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The Graph Is Here For Web 3.0

The Graph Is Here For Web 3.0

The Graph Is Exciting Technology For Web 3.0

The Graph is an exciting advancement and goes far in making Web 3.0 functional

The Graph Is Here For Web 3.0

The Google Of BlockChain (Sleeper Blue Chip Crypto for Web 3.0)

191,136 viewsSep 5, 2021

BitBoy Crypto

1.26M subscribers

Web 3 is coming. In fact, it’s already here. Web 1 was all about consuming static web pages, sending emails, and asking Jeeves the best way to cook a lasagna. Then Web 2 came along and changed the game forever. It didn’t just allow us to interact with the internet, it shifted a lot of what we did in real life into a whole new age of online activity. With that came a byproduct: Our Data. That data put power into the hands of a few major players. I’m talking about Amazon, Google, and Facebook. A cabal of super powerful, centralized entities became our evil overlords, the shepherds of everything we do online. Our data became the golden fleece to be sold off to the highest bidder. In this video, we look at The Graph, a blockchain technology for Web 3. GRT could be the same for Web 3.0 as Google was for Web 2.0. Find out all you need to know about this blockchain indexer.

The Graph Is Here For Web 3.0

The Graph Is Here For Web 3.0


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00:00Web3 is coming.00:01In fact, it’s already here.00:03And if you’re watching this video,00:05it means you’re already way ahead of the curve.00:07But what does it actually mean?00:09Well, think of it like this.00:11Web1 was all about consuming static web pages,00:14sending emails and asking Jeeves the best way to cook a lasagna.00:18Then Web2 came along and changed the game forever.00:21Because it didn’t just allow us to interact with the internet.00:23It shifted a lot of what we did in real life into a whole new age of online activity.00:29And with that, came a byproduct.00:32Data.00:32Our Data.00:34And that data put power into the hands of a few major players.00:37I’m talking Amazon, Google, Facebook.00:39A cabal of super powerful centralized entities became our evil overlords.00:44The shepherds of everything we do online.00:47Which pretty much made us the sheep.00:49And our data became the golden fleece to be sold off to the highest bidder.00:53But here’s the good news.00:54The sheep are waking up.00:56And we’re just getting started.00:58Let’s get it!01:03Welcome to BitBoy Crypto!01:04Home of the BitSquad01:05The largest and greatest crypto community in all the Interwebs01:08My name is Ben.01:09Everyday on this channel, I show you how to make money in crypto.01:12If you like money and crypto, be sure to hit that subscribe button.01:16In this video, we take a look at The Graph, a blockchain technology for Web3.01:21Blockchain will be the foundation on which Web3 is built.01:24But when it comes to creating decentralized applications,01:27aggregating the data needed to make them work is a serious headache.01:31Why?01:32Well, first, because obtaining data on the blockchain is a nightmare.01:35I mean, that’s basically what a blockchain is,01:38an endless stream of immutable data.01:41So going through it to find the relevant chunks of information01:45takes a huge amount of time and processing power.01:48With the current Web 2.0 infrastructure,01:50that means building an indexer running a server and indexing the data in-house.01:55It’s labor-intensive,01:57energy-intensive,01:58and crucially highly centralized02:00with a single point of failure and a constant security risk.02:04But when you’re building applications, querying data is the name of the game.02:08So the questions of how to streamline it for blockchain are huge.02:12How do we move away from centralized databases and indexing services?02:15How do we collect data in a decentralized way?02:18Because accessing data on the blockchain is easy.02:22Accessing relevant data?02:24Not so much.02:25A bit like going to Walmart where everything is randomly organized.02:29Sure, you’d eventually find the frozen tamales you can’t stop thinking about,02:32but it would take a lot of time and determination.02:35A way to query data efficiently on the blockchain was always going to be a big deal.02:39And lucky for us,02:40the answer came in 2018 by way of three software engineers.02:44Yaniv Tal, Jannis Pohlmann and Brandon Ramirez.02:48Now, these guys aren’t just nerds.02:51They’re super nerds.02:52Because they solved one of the most pressing issues facing developers in Web3.02:56You probably heard of it.02:57It’s called The Graph.02:59Sometimes called the Google of blockchains,03:02but unlike Google, this isn’t an evil superpower hell-bent on world domination.03:06It’s a decentralized indexing protocol that offers a seamless, hyper-efficient way03:10to organize and query blockchain data.03:12The first thing to understand is that The Graph isn’t a blockchain.03:16Instead, it’s an indexing layer that sits on top of a blockchain03:20allowing for transparent decentralized APIs, or application programming interfaces.03:25In simple terms,03:26The Graph gathers and analyzes data before storing it into subgraphs03:31which dApps can search through to instantly receive the right information.03:34This could be anything from which exchanges have the most liquidity,03:38which governance proposals have the most rep,03:40to who is the most handsome and swolest guy in all of crypto.03:45Just kidding.03:46Kind of.03:46That’s something you already know.03:50But what are subgraphs? And how do they work?03:53Well, they’re