Why does the ecosystem need SubQuery?

SubQuery is opening up the world of accessible and fast data on Polkadot.

The Polkadot network has been experiencing a huge growth of activity these days, the second batch of parachain auctions started at the beginning of the month and five more parachains will be connected to the Kusama relay-chain next month. In line with the growth of the ecosystem and securing new parachains, there is also a demand on infrastructure tools and projects which would facilitate and increase efficiency of these parachains.

One of these projects is SubQuery, its main objective is to make blockchain data more accessible. If we imagine blockchain as a big registry book with a chain of sequentially connected blocks with information and if we want to get a certain information we need to check all blocks for this information. That is going to be a very time-consuming process, the same as looking through the all book pages in order to find a certain section. Blockchain explorers solve this problem, this is a useful tool for searching information. But the main problem is that each and every one project has to create its own explorer, instead of focusing on the product. For building more complex and intuitive applications, developers need more powerful tools for processing data and queries. SubQuery offers developers to focus more on the development of applications and solutions for them. SubQuery’s believes that developers of applications will change the future while SubQuery will be engaged in maintenance of the exponentially growing infrastructure.

More and more developers are paying attention to the Polkadot network and the native Substrate framework. Substrate is piloting the idea of building custom blockchains using modular systems. Developers don’t need to build basic features from scratch, they can use ready-for-service modules out of the box and use their valuable resources for working with specific areas and narrowly tailored features. This is also the philosophy underlying the SubQuery network. It offers three main components for building data infrastructure.

VIDEO: Why does the ecosystem need SubQuery?

SubQuery SDK — it’s an open-source software development kit. It allows users to build their own projects on SubQuery, defining the key functions for data indexing and data aggregation. The SubQuery team is actively adding new features to SDK, so that network participants can build their infrastructure projects more efficiently.

Regarding the

SubQuery Projects — it’s an online application where users can publish their own SubQuery projects. These projects are hosted for free and will be deployed to SubQuery’s highly performance nodes.

SubQuery Explorer — it’s online service which is managed to provide access to public SubQuery projects. Users can test different queries from their browses using all accessible instruments. It allows developers to share experience and find the necessary information on blockchain very fast. For example, you can watch the list of wallets, sort it by amount of tokens, check the governance decisions and many other aspects.

What are SubQuery roles?

On the SubQuery network all data is being processed by three roles of participants.

Consumers — make requests to the SubQuery network for required data and pay a certain amount of SQT tokens.

Indexers — Indexers host their own SubQuery projects on their hardware, running both the node and query service to index data and answer GraphQL requests.

Delegators — participate in the working process of the network, supporting their chosen Indexers in order to earn rewards in SQT tokens.

Marketplace for data Purchase Order Contracts?

All three roles are related to Purchase Order Contracts. We can think of Purchase Order Contracts as a marketplace where Consumers — “Buyers” and Indexers — “Sellers” can meet each other to agree on the work. In order to provide their offer, Indexers has to incur high up-front costs by setting up its own hardware and indexing the whole blockchain. SubQuery has plans to implement a market mechanism to signal what SubQuery projects are needed to guarantee revenues for Indexers of new SubQuery projects.

Consumers of SubQuery data can place Purchase Order Contracts for the particular SubQuery project. Each order includes, price per request in SQT tokens, number of requests and lifetime of the order. This Purchase Order Contract goes on-chain and Consumer deposits a certain amount of tokens, if contract terms are unprofitable or unreasonable for Indexers, it will be unfulfilled, deposited tokens will be returned to Consumer (minus small portion which shall be burned).

In the first place, the SQT token will be used for powering the network, providing incentives and motivation for all network users, it’s a value-sharing tool as well as a medium of exchange for transactions within the SubQuery network.

For Consumers — the SQT token is the main form of payment for provided service by Indexers.

For Indexers — the SQT token is a reward and economic benefit for providing data services as they need to have their own hardware, set it up correctly and launch SubQuery services. After that, they have an opportunity to choose which project they would like to support.

For Delegators — the SQT token is a way for them to participate in SubQuery data processing services earning additional income by participating in Indexer Staking. Indexers publish information about the rate of revenues and fees for a particular SubQuery project thus Delegators choose the SubQuery project that fits them most and receive rewards for Indexer Staking.

What are the use-cases of the SubQuery network?

The use-cases are endless, any DeFi application, wallets, NFTs, NFT metaverse and NFT games, cross-chain bridges, analytics platform and many others.

Indexing and transforming data is the primary function of SubQuery. It allows people to create SubQuery projects that will specify the exact data they need for indexing and how it will be presented to users. SubQuery already works with huge amount of projects within the Polkadot ecosystem such as Acala, Bifrost, Fearless wallet, Koda-DOT, Darwinia, Moonbeam, Astar, HydraDX, Parallel Finance, Soramitsu, Bit.Country and more partnerships are coming!

What do we know about the team?

The project team consists of Onfinality team members. It is a company that plays a tremendous role in the building and maintenance of the Polkadot network infrastructure. The company has been in the blockchain industry for many years, realizing how development of dApps and blockchains can be time-consuming and inefficient, thus they decided to optimize this process and create efficient tools and infrastructure for development. SubQuery is headquartered in New Zealand, and the team is significantly close to another ecosystem’s project which is Acala! Close collaborations allows both SubQuery and Acala to create the best solutions for the entire ecosystem. The potential of SubQuery is limitless, the value to the entire ecosystem can not be overestimated. With the constant growth of the ecosystem, the team has more and more tasks and now they are looking for developers who can build and maintain the infrastructure for the rapidly growing Polkadot and Kusama ecosystems. Choose your role in the SubQuery ecosystem and join the team now!

Learn more about SubQuery

Website | Telegram | Twitter | GitHub

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