Web3 is the new buzzword for techies

. This gives momentum to the Graph (GRT).

The digital revolution and the rise of the internet has reshaped the global value system over the last 30 years. Big data has become the new “gold”, or “oil” — as demonstrated by platforms like Facebook and Google’s money-making abilities.

The Graph (GRT) is a blockchain project that focuses on the future of retrieving, managing and managing data. It is an indexing protocol for querying networks such as IPFS and Ethereum through the creation subgraphs.

Data from Cointelegraph Markets Pro, TradingView show that GRT has attempted several times to break above the $0.48 major support and resistance level.

GRT/USDT 4-hour chart. Source: TradingView

The three main reasons GRT is gaining momentum are: the addition of subgraphs that are supported by GRT; increased attention to The Graph network’s capabilities due to community engagement and outreach efforts; and the continued rise of Web3, which heavily depends on data providers and oracles.

The subgraphs library grows

The Graph’s growing number of subgraphs is one of the reasons why it has attracted so much attention. These subgraphs are used by popular blockchain protocols and decentralized applications.

Subgraphs can be created by anyone using open APIs. They are intended to make data accessible. The Graph protocol works to create a global graph of all public information around the globe. This data can be organized, transformed, and shared with multiple applications so that anyone can query it.

The protocol is hosted on Ethereum ( ETH). It is now adding support for Ethereum virtual machines (EVM), compatible networks such as Binance Smart Chain and Avalanche, Fantom and Arbitrum.

You can also create subgraphs for individual projects, like the recent migration for the gaming subgraph of NiftyLeague. This is a community-led, game studio.

A notable addition to the utility of subgraphs is the integration with Juicebox Protocol. This protocol, which is the fundraising protocol behind ConstitutionDAO or AssangeDAO was used to power the analytics on each project page.

Initiatives for the community and new developer

The Graph’s increased attention has also been due to community outreach efforts, such as the ongoing ETHDenver conference, where The Graph has a booth.

Apart from the ETHDenver conference where The Graph sponsored a chess tournament hosted at Nifty Chess’, the project also supported the growth of developers through grants. This included a $1million grant to Nomic Foundation to support development of essential Ethereum devex tools.

The Graph Grants initiative also works with the SimpleFi data analysis platform to provide funding for subgraphs for multiple decentralized financial protocols including Frax Finance Lab, Frax Finance Lab, Convex Finance, and Ribbon Finance.

The Graph Academy has sponsored a new initiative that aims at helping community members to learn more about The Graph protocol via a course available at freeCodeCamp.org. The course will help participants build DApps using The Graph protocol.

Related: Crypto patent sharing marks a step towards democratizing knowledge ownership

Web3 is gaining popularity

The popularity of Web3 is a third factor that helps boost GRT’s prospects. This topic and sector has been increasingly incorporated into mainstream conversation.

Web3 as as defined Wikipedia is an “idea for a new iteration” of the World Wide Web. It is based upon blockchain technology and includes concepts like decentralization, token-based economics and other such concepts.

Web3’s overall goal is to go beyond the current internet structure, where large tech companies control the majority of content and data. Instead, Web3 aims to create a decentralized environment in which public data can be more easily accessed and personal data can be controlled by individuals.

The Graph protocol’s ability create a global grid for public information eliminates the need to have projects develop and run proprietary indexing servers. This saves time and money that would otherwise be spent on hardware and engineering resources that can only centralize information.

VORTECS(tm), data from Cointelegraph Markets Pro started to detect a bullish outlook on GRT on February 14, before the recent price rise.

Cointelegraph’s exclusive VORTECS(tm), Score is an algorithmic comparison between historical and current market conditions. It is derived from a combination data points, including trading volume, market sentiment and recent price movements, as well as Twitter activity.

VORTECS™ Score (green) vs. GRT price. Source:

Cointelegraph Markets Pro

The chart shows that the VORTECS(tm), Score for GRT was 72 on February 14, just two hours after the price rose 26% the previous day.

These views and opinions are the author’s and do not necessarily reflect those of Cointelegraph.com. You should do your research before making any investment or trading decision.

Opinion writer on 7trade7