- The Graph has highlighted its plans to shut down its centralized service by early next year.
- It would urge the developers to shift to its Ethereum-based indexer service.
- The Graph is basically an indexing protocol utilized to query various networks of the crypto industry like IPFS (InterPlanetary File System), Filecoin, Ethereum, etc.
The service that facilitates applications to collect and interpret blockchain-based data, The Graph has recently announced its plans to take down its centralized hosted service by early 2023.
The team behind The Graph has cited that the app developers utilizing the platform would be encouraged to shift over to the pay-per-query Graph network that relies on a distributed community of Ethereum-based indexers in order to handle data, instead of the Hosted Network’s single operator. The Graph’s native token is GRT.
This announcement came at Graph Day of The Graph, which was a conference in San Francisco. And is a notable step with respect to decentralization for the self-asserted Google of Blockchains.
It would tag along new features and updates to The Graph’s primary technology which would soon render the free Hosted Service unnecessary, as highlighted by the protocol’s leaders.
Apart from this, there is also a proposal to expand the decentralized network of The Graph to Arbitrum which is an Ethereum scaling solution with enhanced speed and lesser fees.
But it seems like every new thing brings in some skeptics along with it. Now that The Graph plans to take down the centralized hosted services, there are some from the tech and digital assets space who raise concerns that the centralized infrastructure providers, services such as The Graph’s host services on which most of the Web3 products rely on, is a bit threatening to the key concert of crypto, decentralization.
The Graph is basically an indexing protocol utilized to query various networks of the crypto industry, for instance, IPFS (InterPlanetary File System), Filecoin, Ethereum, and many more.
Following the crypto industry gaining momentum, the use cases of cryptocurrencies have grown by leaps and bounds. This also forced a lot of applications to depend on third-party data sources served by an indexer. And here! The Graph solves this problem by being the largest provider of data sources that prepares data and makes it available for all.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.