The Graph: Search Engine for Web3.0 Creators | Project Introduction
In the era of centralized Internet, the client-server network architecture prevents users from freely accessing, controlling, and owning the data generated by themselves. Internet giants control all rights, This has gradually enabled the giants to have the capital to seek rent from users.
Different encryption protocols in the Web3.0 platform enable decentralization The world becomes possible. All data used in decentralized applications originates from and is managed by the community. Any data provided by a user requires the user's permission, and the user has control over the data. Therefore, users can freely switch between different decentralized applications, which prevents decentralized applications from using the user data base as a moat to extract the value of users infinitely, which also provides unlimited opportunities for Web3 entrepreneurs.
However, many data on the chain cannot be directly queried , all data needs to be filtered, sorted, paginated, and grouped before being extracted, which makes the whole process very slow. The usual solution now is to build a centralized retrieval server, grab data from the chain and process it, and then provide it to various decentralized applications in the form of APIs for connection and use. This kind of centralized solution is against the idea of blockchain decentralization. In an environment that cannot be trusted, users can only be forced to rely on server operators, hoping that they can continue to provide long-term and reliable services. This brings the blockchain world back to the Web2.0 era.
The Graph Decentralized Search Solution
The decentralized query protocol The Graph enables decentralized application developers to use GraphQL (Graph Query Language) to quickly query and retrieve data from a decentralized network composed of search nodes Data on the chain.
Subgraphs are the most critical part of The Graph. Each item's Subgraph describes the logic of how to ingest and retrieve the item's data.
Developers deploy Subgraphs belonging to different projects on Ethereum or In the Registry (registry) in other distributed networks, a certain amount of GRT (Graph Token) is then pledged to manage this Subgraph, and the searcher will judge the data quality provided by different Subgraphs according to the pledged amount of GRT.
Now there are many well-known Ethereum projects that have established their projects Subgraph, including: Uniswap, ENS, DAOstack, Synthetix, Moloch, Decentraland, and Aragon, etc.
Operation process of The Graph
Rhythm BlockBeats for The Graph The operation process has been briefly sorted out. According to the order of the marked steps, the operation process of The Graph is as follows:
1. The decentralized application initiates a transfer to the Ethereum network through a smart contract, and records the data on the chain.
2. The smart contract is processing One or more events are emitted when a transaction occurs.
3. Graph nodes will continue Scan the Ethereum network for new blocks and find out if they contain the Subgraph's data that the user needs.
4. The Graph node will be Subgraph required by users looks for Ethereum events in blocks and runs mapping processors at the same time. Mapping is a WASM module that creates and updates the Ethereum event responses stored by Graph nodes.
5. Decentralized applications Query the data stored in the Graph node retrieved from the chain through GraphQL. In order to obtain these data, the repository will use its retrieval capabilities, and then the Graph node will in turn translate the GraphQL query request into a query request for the corresponding data.
6. Final decentralization The application will present these data in front of users with rich pages, enabling users to initiate new transfers in the network with these data.
The various roles in The Graph protocol
Manager: The manager is usually the developer of Subgraph or Data consumers may also be community actors. The manager stakes GRT on the subgraph it thinks is the best through the bonding curve and obtains the query fee of this subgraph.
Consignor: The consignor usually pledges GRT to the searcher On the operating node, you can enjoy the sharing of inflation rewards and service fees without operating the node.
Enforcer: The Enforcer checks the accuracy of the information sought , in order to maintain the security of the network. Since enforcers have no financial incentive, initially The Graph team will be in charge of enforcers.
Arbitrator: The arbitrator will decide who to search when mediating disputes Whether to be penalized.
Consumer: Consumer pays GRT to searcher and manager as a fee. These consumers are usually developers and project parties who use retrieval services, and the query fees they pay are similar to the fees for using AWS or other cloud services. However, sometimes developers or project parties may make end users pay for this query.
Now The Graph testnet has 2300 subgraphs, 3000 developers, 200 search nodes.
Interact with The Graph Network
For end users, it is free to interact with centralized applications. Since major manufacturers can obtain a large amount of user data, they will subsidize the cost of data storage and cleaning. However, although the decentralized network guarantees the user's data rights and interests, the user may need to pay a certain query fee to the roles that provide services in the decentralized network.
Searchers need to run the current version of Graph node. While running the node, the searcher also needs to run the search agent, which will be responsible for detecting the resource usage of the node, setting the query price and the search logic of Subgraph.
Managers and principals can communicate with Graph network through Graph browser Interaction, data management and staking.
The Graph Token GRT
The Graph native token GRT is an ERC-20 token. The initial total supply of GRT is 10 billion pieces, and then it will be issued at an annual rate of 3%. Every query fee and manager and delegator taking GRT out of the bonding curve results in 1% of GRT being permanently burned. GRT has three main functions in the Graph network:
1. The searcher pledges GRT to provide security support for The Graph network.
2. GRT pledge The bonding curve will help managers and delegators point to the most popular Subgraph of each project. When the manager successfully pledges the best Subgraph, the manager will get a query reward. Since the manager pledges GRT on the bonding curve, the sooner it points to a subgraph with excellent performance, the more query fees can be allocated.
3. Pledge GRT to the search node of the searcher it believes to be reliable, participate in network security maintenance, and share revenue with the search node at the same time. The client can select the best retrieval node by the query rate of the retrieval node, the record of being fined and confiscated, the commission charging rate and other indexes.
Team Introduction:
Yaniv Tal, as the co-founder and project director of The Graph, graduated from the University of Southern California with a bachelor's degree in electrical engineering. Yaniv founded the mobile payment company TapSavvy in 2013, then founded the user interface design coordination system Workflo in 2016, and finally founded The Graph with Brandon Ramirez and Jannis Pohlmann in 2018.
Brandon Ramirez serves as Director of Research on the project. Like Yaniv, Brandon is a graduate of USC with a major in electrical engineering. Brandon worked as a software engineer at Workflo, then started as a freelance software engineer in 2015, and finally joined forces with Yaniv again in 2018.
Jannis Pohlmann acts as Technical Director in the project. Jennis graduated from the University of Lübeck, Germany, majoring in Computer and Human-Computer Interaction. In 2016, he served as a technical outsourcer of Workflo, then became a consulting company Clojure(Script) & React Consultant, and finally joined The Graph team in 2018.
The three members of The Graph founding team worked together before founding The Graph Having worked together for many years, the three of them can save the time and cost of running in the early stage in this cooperation. At the same time, the three are all from technical backgrounds, and they can reach a high degree of agreement on the cognitive level of The Graph's technical architecture, which is very beneficial to the subsequent development of the project.
The Graph Financing
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The Graph team completed a $2.5 million seed round of financing in January 2019, led by Multicoin Capital. On June 30 this year, it received US$5 million in financing through the SAFT agreement. Investors include Multicoin Capital, Framework, ParaFi Capital, Coinbase Ventures, and Digital Currency Group. Then it was announced that the token sale will be held at 0:00 on October 23, Beijing time. The unit price of the token is 0.03 US dollars, and it is estimated that 400 million GRT tokens will be sold.
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