What is happening?
SubQuery has added support for the Cosmos ecosystem, beginning with providing data indexing support for Juno through its next generation of multi-chain indexing protocol, which allows for querying blockchain networks through open APIs to make data easily accessible. The SubQuery is a blockchain developer toolkit that allows sorting and indexing of data for web3 blockchain layer 1 and layer 2 applications through a custom open-source API. The quick, versatile, and open indexing mechanism used throughout the Polkadot and Avalanche ecosystems will be available in beta to CosmWasm developers through SubQuery.
The SubQuery toolkit includes the SubQuery ecosystem's open-source SDK, tools, documentation, and developer support, which allows for the facilitation of an open web3 data revolution by accessing blockchain data through an open-source indexer, which allows for organizing, sorting and serving well-structured data over GraphQL. One of the perks for SubQuery developers includes qualifying for SubQuery's Grants Program participation programs and SubQuery's managed services, which offer infrastructure hosting and processing with up to 400 million requests per day.
“SubQuery is a fundamental piece of web3 infrastructure and we are delighted to support the explosive growth occurring in Cosmos and its native layers. We can’t wait to see how teams in the Juno ecosystem leverage SubQuery’s leading-edge indexing technology to build fast and feature-rich dApps.”
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Blockchain data being indexed is a must to unlock the real value of Web 3 Data…..
What is SubQuery?
SubQuery is a blockchain developer toolkit that makes it easier to build upcoming Web3 apps. A SubQuery design is a comprehensive API for organizing and querying Layer-1 data. This data-as-a-service, which supports the Polkadot, Substrate, Avalanche, Terra, and Cosmos (beginning with Juno) projects, lets programmers concentrate on their primary use case and front-end rather than spending time constructing a specialized backend for information processor tasks. The SubQuery Network plans to recreate this robust and dependable solution in a decentralized way in the future.
Why Should You Care About SubQuery Indexing Technology?
Programmers designing apps on several layer-1 blockchains use SubQuery's decentralized data crawling and indexing technology to make better decisions on upcoming trends, transactions, volumes and market activities to name a few. For example, understanding the transaction and volume growth on decentralized exchanges on Polkadot by querying on-chain data. SubQuery's tools are designed for multi-chain applications and are used to organize, store, and query on-chain data. Developers can concentrate on product development and user experience owing to SubQuery, which removes the requirement for bespoke servers for data processing.
Indexing chains via SubQuery with the use of dictionaries is made possible by an open data indexing technology that is both nimble and adaptable through pre-computed indices. The data is managed and stored at the SubQuery network which is a blockchain-based decentralized network that allows for the storage of such data points without any single point of failure. Moonbeam and Acala, two of Polkadot's most popular projects, use SubQuery to index their data, delivering millions of searches per day. SubQuery has added the Cosmos ecosystem to its applications which shall allow Cosmos-based applications and blockchains to leverage the protocol to sort and structure web3 data for future technological and commercial exploitation which allows for the development of web3 applications which are based on rich data resources and trends making them more useful to the ecosystem as such applications may target the right audience and use case based on big data as - Data does not lie!
Understanding the Impact of Big Data on Blockchain and Web3
A recent industry analysis estimates that by 2030, the distributed ledger-based companies would be valued at up to 20% of the overall big data market and generate $100 billion annually. This would be more than MasterCard, Visa, and PayPal make in a year combined. To unlock the real potential of blockchain and web3 applications it is critical to have protocols in place which allows for the storage, organizing and usage of such data points as data in the blockchain is fragmented in nature and requires hours of coding in order for such data to be organized in order to be used to make business decisions.
There is a shift toward adopting big data analytics by companies that utilize blockchain technology for money laundering risks by using big data to analyse transaction flows and behaviours on layer one blockchain. For example, data intelligence solutions are emerging to help governments, businesses, and financial institutions identify who they are engaging with on the blockchain and uncover otherwise concealed trends and risks associated with any such activities.
When using Blockchain, real-time analytics is possible due to the open-source architecture of public blockchains. Most banks want to see and prevent real-time fraud through detection using tools that leverage big data. For example, as every activity in a company's database engaged in the business of virtual assets records transactions related to the swapping of digital assets on the blockchain, it gives AML tools that use AI and big data the ability to search for trends and risks in real time.
So far, it seems that the advantages and outputs of Blockchain technology can be favourably integrated across sectors such as compliance, logistics, finance, etc. For blockchain to work, it will need a more advanced database, potentially one with query knowledge such as SubQuery and others which allows for easy integration to layer one and layer two applications in order to understand and leverage such data points existing in the blockchain ecosystem to make better decisions.
Final Thoughts on SubQuery’s Developers Tool Expansion to Cosmos
I believe, that indexing and query tools make it easy to retrieve and process data from the blockchain as blockchain data can be very fragmented in nature. Consolidation and structurisation of layer 1 data and decentralized applications allows for unlocking of web3 data that helps business and blockchain startups understand new trends, new growth opportunities, transactions and volume.
As we say, data is the new oil and unlocking data in the web3 ecosystem is the future for DeFi.
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Image credits: Lukas Blazek, Sajad Nori and Luca Bravo.