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What is The Graph (GRT) coin and how does it work?

by Financial Economy

The Graph is an indexing protocol for data queries on Ethereum and similar networks. It provides data with API for Decentralized Finance (DeFi) and applications in the web3 ecosystem. Anyone who needs data to be publicly available can create and publish open APIs called Subgraph. Detailed information on topics such as The Graph GRT coin and how does it work, The Graph comments, how to buy, etc. can be found in the continuation of the article. You can browse here for information about Sushiswap (SUSHI).

What is The Graph (GRT) coin and how does it work?

The Graph is an indexing protocol built to query Blockchain networks such as Ethereum and IPFS. Anyone can create open APIs called “subgraphs” or “subgraphs” and publish them, making data easily accessible. The Graph token is the native cryptocurrency of The Graph platform.

Subgraphs created make it easy for developers to build their applications on blockchains. Simply put, The Graph does for blockchains what Google does for search. Just as we can easily reach the information we seek in the internet universe with Google searches, it will be possible to reach the information held on all Blockchains in the same way when The Graph completes its mission.

According to the statements made, the service currently offered by The Graph enables more than 4 billion monthly queries on applications such as Uniswap, CoinGecko and Synthetix for data such as all Ethereum-based token prices, historical transaction volumes and liquidity outputs. So, there is already a working system.

This system is run as a testnet and the project is supported by over 200 software developers. Currently processing data on a server run by the project. However, it is stated that The Graph’s mission is not to run this service indefinitely, but to eliminate the possibility of APIs, servers and databases becoming checkpoints. Therefore, the platform uses an open source Indexer and Curator marketplace for DeFi and Web3, working together to efficiently index and serve all data in a decentralized manner.

Looking at The Graph Token economy, it is stated that both technically equipped people and inexperienced people can contribute to the Graph network in various ways. In the project, which aims to establish a completely decentralized structure, people can contribute to the development of the project by taking the position that suits them. These contributions are also rewarded with Graph Token (GRT).

As of today (21.06.2021), the value of 1 GRT coin is around 0.55 dollars. The Graph (GRT) can be purchased from trusted and well-known cryptocurrency exchanges.

For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency

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