API3

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Discover API3's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is API3?

API3 is a blockchain-native, decentralized API platform that connects decentralized applications with traditional Web APIs, ensuring decentralization and quantifiable security through DAO governance and the use of dAPIs (fully decentralized and blockchain-native APIs). It aims to expand the applicability of blockchain technology without sacrificing decentralization.

How is API3 used?

API3 is a decentralized platform that enables blockchain-based decentralized applications (dApps) to access blockchain-external, real-world data and services via application programming interfaces (APIs). It provides a way for the world’s data to be fed into blockchain applications with ease and standardization. API3’s decentralized APIs (dAPIs) make real-world data from existing oracle API providers natively compatible with smart dApps and blockchain-based applications, allowing them to access data directly from first-party data providers without the need for intermediaries.

API3 uses a technology called Airnode, which allows API providers to turn their APIs into dAPIs. Airnode decentralizes data feeds at their respective sources, eliminating the need for intermediary nodes and allowing dApps to access data directly. This enhances transparency and security by ensuring that data served from Airnode is served directly from the source to the chain with cryptographic signatures.

The API3 token is the native token of the API3 project and gives its holders the right to participate in the governance of the API3 ecosystem through the API3 DAO. Token holders can stake their tokens into the insurance pool to generate shares in the API3 DAO, which also provides access to weekly staking rewards.

How do I store API3?

To store API3 tokens, you can use several wallets that support ERC-20 tokens. Here are some options:

  1. Coin98 Wallet: You can store API3 tokens on Coin98 Wallet by following these steps:

    • Open Coin98 Wallet and click "Receive" on the home screen.
    • Search for API3 Token.
    • Follow the on-screen instructions to complete the process.
  2. Guarda Wallet: Guarda offers a secure and user-friendly platform for managing cryptocurrencies. You can create an API3 wallet by:

    • Downloading the application from the Apple AppStore or Google Play.
    • Creating an account on Guarda.
    • Setting a strong password and saving your wallet backup.
    • Creating a wallet and adding your API3.
  3. MetaMask: MetaMask supports API3 cryptocurrency, allowing you to manage your API3 funds directly within your web browser. You can add API3 to MetaMask like any other ERC-20 token.

  1. Bitget: You can create a Web3 wallet for API3 on Bitget by:

    • Tapping on Wallet on your homepage.
    • Selecting API3 via the mainnet list on the top right-hand corner.
  2. Non-Custodial Wallets: It is highly recommended to use non-custodial wallets, which allow you to hold your private keys instead of a third-party custodian. Some commonly used wallets for API3 include Trust Wallet, Ledger, imToken, Torus, Coinbase, TokenPocket, and iToken Wallet.

How to buy API3?

To buy API3 (API3) tokens, follow these steps:

  1. Choose a Cryptocurrency Exchange:

    • Select a reputable exchange that supports API3 trading and operates in your country. Consider factors such as fees, security, and user reviews. Popular options include Gemini, Binance, and Coinbase.
  2. Create an Account:

    • Register on the exchange's website or mobile app, providing personal information and identity verification documents.
  3. Fund Your Account:

  • Transfer funds to your exchange account using supported payment methods like bank transfer, credit card, or debit card.
  1. Navigate to the API3 Market:

    • Search for "API3" (API3) in the exchange's marketplace.
  2. Choose a Transaction Amount:

    • Enter the desired amount of API3 you wish to purchase.
  3. Confirm Purchase:

  • Preview the transaction details and confirm your purchase by clicking the "Buy API3" or equivalent button.
  1. Complete Transaction:

    • Your API3 purchase will be processed and deposited into your exchange wallet within minutes.
  2. Transfer to a Hardware Wallet (Optional):

    • For added security, consider transferring your API3 tokens to a hardware wallet like Ledger or Trezor.

Remember to always use reputable exchanges and follow best practices for securing your cryptocurrency assets.

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History of API3

API3 was founded in 2020 by a team of experienced blockchain developers and entrepreneurs, including Heikki Vänttinen, Burak Benligiray, and Saša Milić. The project was launched to address the issue of centralized third-party services in existing oracle solutions, which could be easily manipulated or tampered with. To solve this problem, the team developed a decentralized oracle solution that ensures the security and reliability of off-chain data sources.

In November 2020, API3 launched its initial coin offering (ICO) and successfully raised $6.5 million in funding. The funds were used to further develop the platform and expand its partnerships with other blockchain projects. In early 2021, API3 announced a partnership with Chainlink, a leading decentralized oracle provider, to collaborate on the development of more secure and reliable oracle solutions.

