Introduction: What is the GRT token?
The GRT token is a cryptocurrency that is built on the two platforms of Ethereum and Waves. The most common use case for this token is a startup’s equity, but it can also be used as a loyalty point or for purchases made in the grt ecosystem.
In order to make sure that the token gains enough popularity, the company has introduced the GRT coin with all sorts of incentives for people who use it in their daily lives.
The GRT token is a digital asset that is designed to be used as a universal payment method. It is the default currency for all transactions, including distributing content and receiving rewards.
The GRT token will be used in all transactions and all rewards for content generation and curation on the platform. The guaranteed guaranteed total supply of this digital asset will be 100 billion tokens. The current price of 1 GRT token is $1.04 USD
The GRT is a utility token that will be used as the currency for all transactions on the Genesis platform. There are two main use cases for the token:
-it will be used as a payment instrument, so customers can purchase products from Genesis,
-or it can be stored in a personal wallet and exchanged to fiat currencies.
How and Where to Buy (GRT) The Graph
One of the most important considerations for making a purchase is the exchange it’s being purchased on. Binance is one of the most popular exchanges for cryptocurrency.
The Binance Exchange is the world’s fastest growing cryptocurrency exchange. It is known for its low trading fees (0.1% buy, 0.2% sell) and its fast transaction processing speeds. It also offers many different crypto-to-crypto trading pairs such as BTC/ETH, BTC/BNB, ETH/BNB, EOS/BTC, TRX/ETH. In this guide we will be looking at GRT/ETH
This article will be exploring how to buy your first GRT token.
The first thing you need to do is create an account on Binance if you don’t already have one.
– The user must create an account on Binance.com
– They will then need to deposit Bitcoin or Ethereum into their account
– After this step, they should set up 2FA security to protect their account from hackers and other potential threats.
– Next, the user should use the “Exchange” menu option on Binance to find GRT/BTC trading pair and click “Buy GRT token” button next to that trading pair.
You will then be prompted to enter your email address and create a password for yourself.
After you have done this, go ahead and hit “create account” at the bottom of the page. It should take less than 5 minutes for your account to be created successfully. For security reasons, it is better not to save your log-in information on any other device or share it with anyone else for now until you are comfortable with Binances level of security.
Buy BTC from Binance with your card
If you want to buy Bitcoin, but don’t want to deal with the hassle of setting up a bitcoin wallet, then I have good news for you. You can buy bitcoin from Binance directly from your card.
Buying Bitcoin with your credit card is as straightforward as it may seem. There are two common approaches that people take to purchase Bitcoin. One is using your debit card the other is with a bank transfer.
Use the Exchange to trade BTC for GRT
If your goal is to invest in GRT tokens, you will first need to find a trading pair for GRT. The most popular and liquid trading pair is the GRT/BTC trading pair.
Click on the exchange and then basic, then type GRT in the box, you will see the pairs appear.
Then just click on it and you will be able to buy it.
Now all you need to do is choose the amount you want to spend of your purchased BTC for the GRT, as simple as that!
Why should I buy GRT?
There are literally no solid competitors. The ones who are potential competitors (Covalent, Parsiq) do not currently have a working product, they do not have the speed, these two do not have the users, and importantly, do not have the depth of developers. Everyone who is relevant in the space is already using The Graph, it doesn’t make sense why someone would switch.
The Graph may not be the next facebook or bitcoin, but the decentralized finance industry appears to be in a similar stage to where the Internet startup industry was just a decade ago. The graph is building its own version of web 3.0, which will allow users to store their data on their own personal graph servers while the system still ensures security and interoperability.
The GRT token has a total supply of 100 million tokens. And the GRT token will be used for transactions within the ecosystem. Only those who are invested in GRT tokens will have access to premium features within the product.
There are many reasons why someone would want to invest in The Graph’s GRT token, but there are also risks associated with it as well. Investors should take into consideration these risks before they decide if this investment opportunity is right for them or not.
That said before The Graph (GRT) existed, any developers who needed to create decentralized apps had to index all of Ethereum’s data manually, which would be very time consuming.
The Graph indexes the previously unorganized blockchain data and makes it organized and easier for developers to create applications with.
At the moment everytime a user is using a dApp (eg, Uniswap) to trade or view data, the dApp has to query The Graph for data.
The Graph recently received up to 800 million daily queries in May 2021, with 20% growth monthly growth rate since launch in 2020, which is very strong indication of its use.
Uniswap, Aave, Compound, USDC, Synthetix, Sushiswap, Yearn, Curve, these companies all use GRT and many more we have not mentioned
They all rely upon The Graph.
dApps were getting this data for free in the past, but when they will migrate their subgraphs to the mainnet they will be charged microfees per query.
Money from fees
These query fees will be paid out amongst indexers (those who actually organize the data into subgraphs) and curators/delegators (those who stake/participants in the network). We are talking roughly $0.0001 or $0.00001 per query, so hundreds of millions of monthly capital flowing through The Graph and its participants.
As we speak, there are 10-15 layer 1 huge blockchain networks (Ethereum, Avalanche, Solana, Polygon, and others) and hundreds of popular dApps using The Graph. Several, like the popular Solana, asked The Graph to index their chain – they ask GRT for to do this for them
In the future, there will be thousands of blockchain networks indexed by The Graph, millions of dApps/subgraphs, and trillions of daily queries. Imagine everyone using their phone to transact, refresh, and interact with media/applications that require data from The Graph. All of the these rely on GRT and what more can be said! its not going anywhere and as the cryptocurrency space increases in size so will GRTs usage, and the demand for it.
Final thoughts, and quick conclusion on GRT
The Graph is like a combination of decentralized versions of Google, banking, all of social media, all other service providers and other industries, all in one.
With that all done, check it out on Binance