SubQuery — Telegram AMA — June 20
On Monday, June 20, we had the pleasure to welcome to our Telegram chat:
James Bayly, Head of Business
We asked him questions about the development of SubQuery.
Some sentences have been slightly edited for readability but the meaning has been conserved.
Q — Ayeley from GAINS: Please tell us about yourself. And about your crypto journey. How did you end up with SubQuery?
A — James from SubQuery: Hey everyone, I’m the Head of Business Development at SubQuery. Firstly some background about myself, I started as a developer many years ago. But I was a terrible developer so moved on quickly!
Since then, been working in all roles like product management, development, and now business development. I’ve been involved in blockchain since 2018, but this is actually my first full-time job at a blockchain company. However, the rules you learn at other fast-growing startups still translate well! The last two years of my life in blockchain have gone by so fast!. I was lucky enough to meet Sam (founder and CEO) two years ago, and the rest is history
Q — Ayeley from GAINS: Tell us about the project. What is Subquery about in a few simple sentences?
A — James from SubQuery: It’s all about data, Blockchain is an incredible technology with the potential of revolutionizing our industry in a trustless and more equitable way. But this new technology has some downsides.
Blockchains store data in a way that makes it terrible when you need to access and use that data — if we are going to build amazing applications we need a better way to unlock information stored on chains.
Imagine a book, with a small amount of text on each page, blockchains store data in a similar structure — you can only read and analyze one page at a time. Right now, app developers are forced to work this way with blockchain data. We can’t build the intuitive consumer-friendly applications of the future like this, we need a superior tool, we need a better solution — one that is fast, flexible, open, and universal.
SubQuery is fast. Our solution is fast to set up, fast to manage, and fast to index. We’re focusing on making SubQuery faster than other solutions with advanced indexing caches and precomputed indices saving developers time. SubQuery is flexible. SubQuery is a scaffold for building custom APIs. Developers can index, transform and query data tailored to their requirements making their lives easier.
SubQuery is open. Our open-source software development kit empowers developers to create and run their own SubQuery project or extend it to suit their own applications which provides a better user experience. SubQuery is universal. Engineered to work across all leading Layer 1 blockchains, developers now have a tool to search, sort, filter, and query any data for their app across multiple blockchains. A universal infrastructure stack bringing communities together.
There’s a reason why many of the biggest applications in Polkadot, Avalanche, Cosmos, and other networks use and rely on SubQuery to build better applications faster.
Q — Ayeley from GAINS: Do you have some numbers behind the project so far?
A — James from SubQuery: We have hundreds of customers in Polkadot, Avalanche, and Cosmos — you can see some of the biggest wallets, DEFI, scanners, NFT marketplaces, etc here
We recently completed season 2 of our test network
Season 2 of the SubQuery Frontier testnet had the following goal: scale the number of indexers to help us fix process issues, find more elusive bugs, and identify scalability concerns. We enlisted more than 80 node operators and also invited SubQuery’s ambassadors as Indexers to help us achieve this for a total of 156 registered Indexers.
Over five rounds of testing allowed us to reach a peak sustained load of 2,200 requests per second, which equates to almost 200 million requests each day! The 200 million requests per day figure are what our managed service was handing over a few months ago (it’s much more since then), so we are reassured that our network is capable of handling traffic numbers to become the largest decentralized data network in web3.
Q — Telegram user Antonio González: I understand that SubQuery will allow you to create the next generation of dApps faster, being incredibly easy and for that, you developed a tool, your Hero step-by-step course. So, would it be possible for you to tell us about this course and the possible benefits it would offer?
A — James from SubQuery: The Academy is designed to up-skill and empowers developers in the SubQuery ecosystem by providing them with modular education. Our first course in the Academy is the Hero Course. Within each module of the Hero Course, there are several 5 to 10-minute lessons that are delivered by a recorded video. The video content is accompanied by written tutorials, slides, workbooks, and links to the finished GitHub code repository.
The course is designed to get a developer from knowing nothing about SubQuery to becoming an expert in building a SubQuery data source for their new blockchain application.
Q — Ayeley from GAINS: What role will the token play in the Subquery ecosystem?
A — James from SubQuery: The SubQuery Token (SQT) is a utility token that powers the SubQuery Network, providing an incentive for participation, with three main uses. It acts as a medium of exchange, produces staking rewards, and is also a governance token.
Indexers host SubQuery Projects in their own infrastructure and are required to stake SQT in order to run a node and query service to index data and answer GraphQL requests.
Consumers of data, such as a wallet that needs information for account balances and transactions, will commit SQT in exchange for this data from Indexers and this SQT will be distributed among Indexers. Delegators, the third participant in our model after Consumers and Indexers, participate in the network by supporting their favorite Indexers.
