The Graph protocol has announced the release of its own ERC20 token concurrently to the preparation of The Graph Network this year. The Graph is estimated to sell up to 400 million GRT of the 10 billion token supply at an estimated $0.03 cents through the GRT token sale to be held for three days between October 22 – 24.
The Graph is a protocol for building decentralized applications quickly on Ethereum and IPFS using GraphQL. It allows the blockchain companies to use their own APIs and even subgraphs. The Graph also is used in a diverse variety of Web3.0 applications that also include decentralized exchange Uniswap as well as the noted price provider CoinGecko.
As per the release, the Graph Network is stated to be a decentralized network of curators, Indexers, and delegators that work in syn and tandem in order to manage the world’s blockchain data, server applications, and accelerate the changeover to a much more decentralized future. The token sale believably is meant to spread ERC-20 Token to three types of users.
The first type is the indexers who operate the network’s nodes as well as stake GRT. They will in turn earn rewards and fees whenever the consumers make a query about anything.
The second type of user is the Curator. These include those people who decide about Ethereum data and how the data need to be stored in subgraphs. The curators will be depositing GRT and earn query fees from the specific subgraphs.
Delegators and non-technical supporters are the third types of user categories. They would want to secure the network without the need to run a node. In order to get their share of profits, they could delegate their GRT tokens to indexers.
The Graph learns about what and how to index Ethereum data based on subgraph descriptions also known as the subgraph manifest. The subgraph description also defines what the smart contracts of interest for a subgraph are. It will further give information on which events in the subgraphs have to be paid attention to and how event data can be mapped to the data which The Graph will store in its database. Once the subgraph manifest is written, the Graph CLI can be used to store the definition in IPFS. This follows with informing the hosted service to begin indexing data for the subgraph.
In the case of The Graph, a subgraph is nothing but the classification of which data will be indexed by The Graph from Ethereum and how it will be storing it. Once it is deployed it will form a part of the global graph of blockchain data.
As for the token sale, not everyone in the chain is getting to earn GRT. the users and the consumers have to shell out the query fees in order to fetch the data they require.
The registration for the token sale, which is only open to non-US participants, closes on the 15th of this month.