A Truly Global, Verifiable API: Does it exist?
Chances are you have never heard of this next protocol, but have interacted with the services built on it. I am talking about The Graph Protocol.
Blockchain enables open data and information, but raw data is not of much use. The Graph indexes the data on blockchains, such as the Ethereum blockchain, unlocking the tremendous potential of the underlying data. It's a potent tool.
In simple terms, The Graph allows you to categorize the raw data, read it, and interpret it whenever you want. For popular decentralized applications (Dapps), The Graph synthesizes complex Dapp data into open APIs, allowing anyone to query and analyze rich data sources. For instance, Uniswap, the largest DEX on Ethereum, uses the Graph for its analytics platform uniswap.info.
Naturally, as the usage of Dapps increases, The Graph’s usage increases exponentially. The Graph went from processing a few million queries/day six months ago to processing 220 million queries/day.
Why does this matter?
The Graph allows for the creation of truly global APIs. It is also a blockchain agnostic indexing protocol that provides for data composability.
Imagine a hypothetical Dapp called dUber, which listens for any ride-hailing request. The Dapp relies on a subgraph of its network of drivers and its riders to connect them. By querying these data, a rider can know the commission fee, ride cost, incentives, or any other charges quickly, and a driver can see the amount of money he earned on the Dapp, without having to trust the rider for payment.
The Big Picture
The Graph has stuck with their game plan and executed it beautifully to achieve rare product-market fit in crypto. They are in works to release their mainnet by the end of this year, and will also release a native token, GRT, in conjunction with the network launch.
Built on the transparency and immutability of the blockchain, The Graph allows for verifiability without trust. It enables the creation of an open internet with data composability, one query at a time.
