API3

Overview of API3

API3 frames the oracle problem as “the problem of decentralized applications not being able to receive services from traditional API providers in a decentralized way.” Most previous solutions in the space take the approach of “decentralized operability,” where various oracles (essentially various middlemen building wrappers around APIs) feed data into an aggregator, which is governed by a centralized third party, that then converts the data into a format that the blockchain can ingest.

API3 has raised $3 million in exchange for 10 million API3 tokens, representing 10% of the total supply.If you have a fascinating story to tell, and would like to join our podcast, please reach out to us at podcast@exponential.financeYou can also find us at www.exponential.finance— Support this podcast: https://anchor.fm/exponentialfinance/support

API3’s decentralized API infrastructure connects blockchain applications to off-chain data providers, enabling next-generation use cases in financial derivatives, synthetic assets, prediction markets, insurance products, and more, while maintaining the highest level of security.

API3 is a first-party oracle solution, which necessitates significant business and integration operations — in the real-world, the “meatspace”, not the blockchain space — in addition to the regular software development and marketing that blockchain projects seem to conduct.

API3’s insurance feature gives dAPI users a quantifiable safety net in the event of a malfunction, holds the API3 DAO directly responsible for the security of the dAPIs and incentivizes a security-first governance approach for dAPIs and the API3 project as a whole.

API3 is formed by people who spontaneously found each other through a common understanding: Despite being largely overlooked, the API Connectivity Problem is the most critical obstacle in front of meaningful decentralized applications being built at scale.

API3 has entered into a 10-year development partnership with Open Bank Project to connect over 400 banking & open banking APIs directly to blockchains via API3’s Airnode, all housed under open-source code.

API3’s dAPIs – which will be set up, managed, and monetized at scale by the API3 DAO – will be the next evolutionary step to meet the inevitably strict decentralization requirements of Web 3.0.

API3 will be providing Royale’s iGaming partners with access to on-chain price information to determine exchange rates; which allows them to prove customers are paying the correct exchange rate.

API3, Chainlink’s aspiring killer, raised $3 million through a round of funding led by Placeholder together with Pantera Capital, Accomplice, CoinFund, Digital Currency Group and Hashed.

Blockchain

Following API3’s announcement on January 13th of this year to join the EEA, our ongoing mission has been to build out and reinforce the use case for Airnode as the preferred solution for connecting off-chain APIs with blockchain-based enterprise applications and solutions.

Mine

Additionally, API3 offers data consumers with the option to enable on-chain insurance, where in the case of an oracle or API malfunction, data consumers are compensated for their losses and inconveniences; the exact mechanisms are to be determined by the Airnode’s governing body.This approach incentivizes those in the API3 governing body to maintain high standards for data and integration quality, and also provides a deterministic fallback in the case of a technology failure. 

Network

From an ecosystem developer perspective, it’s also a great addition to the existing array of oracle options on top of Opera, as dAPI’s give us access to data that is aggregated right from the source.We’re incredibly excited to collaborate with the API3 DAO in creating Airnode compatibility with Fantom’s Opera Network, as it allows API providers to host Opera-native first-party oracles that developers can use in their decentralized applications.

Support

Even in these circumstances where there is no permission from the target smart contract platform, the API3 teams or the whitelabeled solution, the aforementioned external team of experts can launch a subDAO, airdrop tokens to API3 DAO stakers, make their case and ask the authoritative DAO for support.On the other hand, there is an external team that are experts on an existing oracle solution that is already integrated to that platform.Say we have a smart contract platform team that is bound by contract from publicizing usage of API3 services on their platform, and the general internal consensus (among the operation teams) is that it’s not worth working with them for this reason.Therefore, outsiders do not have to appease insiders, and scaling will not only be unlimited, it will be permissionless.They propose to serve the API3 catalog by whitelabeling the existing integration, which the core technical team is not happy about because we think Airnode is the bee’s knees.

How Many API3 (API3) Coins Are There in Circulation?

As of January 2020, CoinMarketCap data suggests that there are 13,847,549 API3 in circulation — out of a maximum supply of 100 million tokens.

Who Are the Founders of API3?

Three people have come together to bring API3 to life.The first is Heikki Vanttinen, who has written extensively about the project and what it hopes to achieve.He previously worked as founder and CEO at CLC Group, a blockchain lab “developing real-world connected smart contract solutions for a more trustless, efficient and secure future.” Vanttinen also served as chief marketing officer at Zippie, a mobile operating system that aims to help blockchain technology achieve mainstream adoption.

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Is there an exceeded self-imposed daily limit on the API?

If you have set a daily limit on any of your APIs, which is common to prevent unexpected increases,
you can resolve this by increasing your daily limit.

How to Participate?

Win a Lambo Round 5 began as soon as Round 4 ended.Everyone can participate in Crypto’s Biggest Giveaway and stand a chance to win.

How do I buy API3?

It is not possible to buy all cryptocurrencies with U.S.dollars.Bitcoin, Bitcoin Cash, Ethereum, Litecoin and other popular cryptocurrencies can be purchased with U.S.dollars using Coinbase or BlockFi.Once you have purchased Bitcoin using Coinbase, you can then transfer your Bitcoin to an exchange such as Binance to purchase other cryptocurrencies, including API3.

Where Can You Buy API3 (API3)?

