As a seasoned crypto investor with years of experience navigating the complex world of blockchain technology, I find The Graph’s latest move towards GRC-20 standard incredibly exciting. Coming from someone who has seen the struggles developers face when it comes to finding and organizing data within decentralized applications, this new standard promises to streamline the process significantly.
In simpler terms, The Graph – a system similar to Google for blockchains that functions as an indexing network – has unveiled a standard for Web3, termed GRC-20. This standard will outline the structure, sharing, and connectivity of information across various decentralized applications, as stated on The Graph’s website in a blog post coordinated with developer Yaniv Tal’s Graph Improvement Proposal.
A new way to view knowledge
The proposal for GRC-20 builds on the concept of knowledge graphs introduced by Tal in June.
The blog noted that knowledge arises when data is connected and categorized for a deeper comprehension, and knowledge graphs serve to encapsulate the ties and associations among various bits of information.
As a crypto investor, I’m excited about the prospect of the GRC-20 standard taking over from the Resource Description Framework (RDF) in data representation within the World Wide Web Consortium. Currently, RDF serves its purpose, but it falls short when it comes to meeting the demands of Web3 for numerous technical reasons. As The Graph’s blog suggests, this change could bring about significant improvements and enhancements to the way we interact with decentralized data.
“GRC-20 creates a common language for knowledge, so we can fully realize the vision of an open, verifiable and composable web3.”
GRC-20 depends on core concepts of:
“Spaces for grouping information, Entities and Relations for representing individual pieces of data, and Types for adding structure to information.”
Developers define Entities, Relationships, and Types. In the approaching weeks, The Graph will provide a collection of tools to facilitate the use of the GRC-20 standard. Tal’s Graph Enhancement Proposal is currently open for feedback; its finalization timeframe has not been specified yet.
Helping developers find information
The Graph was initiated in 2018 and became operational in its main network by December 2020. It functions as a worldwide open network of Application Programming Interfaces (APIs), often called subgraphs, which serve as the foundation for decentralized applications (DApps), specifically smart contracts. In simpler terms, it’s a global network of APIs that powers the backbone of various decentralized apps through smart contracts.
Speaking to CryptoMoon, developer Tegan Kline described The Graph as a flexible data platform built over blockchain networks, simplifying the process of managing and utilizing smart contracts by providing an accessible data layer.
The Graph claimed it could reduce the time needed to develop DApps from months to days. Contributors to The Graph receive Graph tokens (GRT). There are over 70 blockchains indexed by The Graph.
In response to The Graph’s decision to cease hosting subgraphs as part of its decentralization process, data provider Chainstack introduced a hosted service for subgraphs.
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2024-11-22 01:21