basically decentralized datasets that means dApps don’t need to run their own indexer.03:58They can just query the relevant subgraph to get what they need for the frontend.04:02This means cutting through the noise of different blockchains, IPFS, oracles, sidechains, layer 2s,04:08you name it.04:09The Graph slices through them all like a hot knife through butter04:12and easily gathers required data,04:15which is why it’s found traction with pretty much all of the major DeFi protocols04:20with billions of monthly queries for things like token price,04:22historical trading volume and liquidity all taking place behind the scenes.04:26I mean, If you want to see a textbook case of exponential growth,04:30just check out this chart.04:32That’s an old chart too.04:34In the past 18 months, they’ve had over 135 billion on the hosted service.04:385 billion coming since May this year.04:40Which tells us two things.04:42The blockchain use is growing exponentially04:45and that The Graph’s technology is playing a defining role.04:48As of last week,04:49over 22,000 unique subgraphs have been deployed to their hosted and decentralized networks04:54with names like Aave and UNI and Audius relying on protocol.04:58Speaking of which,04:59a decentralized indexing layer should be decentralized itself.05:02Since the mainnet launch, they’ve been running the Legacy Explorer,05:06but they’ve recently deployed the Subgraph Studio,05:09a launchpad to the decentralized network05:11where users can test, create and publish subgraphs for public use.05:15And they’ve already seen some major subgraphs migrating to the protocol05:19like SUSHI, PICKLE, Synthetix and Radicle,05:23to name but a few.05:25Here’s a quick rundown of The Graph’s basic infrastructure.05:28It’s effectively a free market model incentivizing the GRT token.05:31First, you have the indexers.05:33They run the nodes that process the queries.05:35And you’ve got to be a nerd to be an indexer because it requires some technical know-how.05:39Indexers can then stake GRT as collateral against their activity,05:44compete for subgraphs,05:45and earn query fees as well as inflation rewards.05:48Then you’ve got the curators.05:50And you don’t need to be living in mom’s basement to do this one.05:53Almost anyone can apply.05:55Curators pick out good-looking subgraph and stake their GRT to create signal.06:01The higher the signal,06:02the greater the chance that the subgraph will be picked up by the indexers.06:05By the same token,06:07curators are incentivized for rewards coming from query and indexing fees.06:12Last but not least are the delegators,06:15which is pretty self-explanatory.06:17They stake GRT to support indexers help keep the network secure.06:21Now, I know you’re not just here for the tech,06:24so you probably want to know about GRT’s price potential.06:27And here’s the thing.06:28Despite having a working product with a crystal clear use case,06:31widespread adoption and no real competition snapping at their heels,06:35GRT is unlikely to do 100X anytime soon.06:38I know. I know.06:39It’s hard to believe, but it comes down to tokenomics.06:42As far as I can tell, it’s the only area where The Graph has come under fire.06:46The reasons?06:48Pretty self evident.06:49For starters, the team and early backers have the lion’s share in almost 60% of the original 10 billion.06:55Backers who include the likes of Compound,06:58Coinbase Ventures,06:59not to mention our old frenemies at the DCG.07:03Combine that with an inflationary model of 3% a year to cover indexing rewards,07:07a vesting and distribution schedule playing out over a decade,07:11a burn rate of only 1%,07:13and as many as 800,000 tokens flooding the market a day,07:16well, GRT could come under some major sell pressure as time goes on.07:20But I don’t want to take away from the magnitude of the project.07:24I’m not saying it won’t reward investors with impressive gains and returns.07:28It’s just likely to happen over time.07:30And yet as DeFi and Web3 grow exponentially,07:33The Graph could see its adoption and market cap reach levels we can’t even compute today.07:37I mean, it could literally play a role in the lives of billions of people all over the globe.07:42The project might have started out on Ethereum back in 2018,07:45but their vision is to be part of a multichain future.07:48And they’ve been steadily expanding support for all major layer 1s.07:52Think about it.07:53Creating a global API by aggregating the world’s data in an open source way,07:57it’s a big, big deal.08:00And if we’re going to call it the Google of blockchains,08:02then maybe it’s best to think of GRT as what Google stocks were in the 90s.08:07They might not have flipped crazy gains overnight,08:10but if you’d had the conviction to buy back then,08:12well, you’d be laughing today as you cruise past the bank in a Lambo.08:17As for price prediction for this cycle,08:19it’s around a 3X from its all-time high of $2.77 back in February.08:24It went into a downtrend straight after.08:26Having said that, it’s had a decent consolidation period since the mini crash in May,08:31but it seems to move at a different pace from the rest of the market.08:34Personally, I wouldn’t be surprised to see it reach somewhere between $3 and $408:38by the end of this bull run.08:40But when it comes to The Graph,08:42I’m looking way past the next few months.08:45This is a long-term play with long-term potential08:48and a seriously exciting future.08:50That’s all I got.08:51Be blessed.08:52BitBoy out. English (United States)

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