The Graph News
The Graph (GRT) Takes Off as Web3 Becomes a Hot Topic in the Tech Sector
Published1 year ago
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The world has been experiencing something of an ongoing digital revolution thanks to modern technologies, starting with the internet itself. This has been going on for a long time now, and over time, humanity has started to change its stance regarding the things that it considers valuable.
For example, these days, data has grown to become more valuable and appreciated than almost anything else. Companies like Google and Facebook are well aware of this, and they use data for the purpose of analysis and advertising, which allowed them to climb to the top of the list of the wealthiest and most powerful corporations in the world.
However, their wealth and success are built on exploiting the data of people who were not aware that it will be taken from them, or what will be done with it. This is why the blockchain industry gave birth to multiple projects that aim to give back the control of that data to the people. One such project is The Graph (GRT), which recently saw a surge of popularity as discussion regarding Web 3.0 took off.
Why is GRT price growing?
The Graph is an indexing protocol created for querying networks like IPFS and Ethereum, through the creation of so-called “subgraphs,” which are open APIs. Recent data shows that the project’s native token, GRT dropped to a low point of $0.34 around January 24th. After that, the token made a number of attempts at a sustained breakout above its major support and a resistance at $0.48.
Experts believe that there are three reasons why GRT is building momentum, which include a surge of new subgraphs, increased attention on the network’s capabilities due to community engagement, and lastly, the rise of Web3.
When it comes to the first of the three reasons, it was recently noticed that the list of subgraphs is rising. These include the subgraphs for popular dApps and blockchain protocols. These open APIs can be created by anyone, and their purpose is to make data more accessible to users, and make the Graph a global graph of all public information in the world.
The protocol is hosted on Ethereum’s platform at this time, and it is working on adding support for EVM-compatible networks, such as BSC, Polygon, Avalanche, Arbitrum, and others.
The second reason for the increase in the project’s popularity includes the efforts to boost the community outreach and engagement with the project. This was achieved through various events, such as the ongoing ETHDenver conference. The Graph is currently sponsoring a chess tournament there, hosted by Nifty Chess.
It also developed The Graph Grants Initiative, which is collaborating with the data analytics platform called SimpleFi. The two are working on providing the funding for the creation of subgraphs for multiple DeFi protocols.
The third and final reason for GRT’s growth seems to be the growing popularity of Web3. This is a topic that recently started growing at a rapid pace, and it is finding its way into numerous mainstream conversations.
Web3 is defined as the idea of a new iteration of the internet, which is based on blockchain technology. It incorporates concepts such as token-based economics and decentralization. The goal of Web3 is to take the internet to the next level, where the majority of content and data will not be controlled by tech giants. Instead, the public data would be freely accessible, while private data would be held and controlled by individuals.
Given The Graph’s goals regarding data, it is not surprising that many who find Web3 desirable are finding their way to this project, thus boosting its price.
To learn more about this token visit our Investing in The Graph guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.