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Highlights
- GRT – which is the native token of the Graph blockchain - dropped back to under a dollar after reaching US$1.15 on Wednesday
- The Graph solves the problem of blockchains managing huge amounts of data by lumping data into indexes. Users of the Graph network earn its native GRT token
- GRT is ranked 41 in terms of its market capitalisation, which currently stands at US$4,839,958,171
It’s been a rough past 24 hours or so for the cryptocurrency market with many following in Bitcoin’s steps losing significant chunks of value. One such casualty was GRT which is the coin which powers the Graph network.
GRT dropped back to under a dollar after reaching US$1.15 on Wednesday with it being one of many coins adversely affected by the most recent market dip.
Is The Graph Network a Blockchain Game Changer?
But what is GRT? And what is the story behind the potentially game changing network it powers – Graph?
What Is Graph?
The Graph Network, allows users to build application programming interfaces (APIs), which are indexes that make it easier to retrieve blockchain data and essentially allows applications to talk to each other.
The Graph Network is what’s technically known as a decentralised indexing protocol for querying networks like Ethereum and IPFS. More specifically, it make it easy for users to build and publish APIs.
So, what does this mean? Blockchain technology is continuously evolving and has been since the original crypto blockchain – Bitcoin – was launched in 2009. Many crypto networks attempt to improve upon existing technology but ultimately for flat. The Graph, however, may well be a hidden gem for its designed purpose is something that the blockchain space desperately needs. That thing is organisation.
Without getting too technical, blockchains contain huge amounts of data. This is why many older blockchains, like Ethereum, take a long time to complete a transaction. Sifting through the mountains of data is a difficult and time-consuming task.
The Graph solves this problem by lumping data into indexes. Users of the Graph network earn its native GRT token. This token is central to the Graph network’s economy. Users swap GRT to keep the network running.
Is GRT a Wise Investment Right Now?
Many people believe that future generations will rely on upon blockchain technology. Attempts to improve upon this technology, as previously mentioned, are often futile. So, when one comes along that has something to offer it’s certainly worth closely watching.
GRT is ranked 43 in terms of its market capitalisation, which currently stands at US$4,839,958,171.
It has a total and maximum supply of 10,000,000,000 tokens, of which half are in current circulation.
Although its price has dipped almost 10 percent in the past 24 hours to US$0.965, GRV’s useful and innovative technology on the Graph blockchain means that it could be one worth investing in.
