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In various fields, cryptos are becoming increasingly prevalent over time. Some prominent examples include Web 3.0 and digitization, with the blockchain also playing a significant role. Various applications depend on external data sources that an indexer offers. The Graph is one of the top corporations for preparing and making data accessible to users.
The protocol utilizes its own Crypto known as The Graph (GRT). Users can take part themselves with the help of this utility token in the protocol. In this article, learn about The Graph protocol and how to buy The Graph (GRT) Crypto.
About The Graph
The Graph is open-source software that utilizes the Ethereum blockchain. The Graph was created with the purpose of gathering, processing, and storing various types of data for blockchain-based platforms. The Graph addresses itself as an “indexing protocol” for “querying networks like Ethereum and IPFS.” In general, The Graph intends to increase the accessibility of blockchain data.
The Graph was founded in 2018 by Jannis Pohlmann, Yaniv Tal, and Brandon Ramirez. The project’s token wasn’t made available on the mainnet launch until late 2020. As per the latest data, The Graph assists 31 Ethereum-based DApps in data retrieval, including Uniswap, Decentraland, AAVE, and Balancer. Developing DApps for The Graph requires the use of the Facebook-developed programming language GraphQL.
How does The Graph work?
The initial step of The Graph is about data aggregation that happens through The Graph Nodes that continuously scan network blocks and smart contracts for information.
When an application adds data to the blockchain through smart contracts, The Graph Node uploads the data from these new blocks to their appropriate Subgraphs.
Once the Graph Node extracts information, there are three categories of users that participate in the protocol’s data organization.
These include:
- Curators – Curators are subgraph developers who evaluate which subgraphs are of high quality and should be indexed by The Graph. It should be noted that Curators attach GRT to the subgraphs they support.
- Indexers – Indexers are node operators who are in charge of providing indexing and querying services for the signaled subgraphs and are required to stake GRT to do so.
- Delegators – Delegators delegate GRT to indexers to help maintain the network without setting up a node.
Depending on the role, each user receives a share of the network fees for their work.
Applications looking for information to operate their software through the use of queries can then quickly access this data.
Decentraland, for example, searches The Graph for land, accessories, and collectibles across applications and adds them to their marketplace so users can buy them all in one place.
Before heading toward how to buy The Graph Crypto, let’s look at its pros and cons.
Pros and cons of The Graph token
Pros
- Staking: GRT token owners can stake their tokens to earn passive rewards. These nodes’ rewards are split among the stakers who delegate their GRT.
- Interoperability: Switching between Dapps (Decentralized Applications) is simple because of The Graph.
- Open-source: The Graph’s open-source design makes it simple to make changes to meet market demands.
- DAO Model: The platform intends to fully transform into a decentralized autonomous organization in the following months.
Cons
- Dark Web: Recently, it was discovered that The Graph was being utilized on the Dark Web as a form of payment.
Here we come to the last part of the blog,i.e., how you can buy The Graph coin. Check the easy steps mentioned below.
How to buy The Graph (GRT) tokens in India?
Below are a few simple steps you can follow and buy the GRT token in India with WazirX, India’s most trusted and widely used Crypto exchange.
The best way to buy The Graph Crypto is using P2P trade. To get answers to all your queries related to the P2P trade, click here!
Step 1 – Sign-Up on the WazirX platform
To begin buying and selling The Graph (GRT) Crypto, you are required to create an account on the WazirX platform by signing up. Also, you can directly Log-in if you have an account already on the platform.
For your reference, here’s how you can open an account on WazirX.
Step 2 – Set up your account security by verifying your email address.
This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3 – Complete the KYC process.
After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.
Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.
Step 4 – Add funds to your WazirX account using P2P.
After integrating your bank account into your WazirX account, you can buy USDT through P2P to the WazirX wallet. The USDT will act as funds to help you buy your favorite Cryptos.
Step 5 – Finally, buy GRT on WazirX.
You can now easily purchase GRT tokens using P2P trade on the platform. Check the GRT to INR rate from here and GRT to USDT here.
After logging in to your WazirX account, you can choose USDT from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy” after entering the amount and checking the total USDT amount to be paid.
Your order will be placed according to the price you have input. A seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.
It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the GRT coins you purchased in your WazirX wallet.
Happy Trading!
Frequently Asked Questions
Is Cryptocurrency Safe To Invest In?
Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.
What Is Cryptocurrency?
A cryptocurrency is a digital currency secured by encryption, due to which chances of activities such as counterfeiting and double-spending taking place get close to impossible. Cryptocurrencies get created on blockchain technology ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are unique in that they do not get issued by any central authority. The term "cryptocurrency" comes from the encryption techniques used to keep digital currencies and the network safe.
Is Crypto Legal In India?
Cryptocurrencies are legal in India, and anyone can purchase, sell, and exchange them. It is currently uncontrolled, as India lacks a regulatory structure to oversee its operations. Per the Ministry of Corporate Affairs, companies must now record their crypto trading/investments within the financial year. In cases where a person receiving the gains is an Indian tax resident, or the cryptocurrency is regarded as domiciled in India, cryptocurrency transactions have been taxable in India
Is Pi Cryptocurrency Safe?
Pi Network captured the crypto community’s interest even before it officially debuted. Its innovative mobile mining approach and user-friendly design simplify crypto adoption for a broader audience. Some users see this as a chance to get engaged in the crypto from the beginning and profit in the future, similar to how early Bitcoin adopters made huge profits by mining and keeping the coin. Other users have compared Pi to a worthless multi-level marketing (MLM) scheme.
How To Invest In Cryptocurrency?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.
Is Cryptocurrency Banned In India?
No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.
Which Cryptocurrency Is Best To Invest In 2021?
Many altcoins are flourishing to invest in. Some cryptocurrencies with great potential are Ether, Ripple, Tron, and more. Investors are trying to diversify their portfolios and are flocking to the leading cryptocurrencies. Many growing businesses are already accepting cryptocurrency as acceptable payment methods.
How Cryptocurrency Works?
Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.
Is Ethereum Safe To Invest?
The Bitcoin market is unquestionably more volatile than the stock market. This may not be the market for you if you are incredibly risk-averse. Ethereum, on the other hand, may be a terrific investment for you if you're a diamond-handed investor who won't lose sight of short-term losses. Ethereum is a relatively safe investment as it is also based on blockchain.
What Is Crypto?
Crypto or a cryptocurrency is a digital currency protected by cryptography, making counterfeiting and double-spending nearly impossible. Blockchain technology is used to produce cryptocurrencies (a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a government does not issue them. The word "cryptocurrency" refers to the encryption methods employed to keep digital currencies and the network secure.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
