The Graph: The backbone of empowering DeFi and Web3 worlds

After 3 years of development and 5 months of testnet operation, The Graph mainnet is finally launched today. At the beginning of this year, there were only 1,000 Subgraphs in the community, and now there are more than 3,400, including Uniswap, ENS, Gnosis, Balancer, Livepeer DAOstack, Synthetix, Moloch DAO, Decentraland, and Aragon. Over the past six months, usage of The Graph has grown tenfold, from 1 billion monthly queries in June to 10 billion monthly queries in November, with an average daily query volume of 350 million.

Source: The Graph Medium

In the vision of The Graph, blockchain is The Internet of the future and encryption economics will empower all businesses on the chain. Open source contracts will create fair and open opportunities for people to contribute value to the global economy. The Graph will promote and coordinate the efficient interaction of data resources on the chain from two aspects.

-The Graph launched an on-chain data retrieval query tool, allowing developers to freely and smoothly communicate with various on-chain data to interact.

-The Graph will create an open network in which stakers are responsible for the security of the API, so as to avoid resource monopoly and single point of failure.

Source: The Graph Medium

The Graph will be completed in 2020 A number of important milestones, including:

-Integration Status Channel

- launch of Mission Control testnet with 200+ 3rd party indexers

-Opened the Curator Program, including more than 1,500 third-party administrators

-Created The Graph Foundation and an independent The Graph Committee

-Successfully completed the sale of GRT tokens

At the same time, many leading Web3 applications began to use The Graph, such as CoinGecko, yEarn, Curve, Kleros and ChainLink. The Graph will also continue to cooperate with Protofire to contribute high-quality Subgraph to the community.

Let’s take a closer look at this Web3.0 promoter, the decentralized search protocol The Graph.

Decentralized search protocol: The Graph

Tens of thousands of data and information are produced on the chain every second. If these data and information are not effectively managed and used, they are just a series of messy codes, which cannot be resolved between protocols. Obtaining any gains and synergies also virtually slows down the pace of development and innovation on the chain.

However, many data on the chain cannot be directly queried and retrieved, and all data needs to be filtered before being extracted , sorting, paging, grouping, 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, as a decentralized retrieval protocol, perfectly solves the problems of on-chain information management, query, and use. Decentralized application developers can use GraphQL (Graph Query Language) to quickly query and retrieve on-chain data from a decentralized network composed of search nodes. The data retrieval logic of different projects will be edited into different Subgraphs and deployed in Ethereum or other distributed networks. The Graph Browser allows developers to collect, find and publish various types of data on the chain to help them develop. All of this makes it possible to build serverless decentralized applications on a public underlying network.

Protocol security audit

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It has to be said that the DeFi boom in 2020 has made the security of the protocol a focus of concern for users again. In order to prepare for the mainnet launch, The Graph teamed up with several security audit companies to ensure the security of the protocol. In October of this year, OpenZeppelin completed the security nerves of The Graph's network contracts, and Trail of Bits completed the audit of the off-chain part. Consensys Diligence completed an audit of state channel implementations including Nitro Protocol. The audit report will be made public in the coming weeks.

The Graph’s bug bounty campaign will be launched upon the protocol’s success on mainnet Enabled after deployment. 0.5% of the total GRT tokens will be rewarded to bounty hunters who successfully find bugs.

The Graph Token GRT

The Graph's native token, GRT, is an ERC-20 token. The initial total supply of GRT is 10 billion, and then it will be issued at a rate of about 3% per year. GRT has three main functions in the Graph network:

1. Retrieval People pledge GRT to provide security support for The Graph network.

2. GRT’s staking bonding curve will help managers and principals Pointing 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. The principal can pledge GRT to It believes that reliable searchers participate in network security maintenance on the search nodes, and share benefits with the search nodes at the same time. The client can select the best retrieval node through the query rate of the retrieval node, the record of being fined and confiscated, the commission charging rate and other indexes.

The Graph Financing Roadmap

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The Graph open-sourced its first version of the on-chain indexer in June 2018, and then in January 2019 the team completed a $2.5 million seed round of financing, led by Multicoin Capital. On June 30 this year, it received US$5 million in financing through the SAFT agreement. Investors include Multicoin Capital, JD Capital, Framework, ParaFi Capital, Coinbase Ventures, and Digital Currency Group.

In terms of public offering, The Graph opened the 400 million GRT on October 23 this year Sale. Only 11 minutes after the launch of the public offering, all 400 million tokens were sold at a unit price of US$0.03, and more than 4,500 users successfully snapped them up. The GRT tokens sold in the public offering round will be unlocked after the mainnet goes live.

The Graph 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 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.

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