The API3 project, which intends to combine traditional APIs with the blockchain environment, is powered by the API3 Ethereum token. The API3 token is used to run the API3 DAO (decentralized autonomous organization) as well as vote on project updates.
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API3 is a program that lets blockchain-based decentralized apps (dApps) access the world’s data and services using standard APIs. It was introduced in December 2020. Developers will be able to acquire actual information via preconfigured plug-and-play APIs, eliminating the need for external servers or intermediaries to access specific sorts of information such as location or payment details.
APIs (Application Programming Interfaces) are protocols that allow for the well-documented transmission of data and services between programs. Cryptocurrency exchanges, for example, utilize the Coinmarketcap API to deliver real-time market data on their website or mobile app without having to rely on the platform.
Application programming interfaces (APIs) have been suggested as a solution to the problem of smart contracts not being able to access reliable data.
API3’s stated purpose is to make it possible to build, maintain, and monetize decentralized APIs at large sizes. The team behind this initiative claims that it has never been more necessary for smart contracts to offer “timely, trustworthy real-world data” as blockchain technology becomes more widely used in the economy — from decentralized banking to supply chain management.
API3’s whitepaper was released in September 2020, and it outlined the biggest issue with APIs at the time: connection. There is currently no mechanism for smart contracts to link directly to APIs for the most up-to-date data, which has resulted in an explosion in the use of oracles.
Although this has assisted to tackle the problem to some level, the “Blockchain Oracle Problem” has plagued the industry since then. Oracles are a type of middleware that sits between APIs and smart contracts, raising prices and centralizing control. API3 aims to solve this problem by allowing API providers to manage their own nodes.
API3 launched its token at the beginning of December, following a successful token sale that raised tens of millions of dollars.
API3 is the result of the collaboration of three persons. Heikki Vanttinen is the first, and he has written extensively about the project and its goals. He formerly served as the founder and CEO of CLC Group, a blockchain research and development firm that “develops real-world linked smart contract solutions for a more trustless, efficient, and secure future.” Vanttinen was also the chief marketing officer of Zippie, a mobile operating system that promises to make blockchain technology more widespread.
Burak Benligiray has joined Vanttinen on the team. He also served as the CTO of CLC Group. Benligiray has previously authored blog pieces extolling the virtues of ChainAPI, the API3 integration tool. This has been dubbed the “spiritual heir” to Honeycomb, which was one of CLC Group’s earlier ideas.
Finally, but certainly not least, Saa Mili is API3’s third co-founder. She’s worked as a software engineer for Facebook and as a simulation data analyst for Gauntlet, in addition to acting as a sessional professor at the University of Toronto, where she taught core curriculum courses to computer science students.
We frequently hear about projects in the area of blockchain and cryptocurrency that try to introduce this technology to well-established sectors like real estate and finance. One of the most appealing aspects of API3 is how it aims to address some of the issues that have arisen within the blockchain community.
APIs are important because they provide off-chain data to blockchains; without it, these decentralized ledgers would have no idea how much currencies should be worth.
Vanttinen noted how decentralized APIs may “offer greater data transparency all the way down to the true data source level, compared to existing decentralized oracles, which do not perceive the data source API to be within the range of their solution,” while explaining why API3 is unique.
Airnode, a lightweight and robust middleware, was built to make API3 a reality — and one of the tool’s distinguishing features is its ability to be installed in minutes, boosting transparency and significantly lowering transaction costs in the process.
Uniswap, where API3 is combined with Wrapped ETH, is one of the most popular exchanges where it can be acquired. On Huobi Global and KuCoin, it’s also available against UDST, while on OKEx and 1inch, it’s coupled with ETH.
API3 is an ERC-20 token, which means it is built on Ethereum’s blockchain that makes it secure.
Yes, in reality, Europe is one of the easiest countries to acquire cryptocurrency in general. There are also online banks where you can create an account and send funds to exchanges like Coinbase and Uphold.
Exchange inflows and outflows, technical and fundamental changes, the news cycle, and the overall economic climate are all variables that impact API3 price and market cap.
API3 Official website – https://api3.org/
API3 Medium – https://medium.com/api3
API3 Twitter – https://twitter.com/API3DAO
API3 Reddit – https://reddit.com/r/API3
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