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GRT’s popularity rises as Web3 becomes a hot topic among technological circles

After its catalogue of subgraphs expands and Web3 becomes a trendy discussion topic among crypto and IT sector professionals, GRT sees a double-digit price increase.

Over the last 30 years, the ongoing digital revolution and the advent of the internet have upended the traditional global value structure, and big data has become the new “gold” or “oil,” as seen by the money-making capabilities of platforms like Google and Facebook.

The Graph (GRT), an indexing protocol built for querying networks like Ethereum and IPFS through the construction of open APIs called subgraphs, is one blockchain project focusing on the future of obtaining and managing data.

GRT has attempted many attempts at a sustained breakout above the significant support and resistance level at $0.48, according to data from TradingView since hitting a low of $0.34 on Jan. 24.

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The inclusion of additional subgraphs supported by GRT, greater attention on the capabilities of The Graph network due to community participation and outreach activities, and the continued rise of Web3, which is strongly dependent on oracle and data providers, are three reasons for GRT’s growing momentum.

 

The number of subgraphs in the library is increasing.

One of the key reasons for The Graph’s recent surge in popularity is the network’s growing collection of subgraphs supporting popular decentralised applications and blockchain technologies.

Subgraphs are open application programming interfaces (APIs) that anybody may create and use to make data more accessible. The Graph protocol aims to create a global graph of all publicly available data from around the world, which can then be altered, categorised, and shared across many applications for anybody to query.

The protocol is presently hosted on the Ethereum (ETH) network, but it will soon include support for Ethereum virtual machine (EVM) compatible networks such as Binance Smart Chain, Avalanche, Fantom, Arbitrum, Polygon, and Moonriver.

Individual projects can also have subgraphs, as evidenced by the recent migration of the gaming subgraph for NiftyLeague, a community-driven game studio.

The connection with Juicebox Protocol, the fundraising protocol underpinning ConstitutionDAO and AssangeDAO, a project that uses a subgraph to power the statistics displayed on each project page, is another important innovation that illustrates the utility of subgraphs.

 

Initiatives by developers and the community

Another reason for the rise in interest in The Graph is efforts to promote community outreach and involvement through events like as the ongoing ETHDenver conference, where the project maintains a booth.

Aside from sponsoring a chess competition held by Nifty Chess at the ETHDenver conference, The Graph has also been assisting the developer community by releasing grants, including a $1 million grant to the Nomic Foundation to fund the development of important Ethereum devex technology.

The Graph Grants programme is also collaborating with the SimpleFi data analytics platform to fund the development of subgraphs for a number of decentralised financial protocols, including Alpha Finance Lab, Frax Finance, Convex Finance, and Ribbon Finance.

Through The Graph Academy, The Graph has also sponsored a new project aimed at helping community members learn more about the protocol through a course on freeCodeCamp.org. The Graph protocol will be used to teach participants how to create dApps in this course.

The distribution of crypto patents is a step toward democratising knowledge ownership.

 

Web3’s growing popularity

The expanding popularity of Web3, a topic and sector that has gradually begun to make its way into mainstream debates, is a third element that is helping to increase GRT’s possibilities.

Web3 is a “idea of a new version of the World Wide Web based on blockchain technology and including principles such as decentralisation and token-based economy,” according to Wikipedia.

Web3’s overarching goal is to evolve beyond the existing state of the internet, in which giant tech companies control the great majority of data and content, to a more decentralised system in which public data is more freely accessible and personal data is managed by individuals.

The capacity of the Graph protocol to construct a worldwide grid of public information reduces the need for projects to develop and manage proprietary indexing servers, saving time and money that would otherwise be spent on technical and hardware resources that only work to centralise data.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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