Ethereum [ETH]: Ethereum Network gets hosted service for indexing of data from the blockchain

Graph Protocol Inc, an Information Technology and Services company based in San Francisco, California recently launched its flagship service and graph explorer named The Graph which will be used for compiling data from the Ethereum blockchain and InterPlanetary File System [IPFS].

This service by Graph Protocol Inc enables developers to rapidly index information from smart contracts and also unlocking new data sources to improve the capabilities of various Dapps. The company also announced that it has raised $2.4 million in a seed round led by Multicoin Capital to finance its mission of building a fully decentralized indexing layer for Web3 applications.

Compound VC, CoinFund, DTC, Kilowatt, Reciprocal Ventures, SPC, and others were some of the other additional investors who were involved in the foundation of the program.

Kyle Samani, Managing Partner, MutlicoinCapital said:

“The problem that The Graph solves is immense. It will have expansionary effects on the market as a whole. We firmly believe that it’s going to be one of the most critical protocols in the Web3 stack.”

For the development of network infrastructure, Query functionality is a key critical aspect and before the introduction of The Graph, dapp developers had to construct homegrown, centralized indexing servers to mobilize the data for decentralized applications.

This procedure re-introduced the medium of centralization in the network and defeated the main purpose of dapps. The establishment of this service which also combats the prior capital-intensive process was solely focused on Ethereum’s network, which is a query of blockchains.

During a research presentation on The Graph on Graph Day, which is an annual blockchain summit in San Francisco hosted by Graph Protocol Inc, a speaker also laid out the details about the project’s decentralized network design for the first time and shared its multi-step plan for decentralizing the protocol.

Brandon Ramirez, Research Lead of Graph Protocal Inc, stated:

“This spec is open source and includes details about indexing, querying, payments, token mechanics, and incentive design in the network. Our team is calling on researchers and academics to review the specs and help us fulfill our mission of accelerating decentralization.”

Moreover, with regards to launch to the service, the project team also announced seven launch partners: Dharma, Compound, Uniswap, ENS, Origin, Decentraland, and Livepeer. All seven protocols were made available on The Graph for third-party developers to access.

Yaniv Tal, co-founder and project lead of The Graph, said:

“Web3 is an evolving platform that’s open, secure, stable, and verifiable. However, it’s still difficult to build usable applications with this nascent technology. The Graph is an important protocol in the Web3 stack and the tools we released today will enable developers to build the next wave of applications on a solid foundation.”