Author: SubQuery
There is no doubt that data is the oil of the new era.
If we can look at the Web3.0 construction wave from a God's perspective, it is not difficult to find that Web3.0 can be simply described as: every individual with a certified identity in the Web3.0 system generates a huge database in the behavioral interactions of food, clothing, housing, transportation, spirituality and entertainment. By classifying, screening, analyzing and processing the database, a better solution for value judgment, value service and value distribution can be achieved.
This is one of the important reasons why blockchain can be called the "Internet of Value" and the "cornerstone of Web 3.0": as a distributed ledger technology, the blockchain data chain is open, transparent and cannot be tampered with, and all applications can read and write data.
However, reading, writing and analyzing on-chain data is not an easy task: on the one hand, indexing and extracting data requires a certain hardware foundation and technical strength; on the other hand, with the expansion of the public chain ecosystem and the development of multiple chains, on-chain data has become more complex and intertwined, which puts higher demands on data processing, integration, analysis and processing capabilities.
Based on this, the data service track has flourished and has been further subdivided into different modules such as data indexing, API services, and customized data analysis. Among them, the data service provider SubQuery has developed into a leading data service project in Web 3.0 with its high-performance, high-efficiency, low-cost, and fully decentralized data aggregation and organization services.
With the advancement of multi-chain development and the new design of the main network, SubQuery is also becoming an infrastructure pillar project in the wave of Web 3.0 construction.
Introduction to SubQuery core components
SubQuery believes that multi-chain expansion is one of the future development trends of blockchain. With the rise of more and more Layer-1 networks, the large-scale expansion of ecological developers and users, and the further enrichment of on-chain data, the challenges of querying and analyzing these data are growing exponentially. Therefore, we need a unique, flexible and open source platform to lower the threshold for data query and analysis and further release the value of data.
SubQuery is a decentralized data aggregation, indexing and query layer that runs between the Layer-1 network and dApps. It provides developers and users with blockchain development toolkits, complete APIs, open source indexers and other services. It can organize and query on-chain data, and provide more logically clear, concise and easy-to-understand analytical data through GraphQL, helping developers focus on deploying the core of the product without wasting energy on custom backend technology.
In less than three years, SubQuery has grown into one of the highest performing and most successful open source decentralized indexers in the Web3.0 space. Currently, SubQuery's indexing support covers nearly 120 chains and has become a well-known brand, providing indexing solutions for large projects and some of the fastest growing applications on cross-chain.
SubQuery has the following core components:
SubQuery’s SDK
SubQuery Hosting Service
SubQuery Decentralized Network
SubQuery’s SDK is the first product launched by the SubQuery team in February 2021. This set of on-chain development tools can help developers query, organize and structure data. The SDK is not only open source, but also allows users to generate their own SubQuery projects. In addition, SubQuery also provides the community with help documents, walkthrough guides, etc. to further lower the threshold. Next, SubQuery achieved the pursuit of higher performance by launching version 2.0 of the SDK, which brought a huge improvement in indexing speed, including multi-threading, indexing data from multiple RPC endpoints, automatic RPC API batch size, etc. With the continuous improvement and improvement of performance, SubQuery's indexing speed on most networks has increased by 2 times.
In addition to real-time indexing, testing frameworks, and error logs, this year SubQuery also added real-time indexing of unfinished data blocks. With the release of SDK version 3.0, SubQuery made significant changes to the manifest file definition, enabling it to provide developers with more control over how the project runs, further facilitating developers to more flexibly index the on-chain data they need.
SubQuery project is an online hosting service. Anyone can publish their own SubQuery project and host it for free. After logging in, creators can share your SubQuery project with the world in just a few minutes. In terms of performance and security, the experienced SubQuery team will deploy the SubQuery project to high-performance nodes on behalf of the creator. In this way, the creator can avoid tedious deployment operations and get an excellent user experience. On December 1, SubQuery released a new service billing standard to proactively provide developers with more favorable hosting services.
The standard base deployment cost was previously $0.25 per hour and is now reduced by 20% to $0.20 per hour. And, multi-chain deployment pricing has been updated for the 120 supported chains, with each additional network costing $0.12 per hour. This makes multi-chain indexing significantly cheaper than indexing each network separately, and also includes all the benefits associated with multi-chain indexing, including merged datasets and a single GraphQL endpoint.
The SubQuery network is committed to building a multi-chain development, decentralized, transparent and high-performance network to better solve the problem of data redundancy and provide users with simple, efficient and clearly predictable decentralized data services for investment returns.
As SubQuery continues to expand towards multi-chain support and decentralization, the SubQuery network will soon be launched.
Introduction to the basic operation mechanism of SubQuery network
In the SubQuery network, there are three main network participants:
"Consumer": will initiate a request to query specific data to the SubQuery network and pay a certain number of SQT tokens.
"Indexer": Need to stake SQT tokens and add SubQuery projects to the infrastructure they have built, index data and answer GraphQL demand instructions by running nodes and query services, and obtain SQT tokens paid by "consumers" as query rewards.