API3’s unique architecture, which leverages the concept of Airnode, has received praise from the blockchain community for its ability to provide trustworthy and tamper-proof data sources. With its growing list of partnerships and use cases, API3 is poised to become a major player in the development of decentralized applications in the years to come.

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How API3 works

API3 is a decentralized API (Application Programming Interface) network designed to connect traditional web services directly to blockchain-based applications without the need for intermediaries. Here's how it works:

Key Components
  1. Airnodes: These are decentralized, serverless oracle nodes that source data directly from API providers. They are governed by Decentralized Autonomous Organizations (DAOs) and are designed to be transparent and free from central points of failure.

  2. Decentralized APIs (dAPIs): These are fully decentralized APIs that are inherently compatible with blockchain technology. They aggregate data directly from first-party data providers, ensuring transparency and eliminating the need for third-party intermediaries.

  3. API3 Market: This is a platform where data providers can monetize their data by offering it to decentralized applications. It allows developers to access a wide variety of data feeds across different blockchains.

Functionality
  1. Data Provision: API providers deploy Airnodes to push their data on-chain. This data is signed with cryptographic signatures, ensuring its authenticity and security.

  2. Data Access: Decentralized applications (dApps) can access this data directly from the Airnodes, eliminating the need for intermediaries. This enhances the security and transparency of the data feeds, particularly in DeFi applications.

  3. Governance: The API3 network is governed by a decentralized autonomous organization (DAO), which includes various stakeholders in the ecosystem. This ensures that the network is managed transparently and securely.

Benefits
  1. Security: By eliminating intermediaries and using cryptographic signatures, API3 ensures the security and authenticity of the data feeds.

  2. Transparency: The decentralized nature of API3 and the use of first-party oracles enhance transparency in the data provision process.

  3. Monetization: API providers can monetize their data directly through the API3 Market, without relying on intermediaries.

  1. Scalability: API3's decentralized architecture allows it to support a wide variety of data feeds and blockchain platforms, making it a scalable solution for the decentralized ecosystem.

Overall, API3 provides a trust-minimized and decentralized way for traditional web services to connect with blockchain-based applications, ensuring secure, transparent, and reliable data feeds.

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API3's strengths

API3 (API3) has several strengths that set it apart from other blockchain data oracle projects:

  1. Decentralized Governance: API3 operates under a decentralized autonomous organization (DAO) that ensures transparency and fairness in its governance. This allows token holders to participate in decision-making and ensures that the project is managed in a decentralized manner.

  2. First-Party Oracles: API3 uses first-party oracles, which are operated directly by data providers. This eliminates the need for intermediaries, making the data more secure and cost-efficient. The use of Airnode technology allows data providers to easily deploy and manage their oracles without requiring technical expertise.

  3. Collateralized Service Coverage: API3 offers a safety net called collateralized service coverage, which acts as an insurance policy for dApps. This ensures that if a dAPI malfunctions, users can make claims and receive compensation from a predetermined pool of funds.

  1. Native-Chain Aggregated Data Feeds: API3 provides native-chain aggregated price reference data feeds for various assets across multiple networks, including Polygon, Arbitrum, and Optimism. This allows for accurate and reliable data for decentralized applications.

  2. Web3 APIs and QRNG: API3 offers a catalog of on-demand APIs and a free quantum mechanics-derived random number generator (QRNG) for smart contracts, enhancing the security and functionality of Web3 applications.

  3. Security and Transparency: API3's design focuses on security, robustness, cost efficiency, and flexibility, making it a reliable solution for decentralized applications. The elimination of third-party oracles and the use of collateralized service coverage ensure that data is secure and reliable.

These strengths position API3 as a robust and reliable solution for decentralized applications, enhancing their security, transparency, and functionality.

API3's risks

API3 (API3) is considered a moderate risk investment, according to InvestorsObserver analysis. The proprietary scoring system calculates the risk based on how much money was required to move the price over the past 24 hours with changes in volume and market capitalization. This assessment indicates that API3 may not be suitable for all investors due to potential risks and market volatility.

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Did API3 raise funds?

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API3’s team

Here are the team members behind API3:

  • Heikki Vanttinen: Co-founder and CEO of API3. He previously served as the founder and CEO of CLC Group and has written extensively about the project.
  • Burak Benligiray: Co-founder and technical team lead of API3. He has a PhD in electrical and electronics engineering and has worked as a researcher and CTO for various organizations.
  • Saša Milić: Co-founder of API3 and co-author of the API3 whitepaper. She has a background in computer science and statistics and has worked as a software engineer at Facebook and a simulation data scientist.

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