What’s the value of a project that closed a $1.8 million seed round alone?

One of the projects we’re bringing to you today is SubQuery, which recently gained notoriety for its $1.8 million investment. What exactly does it do? What exactly does it do and what does it bring to the table?


About SubQuery
SubQuery is built by the team at OnFinality, an infrastructure Iaas and SaaS platform for blockchain teams and users to launch nodes and access various blockchain protocols. subQuery now offers a symbiotic set of services, including API shared node services, and is connected to Polkadot / Substrate top tier teams.

Almost every blockchain needs to process and query data. Our project is inspired by the growth of data protocols serving the application layer and is here to help the thriving Polkadot community. subQuery aims to help the Polkadot / Substrate project build a better dApp by allowing anyone to find and use data in a faster and reliable way. Our service allows users to extract, transform, retain and query data, as well as connect and display data in the future.

Web3 Foundation Open Grants Program Deliverables
This is an open source project that allows users to run indexers throughout their chain to build datasets that can be queried using GraphQL.

The tool suite includes @ subql / cli to allow projects to generate their own SubQuery projects to define how the indexer should traverse and aggregate its own network. As part of the proposal, SubQuery provides a basic tutorial that shows users how to use cli to build indexes for their networks, which they can follow here. We even provide more detailed developer documentation for more advanced usage.

Second, there is a SubQuery node package that loads a defined SubQuery project created by the CLI and then indexes the network into a Postgres database. Using Hasura, users can immediately run GraphQL queries on indexed tables. With these tools and our ever-improving community support materials, anyone can easily create and run queries.

Users can follow the examples on the SubQuery Github repository to get started right away. Alternatively, you can find out more by reading the SubQuery documentation or visiting our new website.

So what’s next?
We will focus on building a hosted service based on this product to improve performance and scalability. We will provide a trusted public infrastructure that will build robust production SubQuery nodes from uploaded SubQuery projects. The service will then index and maintain on-chain state, and provide production GraphQL endpoints that can replace self-hosted implementations. We will focus on this so that everyone else can focus on building and growing their dApps.

So why now?
We saw the potential of Polkadot from the beginning and it was only natural to focus our efforts there. the core premise of Polkadot is to create a thriving community of developers, users and enterprises that will take advantage of its multi-chain interoperability – a service that the community will need to enable them to be able to find and use data quickly and reliably.

Polkadot’s unique architecture means that we can focus on one network and then be able to easily support multiple current and future chains. Even though Polkadot is still in development, we will be ready to help the next generation of blockchain developers create the next generation of large dApps.


What is t3rn?
t3rn was created to provide a new approach to the problem of blockchain interoperability (the ability of blockchains to communicate and interact with each other). t3rn project’s ultimate goal is to enable trustless collaboration between blockchains and use this synergy to create an ecosystem in which anyone can leverage and deploy interoperable smart contracts, and in which developers’ contributions will be duly rewarded.

t3rn is a hosted platform for smart contracts, enabling execution across multiple independent blockchains.

The t3rn product has three key features.


Fail-safe execution


Developed under the auspices of the groundbreaking Web3 Foundation, t3rn is designed to be a key pillar of the burgeoning Polkadot ecosystem, making fully trustless collaboration between blockchains a reality and helping to mature the technology as a whole.

Smart Contract Interoperability
The challenge of interoperable smart contracts is to synchronize two separate blockchains while execution between the two can be absolutely guaranteed. Since the execution of smart contracts is immutable (once it happens, it cannot be changed), it is impossible for a smart contract to execute successfully on one blockchain and fail on the other, making seamless interoperability a nontrivial task. This is the challenge t3rn needs to address, and the core value of the protocol is the proposition: fail-safe, interoperable smart contract execution.

First and foremost, users can rest assured that any funds transferred through a t3rn smart contract are safe because transactions on t3rn are always insured for double the value transferred. In addition, t3rn is specifically designed to ensure the successful execution of smart contracts on the blockchain. And this is possible because smart contracts executed on t3rn will be broken down into combinable individual steps (execution, revert and commit) that will be uploaded and hosted in t3rn’s unique Circuit solution; smart contract data is separated from the smart contract and decentralized between execution steps. This is a key aspect to ensure successful execution, because due to this separation, transactions can be reverted until the final “commit” signal is provided by the two blockchains involved. Thus, if a transaction fails on one blockchain, it can be reverted on the other block.

It is this aspect of composability (breaking the process into composable components) that allows t3rn to facilitate interoperability between blockchains. However, this is by no means the only novel feature that composability offers to t3rn users.

Composability Description
Composability is the ability of parts of a system to interact with each other in multiple ways, resulting in completely different but viable systems. The quality of “composability” means that the parts of the system can interact with each other to create something completely different. This is a key feature of how t3rn operates after the execution of a smart contract.

As mentioned above, t3rn’s smart contracts are separated from its data and hosted separately to facilitate blockchain agnostic execution. Once executed, the individual parts of a smart contract are permanently stored in the t3rn registry for anyone who wishes to use them. this aspect of t3rn allows the protocol to fully democratize the use of interoperable smart contracts and mitigate the difficulties associated with them; contracts can also be submitted to the registry administration without prior execution to protect the t3rn community. By using the t3rn repository, any developer, regardless of their experience with smart contracts, can deploy interoperable, blockchain-independent smart contracts. Developers can also choose to leverage every part of a smart contract, or just any combinable part they need.

Developers who add smart contracts to the t3rn repository can allow others to use their contributions for free, or can choose to use native TRN tokens paid for by the code as payment. And an early contributor fund has been created to reward the first developers who contribute to the t3rn repository.

The ultimate goal is to create an ecosystem that fosters collaboration, both on the blockchain and among individual developers who have the opportunity to do business in a thriving marketplace where they can choose to make smart contracts available to users for free, while others can choose to be paid on a pay-per-use basis; the more they deploy smart contracts, the more money they earn.

t3rn and Polkadot
The Web3 Foundation is the pioneering organization that will enable the global transition to “web 3.0”, the open, fair, trustless and unlicensed version of the Internet as we know it today. t3rn will be a means of exploring the Polkadot parallel chain as a means of ensuring its stability and security.

The Web3 Foundation’s guiding principle is to support projects that bring value to the Polkadot ecosystem. To this end, the Web3 Foundation has awarded a grant to t3rn to demonstrate t3rn’s unique approach to solving the blockchain agnostic smart contract execution problem as a means of bridging the gap between blockchain application platforms. web3 Foundation grants are released by milestone, meaning that all aspects of the three proposals and protocols for feasibility, with the final proof of concept to be delivered to the Web3 Foundation in December 2020.

As such, t3rn is not a whimsical concept or vaporware, but a rigorously vetted solution that has been proven to deliver interoperable smart contracts to the t3rn community, Polkadot products and as a blockchain space for the benefit of the Polkadot ecosystem.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/whats-the-value-of-a-project-that-closed-a-1-8-million-seed-round-alone/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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