Delegators: Earn a portion of the Indexer’s SQT token query rewards by delegating SQT tokens to their favorite Indexer.
In this process, the SQT tokens paid by the "consumer" will be distributed through the Cobb-Douglas production function as a source of rewards for the "indexer" and "delegator". The specific amount of "delegator" will receive is determined by the "indexer" himself, but the higher the distribution ratio, the more "delegators" can be attracted. When the "delegator" finds that the reward distribution provided by the "indexer" does not meet expectations, he can freely withdraw the delegation at the cost of losing the reward for that delegation cycle.
As the basis of network operation, the number of requests answered by the Indexer and the amount of staked will directly affect the final income level, which will also trigger healthy competition among the Indexers. Rational Indexers will maintain a high level of SQT stake to obtain more income. Therefore, even if the network does not require a stake, the Indexer will still actively manage itself to maximize profits.
SubQuery's new breakthrough in network operation - introducing decentralized RPC
SubQuery Network has discovered the next breakthrough in decentralized data infrastructure. SubQuery Network was originally designed as a decentralized data indexing network to solve broader decentralized infrastructure challenges in web3.0, starting with decentralization and super RPC. Today, SubQuery's mission has been greatly expanded, and the opportunities are even greater. Today is the dawn of a new era for Web3.0.
SubQuery's mission has always been to innovate Web3.0 infrastructure and enable builders to realize a decentralized future. By pioneering fast, flexible, and scalable decentralized infrastructure, SubQuery aims to drive the transition of Web3.0 to an open, efficient, and user-centric future.
Today, SubQuery already has a decentralized data indexer that serves developers on its pioneering network. But over the years, the SubQuery team has discovered that Web3.0 has a dirty little secret - leading dApps are still completely dependent on centralized data sources and RPC services, which are expensive to run and controlled by institutions. This shocking fact has led SubQuery to start the next phase of work, dedicated to the decentralized future.
On this path, SubQuery will first decentralize data indexers and RPC providers into a permissionless network of thousands of node providers, simplifying the data layer for a wide range of applications and use cases.
RPC is the primary interface of blockchains and the foundation of all Web3.0 infrastructure. SubQuery Network will provide payment rails, service verification, and dispute resolution frameworks to promote the decentralization of these key infrastructure components. The second phase is mainly about enhancing RPC and implementing SubQuery Data Node, a heavily optimized RPC endpoint designed to prioritize performance and query scalability. Finally, SubQuery will strive to democratize RPC by providing Sharded Data Node, and solve EIP-4444 in the process, making it possible for everyone to run and operate RPC at a lower cost.
The resulting open marketplace will bring three benefits to data infrastructure service providers and their consumers. It will keep barriers to entry low, allowing any node operator to join and become a provider of any service on any network. It will automatically incentivize performance and cost, rewarding node operators for requests based on these metrics, thereby driving these values throughout the network. Since node operators can freely join new chains and projects, gaining first-mover advantage - continuously expanding the network, this will democratize services across the entire Web3.0 ecosystem.
SubQuery believes that this approach can solve scalability issues associated with historical data, ensuring data integrity across the network while improving the cost efficiency of queries and contract calls. This innovation has the potential to promote the expansion of Ethereum, Layer-2 protocols, and other protocols, promoting greater democratization and decentralization of Web3.0.
While SubQuery is currently leading the way in providing aggregated and organized data for large Web3.0 dApps, the potential of the SubQuery network goes far beyond its initial scope. SubQuery will release more details in the near future on how they will achieve this goal and how Web3.0 practitioners should join their journey. SubQuery's mission has greatly expanded, the opportunities are even broader, and today we see the dawn of a new era of Web3.0. This is a revolution that transitions from simple Web3.0 data indexing to comprehensive Web3.0 infrastructure.
Conclusion
If you have the ability to analyze on-chain data, this will be a powerful skill for the next decade.
This sentence seems to have become a consensus in the entire blockchain industry. On-chain data is like the "barometer" of the encrypted world. On-chain data services with simple operation, low participation threshold, high flexibility, and high multi-chain adaptability can help us turn off the "filter" of the encrypted world, walk into the encrypted world more realistically, and make more accurate judgments. This is exactly what SubQuery is doing.
What is even more commendable is that SubQuery has incorporated this series of factors into the SubQuery network token economic design, using an effective incentive model to further ensure low thresholds, low costs and benefits for all parties involved in the ecosystem.
SubQuery, which continues to expand and innovate, has transitioned its mainnet requirements from simple Web3.0 data indexing to comprehensive Web3.0 infrastructure, paving the way for true decentralization.
As the crypto market develops further, the demand for data will only increase. We expect SubQuery to grow into the first choice for data infrastructure in the wave of Web 3.0 construction, and as multi-chain advances, we expect SubQuery to serve more ecosystems and accelerate the realization of Web 3.0. We have been discussing what is true decentralization, and SubQuery is giving the answer with action.
