The Google for Blockchain data

The Graph was founded in 2018 by electrical engineer Yaniv Tal, computer scientist Jannis Pohlmann, and roboticist Brandon Ramirez who previously worked together on several startups that focused on creating developer tools. Their goal was to create a decentralized system providing easy data access and querying for developers on blockchain networks.

The Graph is an open-source protocol hosted on the Ethereum blockchain, designed for indexing and querying, much like Google. It collects, organizes, and stores data from other blockchains, making it searchable by users.

Using The Graph enables developers to quickly access and analyze data from blockchain networks, making decentralized applications (DApps) easier to build. GRT is The Graph’s native currency, which users pay to make queries.

The Graph’s decentralized indexing protocol uses open-source application programming interfaces (APIs) known as subgraphs, indexes that organize data within a global blockchain graph according to a user’s query.

The subgraphs are transferable, allowing developers to use GraphQL (the language used by The Graph) to query data quickly and efficiently. The Graph’s decentralized network is powered by blockchain technology, a distributed ledger system that enables secure and transparent transactions.

By providing a streamlined interface for developers to access and query data stored on decentralized networks that are not easy to query directly, The Graph is helping to speed up the creation of DApps on that network.

One of The Graph’s use cases is in the growing field of decentralized finance (DeFi). It improves developers’ access to the blockchain network data used in DeFi applications.

Users can also utilize the GRT to create nonfungible tokens (NFTs), one-of-a-kind digital assets maintained in blockchain systems. By streamlining developer access to this data, The Graph promotes the development of NFT marketplaces and other NFT-related apps.

How the Graph works

The Graph learns what and how to index Ethereum data based on subgraph descriptions, known as the subgraph manifest. The subgraph description defines the smart contracts of interest for a subgraph, the events in those contracts to pay attention to, and how to map event data to data that The Graph will store in its database.

Once you have written a subgraph manifest, you use the Graph CLI to store the definition in IPFS and tell the indexer to start indexing data for that subgraph.

This diagram gives more detail about the flow of data once a subgraph manifest has been deployed, dealing with Ethereum transactions:

Source: The Graph

The flow follows these steps:

A dapp adds data to Ethereum through a transaction on a smart contract.
The smart contract emits one or more events while processing the transaction.
Graph Node continually scans Ethereum for new blocks and the data for your subgraph they may contain.
Graph Node finds Ethereum events for your subgraph in these blocks and runs the mapping handlers you provided. The mapping is a WASM module that creates or updates the data entities that Graph Node stores in response to Ethereum events.
The dapp queries the Graph Node for data indexed from the blockchain, using the node's GraphQL endpoint. The Graph Node in turn, translates the GraphQL queries into queries for its underlying data store to fetch this data, using the store's indexing capabilities. The dapp displays this data in a rich UI for end-users, which they use to issue new transactions on Ethereum. The cycle repeats.

Six major players in The Graph’s ecosystem work together to access and organize data using subgraphs. They include:

Consumers: Developers who need data to create DApps. They pay a query fee and submit a query for the data.
Indexers: Node operators are tasked with indexing and querying the signalled subgraphs and must stake GRT.
Delegators: Contribute to the network administration without setting up a node by delegating GRT to indexers.
Curators: Developers of subgraphs who determine which are of high quality to be included in The Graph’s index.
Fishermen: Participants who validate the accuracy of query responses in the network.
Arbitrators: Help determine whether or not an Indexer has engaged in malicious activity. Decentralized governance assigns arbitrators.

Source: Youtube

These participants can earn payments from the network in exchange for their contributions, but only after staking GRT. GraphQL currently enables app development and usage on Ethereum, InterPlanetary File System, and proof-of-authority (PoA) networks, with the expectation that more networks will become available in the near future.

Source: The Graph

GRT Token

The initial token supply is 10 billion GRT, with a target of 3% new issuance annually to reward Indexers for allocating stakes on subgraphs. This means that the total supply of GRT tokens will increase by 3% each year as new tokens are issued to Indexers for their contribution to the network.

The Graph is designed with multiple burning mechanisms to offset new token issuance. Approximately 1% of the GRT supply is burned annually through various activities on the network, and this number has been increasing as network activity continues to grow. These burning activities include a 0.5% delegation tax whenever a Delegator delegates GRT to an Indexer, a 1% curation tax when Curators signal on a subgraph, and a 1% query fee for blockchain data.

In addition to these regularly occurring burning activities, the GRT token also has a slashing mechanism in place to penalize malicious or irresponsible behaviour by Indexers. If an Indexer is slashed, 50% of their indexing rewards for the epoch are burned (while the other half goes to the fisherman), and their self-stake is slashed by 2.5%, with half of this amount being burned. This helps to ensure that Indexers have a strong incentive to act in the best interests of the network and to contribute to its security and stability.

Here are the steps on how to use The Graph:

Install a library or software such as a Graph Node or Graph Explorer, a user interface that enables users and developers to interact with The Graph Network.
The next step is to identify which subgraph to query.
After identifying the subgraph to query, users can define their query.
Now that the query has been defined, users can use the Graph Node to query the subgraph. The Graph has open-source software that developers can use to build and publish subgraphs.

Source: The Graph

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