Web 3 is now a hot topic in the crypto sector, with Web 2 set to become outdated after the next version of the internet is created. Web 3 seeks to use blockchain technology, and it will transition the internet from its current centralized nature to a decentralized framework.
The Graph network is one of the earliest protocols to venture into Web 3. The protocol seeks to build a Web 3 solution that offers a “Google-like infrastructure.”
Building a Web 3 infrastructure identical to Google
The Graph with be working with decentralized applications (dApps) globally to boost their functionality and offer better data indexing. The protocol wants to develop an infrastructure almost identical to Google and seeks to help dApps be indexed on the blockchain network in a decentralized manner.
“You can say what Google does to the Web 2 world, which is a centralized world, as the Graph does to the Web 3 world,” said Pranav Maheshwari, an engineer with Edge & Node. “When we come from the Web 2 world to the Web 3 world, where essentially everything is decentralized, you need to index everything,” he added.
To create such an infrastructure, The Graph will use a decentralized stack. He also noted that the protocol will work with different blockchains to store the required data and then forward this data to a decentralized version using a proprietary GraphQL.
Moreover, The Graph would also build an infrastructure that allows other projects to be developed on top of it. Such projects will include NFTs, marketplaces and decentralized exchanges.
The Graph’s Web 3 will be compatible with DeFi
Pranav further stated that one of the practical use cases of The Graph will be in the DeFi sector. This capability will allow DeFi developers to build on the app and have an analytics feature that will offer on-chain analytics and other on-chain activities happening on the network.
“If you have an NFT marketplace, for instance, you need to use The Graph to actually monitor or see whatever on-chain NFT transactions as well as other activities that are happening. Also, you need the Graph Protocol if you are having a Metaverse like Decentraland, as it can be used to facilitate trade and see all the on0chain data and put them to the user,” Pranav added.
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