The ongoing digital revolution and the rise of the internet over the last 30 years have changed the old global value structure, and big data has become the new “gold” or “oil” – a fact proven by the money-making potential of platforms such as Google and Facebook.
A blockchain project focused on the future of data acquisition and management is The Graph (GRT), an indexing protocol designed to query networks such as Ethereum and IPFS by creating open APIs called subgraphs.
Data from Cointelegraph Markets Pro and TradingView show that since reaching a low of $ 0.34 on January 24, GRT has made several attempts at a sustained breach of key support and resistance of $ 0.48.
4-hour GRT / USDT chart. Source: Trading View
The three reasons for creating GRT are the addition of new GRT-based sub-graphs, increased interest in The Graph network features due to community involvement and outreach efforts, and the continued growth of Web3, which is heavily dependent on data providers. Oracle.
Expand the subplot library
One of the main reasons for the recent increase in interest in graphs is the growing list of sub-graphs that the network offers for popular decentralized applications and blockchain protocols.
Subordinate graphs are open application programming interfaces (APIs) that anyone can create and are designed to make data easier to access. The Graph Protocol becomes a global graph of all publicly available information in the world, which can then be transformed, organized and used across multiple applications so that everyone can ask.
The protocol is currently hosted on the Ethereum Network (ETH) and adds support for Ethereum Virtual Machine (EVM) compliant networks, including Binance Smart Chain, Avalanche, Phantom, Arbitrum, Polygon and Moonriver, just to name a few.
Sub-infographics can also be created for individual projects, such as the recent publication of a game sub-infographic for NiftyLeague, a community-run game studio.
Another notable addition that highlights the usefulness of child graphs is the integration with Juicebox, the fundraising protocol at the heart of the DAO Constitution, and AssangeDAO, a project that uses child graphs to perform the analysis displayed on each project page.
New developer and community initiatives
The second reason for the increased interest in the diagram is attempts to expand outreach and community participation through events such as the current ETHDenver conference where the project has a stand.
In addition to the ETHDenver conference, where The Graph sponsored a chess tournament hosted by Nifty Chess, the project also supported the growth of the developer community through grants, including a $ 1 million grant.
The Graph Grants initiative also works with the SimpleFi data analytics platform to provide funding to build sub-circuits of several decentralized finance protocols, including Alpha Finance Lab, Frax Finance, Convex Finance and Ribbon Finance.
The Graph also sponsors a new initiative through the Graph Academy that aims to help community members learn more about the protocol through a course listed on freeCodeCamp.org. The course will teach participants how to create DApps using a graph protocol.
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Increasing popularity of Web3
A third factor that contributes to improving the outlook for GRT is the growing popularity of Web3, topics and sectors that are increasingly beginning to emerge in mainstream discussions.
Web3, as defined by Wikipedia, is “an idea for a new iteration of the World Wide Web based on blockchain technology and incorporates concepts such as decentralization and a token-based economy.”
The overall goal of Web3 is to move beyond the current form of the Internet, where the vast majority of data and content is controlled by large technology companies, to a more decentralized environment where public data can be accessed more freely and personal data controlled by individuals. .
The Graph Protocol’s ability to create a global network of publicly available information helps projects eliminate the need to develop and operate proprietary index servers, saving time and money typically spent on information-only engineering and hardware resources.
VORTECS fra data from Cointelegraph Markets Pro began to reveal positive prospects for GRT on February 14, ahead of the recent price increase.