In line with introduction of potential blockchain projects and to provide useful information for a better investment, in this article we are going to discuss a project called “Blockchain Google” or “Graph blockchain”. Such projects are important since they pave the way for other platforms. In fact, they act as a complimentary to the cryptocurrencies industry. Let’s take a deeper look at.
The Graph Blockchain
Graph is a decentralized open-source protocol designed to index data within a blockchain. It launched less than three months ago, on December 17, 2020. The Graph can be used to easily search the information stored on Ethereum blockchain. In other words, instead of exploring the websites of each program and checking all the information to find what is required, one program only use the Graph network to get simply the information it needs.
This approach can be the solution for one of the most usual challenges in DApps and DeFi apps. One of the problems in blockchain-based applications is that they stick to features like blockchain reorganization, security in queries and finally completing the process (Finality) that the Graph intended to solve.
By using smart contracts, the Graph help transactions information and blockchain events to be stored on Ethererum database.
Then, the Graph nodes constantly check all the information and categorize the new data in order to keep them up to date. After that, users can have access to these data using the Graph explorer. In order to govern and incentivize the indexers, this platform uses an ERC-20 token called GRT. Users, who intend to use the information, must pay a fee to the nodes via GRT token.