Meet GRC-20: The Graph’s Innovative Data Standard for Web3
The Graph, a leading name in decentralized indexing—similar to how Google organizes web data—has introduced an exciting new data standard, GRC-20, designed to elevate the Web3 landscape. This initiative aims to improve the structuring, sharing, and linking of data across decentralized applications, as outlined in a recent blog post by developer Yaniv Tal in connection with his Graph Improvement Proposal.
Transforming How We Represent Knowledge
GRC-20 expands on the concept of knowledge graphs that Tal first presented in June. At the heart of knowledge creation is the ability to connect and categorize information in a way that deepens understanding. Knowledge graphs visually represent the intricate relationships and connections among various data points.
While the Resource Description Framework (RDF) has long served as the standard for data representation, it struggles to meet the unique needs of Web3. The Graph’s latest standard aims to create a common language for knowledge sharing, enabling a Web3 experience that is transparent, verifiable, and composable, as explained in their blog post.
Developers will take the lead in defining these Entities, Relations, and Types. In the coming weeks, The Graph intends to introduce a range of tools to support the adoption of the GRC-20 standard, while Tal’s proposal will remain open for community feedback before it is finalized.
Enhancing Developer Experience Through Accessible Data
Since its inception in 2018 and the launch of its mainnet in December 2020, The Graph has established a comprehensive network of application programming interfaces (APIs), known as subgraphs. These APIs are critical for building decentralized applications (DApps) using smart contracts. According to Tegan Kline, a developer at The Graph, the platform acts like an open data layer on top of the blockchain, simplifying the monitoring and usage of smart contracts.
The Graph claims that its tools can dramatically accelerate the DApp development process—what once took months can now be achieved in just days. Contributors within this ecosystem earn rewards in Graph tokens (GRT), and The Graph currently indexes over 70 different blockchains, further enhancing its utility.
Looking Ahead in Decentralized Data
Looking ahead, as The Graph embraces greater decentralization, data provider Chainstack has launched a hosted service for subgraphs, stepping in to provide the support that The Graph had previously ceased to offer. This development showcases the ongoing adaptability and growth of the decentralized data ecosystem.
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Source: Cointelegraph.com
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