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Let& #39;s demystify @graphprotocol and understand #what does this do? #Why developers use it? What problems it solves, #how it works and how to get started!
A #thread
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🧵" title="Thread" aria-label="Emoji: Thread"> https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Rückhand Zeigefinger nach unten" aria-label="Emoji: Rückhand Zeigefinger nach unten">
A #thread
https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Rückhand Zeigefinger nach unten" aria-label="Emoji: Rückhand Zeigefinger nach unten">" title="Let& #39;s demystify @graphprotocol and understand #what does this do? #Why developers use it? What problems it solves, #how it works and how to get started! A #thread https://abs.twimg.com/emoji/v2/... draggable="false" alt="🧵" title="Thread" aria-label="Emoji: Thread"> https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Rückhand Zeigefinger nach unten" aria-label="Emoji: Rückhand Zeigefinger nach unten">" class="img-responsive" style="max-width:100%;"/>
1/ The #web https://abs.twimg.com/emoji/v2/... draggable="false" alt="🌐" title="Weltkugel mit Längengraden" aria-label="Emoji: Weltkugel mit Längengraden"> of today has a client-server architecture that grants tremendous power to whoever runs the server. This favors #centralization! But we may have reached the peak of centralization & the power is now slowly getting distributed!
2/ Web3 is the new layer that will enable #decentralization on a mass scale! Blockchains like #ethereum will be the north star of this new movement. https://abs.twimg.com/emoji/v2/... draggable="false" alt="🚀" title="Rakete" aria-label="Emoji: Rakete">
3/ In blockchains like #ethereum, all the #transaction data is accessible to everyone! But there are vast amounts of raw data on ethereum which needs to be stored in a format that can be #easily & #efficiently queried. However, it& #39;s rarely the case. https://abs.twimg.com/emoji/v2/... draggable="false" alt="😶" title="Mundloses Gesicht" aria-label="Emoji: Mundloses Gesicht">
4/ Teams are getting around this gap by building #centralized indexing #servers that pull data from #ethereum, store it in a database, & expose it over an #API. Which is something against the #decentralization notion we are thriving for.
5/ Here& #39;s where @graphprotocol shines! Think of it as the open data layer for public #blockchains like #ethereum & storage networks like @IPFS & @FilFoundation, making it easy for #developers to pull information & serve that information to their users, quickly & efficiently. https://abs.twimg.com/emoji/v2/... draggable="false" alt="😬" title="Grimasse schneidendes Gesicht" aria-label="Emoji: Grimasse schneidendes Gesicht">
6/ But how is @graphprotocol is #decentralized? Well, in order to do this, the power should be distributed, right? There are many different roles in The Graph Network, like: #Indexing, #Curating, #Delegating & #Consuming. Huh! So many jargons! https://abs.twimg.com/emoji/v2/... draggable="false" alt="😶" title="Mundloses Gesicht" aria-label="Emoji: Mundloses Gesicht"> Let& #39;s tear them down one by one!
7/ #Indexers are node operators in The Graph Network that stake Graph Tokens (GRT) in order to provide indexing & query processing services. Indexers earn query fees & indexer rewards for their services. To be an Indexer on The Graph network, you need to be able to run the node.
8/ #Curators are subgraph developers, data consumers or #community members who signal to Indexers which #APIs should be indexed by The Graph Network. They use their knowledge of the #blockchain ecosystem, applications & consumers to identify the most reliable data sources.
9/ #Curators deposit GRT to signal on a specific #subgraph & earn a portion of query #fees for the subgraphs they signal on — this incentivizes the highest quality data sources. We will go more in-depth of curators make money in another thread! Stick around. https://abs.twimg.com/emoji/v2/... draggable="false" alt="😬" title="Grimasse schneidendes Gesicht" aria-label="Emoji: Grimasse schneidendes Gesicht">
10/ Okay, it& #39;s 2 times I& #39;ve used #subgraph! Let& #39;s talk about that now! Subgraphs define what data is indexed from #ethereum & how it is stored. Once a subgraph is deployed, it will form a part of a global graph of #blockchain data.
11/ #Delegators are individuals who would like to contribute to securing the #network but do not want to run a Graph Node themselves. Delegators contribute by delegating #GRT to existing #Indexers, and they earn a portion of query #fees and indexing #rewards in return. https://abs.twimg.com/emoji/v2/... draggable="false" alt="💰" title="Geldsack" aria-label="Emoji: Geldsack">
12/ #Consumers are the end-users who query #subgraphs & pay query fees to the Indexers, Curators & Delegators. Consumers are likely to be #developers or projects themselves that cover query #fees for their applications just like they would do for #AWS or any other cloud service.
End of the thread! I& #39;m just getting down to this whole new rabbit hole & I& #39;m open to discuss anything that I might have missed! https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤗" title="Umarmendes Gesicht" aria-label="Emoji: Umarmendes Gesicht"> For people who are getting started (like me), check out the official blog for an in-depth understanding https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Rückhand Zeigefinger nach unten" aria-label="Emoji: Rückhand Zeigefinger nach unten">
https://thegraph.com/blog/the-graph-network-in-depth-part-1">https://thegraph.com/blog/the-... by @graphprotocol
https://thegraph.com/blog/the-graph-network-in-depth-part-1">https://thegraph.com/blog/the-... by @graphprotocol
Finally, do retweet to spread knowledge & follow me @SouravInsights for more threads about #decentralization #crypto, #DeFi, #finance and #DEX! https://abs.twimg.com/emoji/v2/... draggable="false" alt="✍️" title="Schreibende Hand" aria-label="Emoji: Schreibende Hand">
Have a nice day!https://abs.twimg.com/emoji/v2/... draggable="false" alt="❤️" title="Rotes Herz" aria-label="Emoji: Rotes Herz">
Have a nice day!
Received an overwhelming response on this #thread! https://abs.twimg.com/emoji/v2/... draggable="false" alt="😬" title="Grimasse schneidendes Gesicht" aria-label="Emoji: Grimasse schneidendes Gesicht"> Must be because of the #GRT fans out there. https://abs.twimg.com/emoji/v2/... draggable="false" alt="🙏" title="Gefaltete Hände" aria-label="Emoji: Gefaltete Hände"> I& #39;m pumped up to write my next thread which is about a new fully #decentralized #AMM @TimeswapLabs. We& #39;ll discuss how it works & what& #39;s so exciting about it. Stay tuned! https://abs.twimg.com/emoji/v2/... draggable="false" alt="🥳" title="Partying face" aria-label="Emoji: Partying face">
