The Graph is glad to announce a partnership with Chainlink, a prominent decentralized oracle network globally. Through Chainlink oracles, indexed data from The Graph’s APIs, known as subgraphs, will send to smart contracts. Developers can now use indexed data sets to create genuinely decentralized applications that are strong.
Developers can utilize Chainlink oracles to access on-chain subgraphs. This is to improve the value of their decentralized application in the following three scenarios:
- Calculating and comparing the slippage of possible trades conducted on a DEX and other DeFi applications. This uses a subgraph to catalog on-chain liquidity.
- To determine recommended gas prices, use a subgraph to record the average gas utilized in each block for each transaction.
- Integrating global, real-world (off-chain) data into dApps, such as game outcomes, user IDs, and off-chain financial assets, by using subgraphs as APIs
Building Open Web3 APIs: The Graph
Users may simply search for and query data via indexing, which organizes and categorizes data. Google is a well-known example of a web data indexing service that significantly reduces the time it takes people to access. Additionally, it uses the information on the Internet. Users would have to manually wade through unstructured data vaults filled with raw and unmapped data to find the information they needed if data indexing wasn’t available.
Blockchains are becoming increasingly data-rich environments, thanks to both on-chain data creation. These are the smart contract events and calls. Moreover, dApps use oracles to bring external data into the network. To reference the information they need and build effective experiences, all dApps that expose blockchain data in their UIs require indexed data.
Before The Graph, developers had to design their own indexing code and maintain centralized infrastructure servers and databases. This creates a single point of failure; the dApp’s indexed data might be altered maliciously or accidentally, or the single server could go down. In addition, developers must devote additional time and resources to maintaining the infrastructure. The most effective way for developers to index blockchain data is to use a subgraph.
By creating a decentralized system for indexing blockchain data, the Graph solves the problem of centralized data indexing. Subgraphs can now be uploaded to The Graph’s hosted service, and later this year, a decentralized network will be launched. As a result, dApps will be able to continue to run, and data will remain accessible.
Users will no longer have to rely on teams to run servers. Thanks to the decentralized network, developers will be able to deploy to a dependable public infrastructure that they don’t have to manage. GraphQL, an open-source query language commonly used by web developers, is used in Graph. It has a robust API that allows users to acquire exactly what they want in a single request by smoothly accessing and merging different data sources. Web3 developers may quickly build in Web2 using GraphQL.
Only the blockchain activity generates a number of useful on-chain data sets that are becoming increasingly desirable for use in decentralized applications. The indexed and compiled data, while not as helpful for a dApp as the raw data, can be. The majority of the data displayed in a dApp’s user interface (e.g., user balances, digital art, votes) is based on The Graph’s blockchain data index. Gas data may be used to compute the recommended gas cost, block times can be used to calculate the average block time, and a DEX’s on-chain liquidity can be used to calculate slippage, among other things.
The Graph Off-chain and On-chain
Off-chain transmission of data is another common use for data indexing to come in handy. And then stored on-chain. To analyze historical data, such as establishing the quality of an oracle node based on prior response time to a pricing data query, the correctness of those responses, a number of tasks performed, and so on, a subgraph that includes the schema and manifests for ingesting blockchain data can be useful.
The second essential feature is that smart contracts will be able to access data indexed. This is by The Graph via secure and reliable oracles. Chainlink is a decentralized oracle network structure that is essential for data sharing amongst decentralized apps.
It allows users to decentralize an oracle network’s node operator and data source. Similarly, it provides additional features like verifiable randomization and trusted execution environments. Chainlink oracles are the most extensively used oracle network across a growing number of blockchains. The Graph for dApps is a fantastic match for it. It indexes’ and sends data to smart contracts in various blockchain scenarios.
Chainlink oracles can employ all of the subgraphs as data sources. Another usage is to start smart contracts or to undertake off-chain computing protocols. It is possible to create data-rich oracles using sub-paragraphs. Chainlink oracles in smart contracts can also trigger data indexing on The Graph.
The Graph will index DEX liquidity data as part of the integration so that Chainlink oracles can use it as a reference when computing slippage based on a user’s trade size. In addition, the Graph will construct an index that will keep track of the prices paid per transaction for gas.
To access the Gas Station API, dApps can use Chainlink. This is the recommended gas price, utilizing a Chainlink decentralized oracle network with a global API. Lastly, the developed smart contracts access’ all subgraphs. As a result, developers may leverage real-world data, such as game outcomes, user profiles, and more to create smart contracts.
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