They delegate their tokens to Indexers in order to earn staking rewards. Here, the token serves as a reward mechanism. SQT will also be used for on-chain governance related to the development and upgrades of the SubQuery Network. This will become increasingly important as the network transitions to a DAO
Q — Telegram user William: How much influence does the bear market have on the $SQT tokens? Should there be more Staking or Burning programs to increase Token Value, Liquidity & Stability?
A — James from SubQuery: THe bear market isn’t an issue for us, we build a developer tool that will be used by customers regardless of if it is bull or bear, Our customers are developers, and developers keep building regardless of the market, we’re one of the safest projects in this bear market
Q — Ayeley from GAINS: How secure is data on the SubQuery network?
A — James from SubQuery: We index data from blockchains, so that data is already public. We try to avoid managing private or sensitive data, so what that means is that we can make SubQuery as open and democratized as we can
You can go now to our explorer and view many projects including their data and their source code. The potential of SubQuery lies in its flexibility, and users’ ability to adapt and transform decentralized data to suit their needs. We are dedicated to Polkadot/Substrate and our goal is to process and serve data from all Polkadot parachains
In a way, we don’t even know what kind of data our service enables — we can’t wait to see what our community comes up with. That being said, Audits are very important
Taking a sophisticated code-base that is servicing millions of API queries across dozens of leading projects in Polkadot and migrating that to a completely new environment in real-time, while keeping it secure, is no small feat! Hacken is currently conducting a thorough code audit to confirm that the network’s code is secure and scalable.
Q — Telegram user Anitax: I read that SubQuery currently services Polkadot, Substrate, and Avalanche projects. But, interoperability is fundamental to any protocol or platform being developed on Web3, so would it be possible that their amazing tools could offer them on BSC or ETH for example?
A — James from SubQuery: The core premise of Polkadot is to create a thriving community of developers, users, and businesses that will tap into its multichain interoperability. We stand by the idea that a community of blockchains, working together to encourage web3 adoption, is the future and we also believe Polkadot will be a leading player in that initiative.
But we believe in a multi-chain future, We know that there are going to be many different blockchains working together to solve different problems. Our long-term plan is to take SubQuery and to adapt it to work for other blockchains that don’t have a current indexing solution
So inevitably, we want to support all networks. Including BSC and ETH. And one more
Q — Ayeley from GAINS: Have you raised funds so far? How are the funds going to be deployed? And are you planning to do any future raises?
A — James from SubQuery: We’ve raised two rounds so far with a total of over $ 10 million.
Our latest round included support from Arrington, DCG, Hypersphere, D1, Wintermute, etc. We are just finishing off our testnet though so now is your chance to get involved in our public sale!
We have just launched our Foundation and soon we’re going to kick off the biggest public sale of this winter. If you want to ensure that you secure your place, make sure that you join our community Discord and keep an eye out for announcements very soon!
Q — Telegram user Aulgvrl 🐨: SubQuery is known as “Graph on Polkadot”. So what are the similarities and differences between SubQuery and The Graph? Will your platform have a significant impact in dealing with blockchain technology?
A — James from SubQuery: Correct, some compare us to the Graph, We focus on non-eth networks like now, but we are also doing slightly different tokenomics to the Graph. We also work on providing better support and more performance than the Graph, we do this by pre-calculating where everything is on-chain.
That being said, there is plenty of space for multiple data service providers in web3. It’s a huge industry, and every other project in the space will likely end up being our customer. Thanks for your time today everyone, I really enjoyed talking to you all.
Q — Ayeley from GAINS: How far along are you with your roadmap and what should we expect in the next weeks and months?
A — James from SubQuery: We expect the third and final season of the SubQuery testnet will launch soon, perhaps as early as next week — this is your final chance to earn rewards and put yourself in the best position to get selected to help us be a genesis indexer/validator when our network launches
Soon after we are going to kick off the public sale of our token, it’s going to be huge’ The we can launch our token and roll on adding more and more features
Q — Ayeley from GAINS: Will you have a parachain slot auction?
A — James from SubQuery: We plan to launch the SubQuery Network on an existing Parachain, the Acala network. This allows us to get to market much faster than running our own network, we can also work closely with Acala to scale networks and solve any infrastructure issues.
In the long term, we would like to migrate to our own parachain, but that’s an idea much future away. We work with a lot of parachains and trust me, it’s a lot of work to fundraise, organize, and execute a parachain slot auction!
James, thanks for coming into our community, and taking the time to answer our questions about SubQuery. — Ayeley Commodore-Mensah from GAINS
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