The Graph has announced the introduction of a new data standard, GRC-20, to enhance interoperability between decentralized applications within the Web3 ecosystem.
New Web3 Standard GRC-20
On November 30, The Graph announced a new data standard for Web3, GRC-20, which will facilitate interoperability between dApps. This standard will replace the Resource Description Framework (RDF) that has been used by the World Wide Web Consortium so far, as it does not meet the technical requirements of Web3. GRC-20 was created to improve structuring, sharing, and interlinking of information, also aiming to establish a universal data language for Web3.
Impact on Decentralized App Development
Founded in 2018, The Graph has grown to become a significant project in the Web3 ecosystem. Its mainnet launched in December 2020, providing a decentralized network of APIs or 'subgraphs,' powering the creation of dApps and smart contracts. The platform claims it can reduce dApp development time from months to days. Having indexed more than 70 blockchains, The Graph continues to be a vital infrastructure provider in the decentralized ecosystem.
Advantages of GRC-20
The GRC-20 standard will make creating and consuming interoperable data between various applications on Web3 easier. By conforming to standards of data, information, and knowledge, GRC-20 aims to turn the vision of an open, verifiable Web3 into reality. The new standard will allow developers and users to use decentralized technologies more effectively, simplifying interaction between applications and users.
The emergence of the GRC-20 standard is a significant step in the evolution of Web3, providing developers and users with tools for more efficient use of decentralized technologies.
