Everyone who is interested in cryptocurrency has probably already heard of such a project like The Graph. The last few days you may have seen headlines like this: “The Graph hit 500 million of market capitalization!”, “The Graph capitalization exceeded Uniswap!” or “Could the Graph be a new Chainlink?”. I do not know the answer to the last question but I definitely must admit that The Graph is on the beginning of its way.
Mainnet was launched on December 17th, 2020 and unfortunately the last phase of curationship is coming to the end. Nevertheless, I am going to join the project as a signaling curator in the future and everyone could do it too as well as become an indexer or a delegator. As an active member of curationship, I will miss that time. We had a great time with an awesome and helpful community. It was informative and funny at the same time:
- we figured out how dapps work by Everest project example and why their data is not so easy to retrieve
- we understood a full conception of the The Graph project and evaluated subgraphs
- we learned how to build our subgraphs alongside I improved my knowledge of Ethereum network and solidity
Of course it was not an easy path, but every time we lost our minds from errors, we know that the team is always ready to help us. Moreover, another part of the community was working as hard as possible to bring a smile on our faces. They have created a ton of funny memes and GIFs about the project and, in particular, about our work. So when you got bored with tasks you could dive in the memes channel and relax a bit. As a result, dozens of tutorials, articles and videos were created in different languages and now everyone can freely use them, saving their own time.
Let’s go back to The Graph project. Why is the Graph so important in a web3 concept and what the project aims to solve? The main purpose of the project is to complete the web3 concept when you will be able to retrieve blockchain data in a fast, accurate and secure way. This is an opposite concept of blockchain oracles which provides data to blockchain from the external world, therefore you can hear that the project is often being compared to ChainLink.
In the future The Graph will be operated in a decentralized way by DAO, so no one will be able to manipulate data for selfish purposes. Concerning subgraphs, they are also created by the community and you can use your own subgraph or someone else’s. 2200 subgraphs were created by today, in November 10 billion queries were processed (approximately 6% of Google’s indicators today), the entire DeFi industry uses The Graph to keep up with interactivity trends. Thanks to The Graph, such projects like Uniswap, Synthetics, Balancer and others can compete with centralized exchanges nowadays.
The team will have to solve many problems such as an ability to work with different blockchains, moving to complete decentralization, building a healthy economic model, creating a capable DAO model and solving a bunch of small technical issues.
I am grateful to the project for such a unique experience in my life and proud to be a small part of this outstanding community. Hope you guys will join us as well.
Let’s bring the brightness in the future of the blockchain world, doing it together!