also made a 2.5 million USD investment in The Graph.

How does it work

The Graph protocol enables developers and network members to construct subgraphs for various dApps, as well as querying, indexing, and collecting data, using public and open APIs. The Graph's hosted service performed 20 billion inquiries in April 2021 alone. The network is backed by the Graph Node, which searches the blockchain database used to arrange data by network participants. GRT tokens can be used by developers and network members to pay for utilizing and constructing subgraphs. Developers may describe the structure of data by indexing it and determining how it should be utilized by dApps. Indexers establish a decentralized market for inquiries in which users may pay in GRT to employ network services.

Delegators, Indexers, and Curators help the network by curating and indexing services for customers in exchange for GRT tokens. This is how market participants are encouraged to continue enhancing APIs and providing accurate data. Consumers that query subgraphs on The Graph Network can pay network participants in GRT tokens via a gateway.

Total supply and circulation

The Graph began with a total quantity of 10 billion GRT, and fresh tokens were distributed as indexing incentives. The yearly GRT issuance rate began at 3% but is subject to change based on future technological governance. Currently there are 6,9 billion GRT tokens in circulation.