The Graph
$0.2366
, a decentralized indexing framework often compared to Google for blockchain ecosystems, has revealed an approach to Web3 data structuring.
Known as GRC-20, this standard proposes a method for organizing, interlinking, and distributing data across decentralized applications (DApps). A blog post on The Graph’s site, connected to a Graph Improvement Proposal by developer Yaniv Tal, outlines the specifics of this initiative.
The groundwork for GRC-20 starts from Tal’s earlier discussions on knowledge graphs, introduced in June. As the blog elaborates, knowledge emerges when data is categorized and linked. By capturing these relationships, knowledge graphs become crucial in achieving a more integrated understanding of information.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe – We publish new crypto explainer videos every week!
ICO vs IDO vs IEO: Which One’s the Best? (Easily Explained)
Replacing the Resource Description Framework (RDF), a long-standing data model under the World Wide Web Consortium, is at the heart of the GRC-20 proposal. RDF has shown limitations in addressing the demands of Web3 environments. The Graph emphasizes that GRC-20 aims to establish a universal framework for data interpretation.
The GRC-20 standard revolves around three fundamental principles: grouping data into Spaces, representing individual elements through Entities and Relations, and defining structure using Types.
The Graph has developed into a global system of application programming interfaces (APIs), referred to as subgraphs. These APIs support DApps and smart contracts by enabling seamless data retrieval.
By leveraging its infrastructure, The Graph claims to greatly reduce the development time for DApps. Its ecosystem is incentivized through Graph tokens, rewarding contributors to the network.
Currently, over 70 blockchains are indexed by The Graph, showcasing the scale and potential of its operations.
As Web3 technologies continue to evolve, their impact is felt far beyond decentralized data. For example, Mastercard and JPMorgan made headlines by teaming up to explore blockchain-based payment solutions. How will this partnership reshape the finance sector? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
