The Graph (GRT) Is Up 14% Today

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  • The Graph hasn't shared any major news in the last week, yet its price continues to climb.
  • The Graph is a leading blockchain project that is in the app programming industry and backed by venture companies including JD Capital, South Park Commons, Digital Currency Group, and Collider Ventures.
  • The Graph supports various successful blockchain projects such as Decentraland and Aragon, which have all seen an increase in activity in recent months.

GRT surged today as demand for the token increases, but what is making the token so desirable?

The Graph (GRT) has seen a significant spike in value today, but what is the cause? For starters, the success of the Graph project is heavily connected to the data provided from the blockchain entities that partner with its system. When a blockchain project partners with the Graph, it is sharing its data so that information is searchable and usable by the wider public. It takes GRT to make this data querying process happen, so when a lot of data is being queried, more GRT is being used, driving its price up. Projects that use the Graph include Uniswap, Synthetix Network, Decentraland, and Aragon.

Even though the Graph has yet to make any major announcements recently, activity within its ecosystem has increased as the number of subgraphs – groups of data from partnering blockchains – has grown over the last few months.

Currently, the Graph supports indexing data from 32 different networks including Ethereum, NEAR, Arbitrum, Optimism, Polygon, Avalanche, Celo, Fantom, Moonbeam, IPFS, and PoA, with more networks coming soon.

What does The Graph do?

Just as Google indexes the internet as we know it, The Graph indexes blockchain data from networks like Ethereum and Filecoin. It offers a sophisticated way to query the complex data of blockchains and smart contracts in order to quickly find useful data. By offering applications the ability to easily find the information they need on the blockchain, the Graph allows these applications to be capable of more. The capability of the Graph gives value to its clients as well, as reflected by the respective values of the digital currencies associated with these projects.

Why querying blockchain data is difficult

Querying data from blockchain is difficult and frequently runs into performance and bandwidth issues. Unlike regular databases, blockchains do not have a query system and language that makes storing information easy. One of the blockchain's biggest assets, its distributed nature, can be a deterrent in addition to other factors when it comes to data storage and recall.

The Graph provides a compelling solution to this difficult task that is crucial to ensuring blockchain tech can support the demands of the internet of tomorrow.

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The bottom line

The value of GRT is on the rise as its amount of data queried with respectable partners does the same. If the company sees success in its ventures, providing added value to its partners and the blockchain as a whole, the coin could continue to appreciate in value.

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