The Graph is introduced as a decentralized protocol for indexing and querying blockchain data, aiming to provide an interoperability layer for decentralized applications (dApps) and challenge centralized data monopolies. It outlines a peer-to-peer network with economic incentives, including the use of Graph Tokens, to support indexing, caching, and querying services. The protocol details its architecture, encompassing a consensus layer, P2P network, storage integration, query processing mechanisms, payment channels, governance, and marketplaces for queries and indexing. It supports GraphQL for querying and defines a data model consisting of schemas and datasets from various decentralized storage sources. The document describes different network participants and economic agents, along with the sub-protocols that enable its functionality. Finally, it presents a roadmap for its phased release, starting with a centralized service before transitioning to a fully decentralized network with support for private data.