One of the most popular exchanges where API3 can be purchased include Uniswap, where it is paired with Wrapped ETH.It’s also available against UDST on Huobi Global and KuCoin, and paired with ETH on OKEx and 1inch.Learn more about how to convert fiat currencies to crypto in our handy guide.

What is API3?

API3 is building decentrally governed and quantifiably secure data feeds that power Web 3.0 applications without employing third-party intermediaries.API3’s dAPI’s are fully decentralized and blockchain-native APIs with quantifiable security.

What hashing algorithm does API3 use?

API3 is a coin that uses the ETH Token algorithm.

Does your API key have an IP addresses restriction?

API keys with an IP addresses restriction can only be used with web services that are
intended for use from the server side (such as the
Geocoding API
and other Web Service APIs).Most of these web services have equivalent services within the Maps JavaScript API (for example, see the
Geocoding Service).To use the Maps JavaScript API client side services, you will need to create a separate API key which
can be secured with an HTTP referrers restriction (see
Get, add, and restrict an API key).

Is the provided billing method no longer valid (for example an expired credit card)?

You
can add, remove, or update a payment method in the Cloud Console.

How Is the API3 Network Secured?

API3 is an ERC-20 token, meaning that it’s based on the Ethereum blockchain.

What is API3?

API3 is a collaborative effort to build, manage and monetize decentralized APIs (dAPIs) at scale.dAPIs are blockchain-native, decentralized API services built by combining multiple provider-operated oracle nodes into aggregated data feeds, without the use of third parties.Furthermore, to achieve a system that is end-to-end decentralized, both dAPIs and the API3 project as a whole will have a completely open and direct governance model from the beginning, powered by the API3 token and the API3 DAO.

How do dAPIs solve the API Connectivity Problem?

Decentralized APIs (dAPIs for short) are blockchain-native, fully decentralized API services composed of multiple data provider-operated nodes.The way in which dAPIs differ from existing decentralized oracle solutions, is that contrary to the current solutions, dAPIs include the APIs underlying the data feed in the scope of the solution.This enables them to provide superior data transparency all the way to the factual data source level, compared to existing decentralized oracles, which do not consider the data source API to be within the scope of their solution.In the context of dAPIs, this transparency is derived from having the API providers themselves run the middleware necessary to connect their API to the smart contract platform where its data and services are needed.We call this middleware the Airnode due to its light but robust serverless build, which can be deployed in minutes, does not require the API provider to manage and attend to the middleware on a day-to-day basis, and can have APIs integrated to it without the provider having to write any code.

What is API3?

In order to get a grasp on the concept of what API3 is doing we first have to understand what the API itself does.The acronym API stands for Application Programming Interface, and it is a well documented protocol that enables the transfer of data and services.

What is a subDAO good for?

We should clarify that forming an API3 core developers DAO is not the goal, nor do we see it being productive.The subDAO scheme is suitable to achieve a distinct, high-level objective, while the core technical team is more of an extension of the API3 DAO.Then, let us discuss two potentially useful types of API3 subDAOs.

What is API3?

API3 is the native token of the API3 project.It gives its holders the right to take part in the governance of the API3 ecosystem through the API3 DAO.To generate shares in the API3 DAO, token holders have to stake the API3 tokens into the insurance pool, which also gives them access to weekly staking rewards.

What is Fantom?

The Fantom Foundation is building a highly scalable blockchain ecosystem that facilitates technologies that are decentralized, scalable, and secure.Fantom’s team is made up of engineers, scientists, researchers, designers, and entrepreneurs all around the globe who all share the same vision for a world powered by Web 3.0.

How does Airnode Work?

Airnode was developed by API3 on Ethereum’s network.It is an off-chain system that feeds data to an aggregator contract using Ethereum nodes.That aggregator contract is a decentralized API that is callable from other contracts.In essence Airnode is an oracle node, but it is operated by the API providers in an almost frictionless way.

What Is API3 (API3)?

Smart contracts often struggle to access dependable data, but application programming interfaces (APIs) have been touted as a solution to this problem.

What Makes API3 Unique?

In the world of blockchain and crypto, we all too often hear about projects that are aiming to bring this technology to established industries such as real estate and finance.One of the most compelling attributes of API3 is how it’s aiming to fix some of the problems that have emerged within the blockchain space itself.

What is the Reddit page for API3?

The official Reddit community (subreddit) for API3 is r/API3.

What is API3?

API3 is the native token of the API3 project, that grants its holders full governance rights in the API3 DAO and acts as collateral in the data feed insurance pool.Staking API3 into the data feed insurance pool earns the staker a governable share of data feed revenues, as well as inflationary staking rewards.

Where can I get API3 wallet?

API3 produces its own wallet software that is available for download on its website, which allows you to store API3 on your computer.For maximum security, you can store your cryptocurrencies on a dedicated hardware wallet such as a TREZOR wallet or a Ledger Nano X.If you do not wish to buy a hardware wallet, you may consider using a mobile wallet such as Atomic Wallet, Jaxx, or Coinomi to store multiple cryptocurrencies with some added security benefits.

Why are APIs relevant to smart contracts?

As the use-cases for blockchain technology have evolved throughout the past decade from cryptocurrencies like Bitcoin, to smart contract platforms like Ethereum, to the recent boom in DeFi (Decentralized Finance), the evolutionary line plotted through these developments has provided a relatively clear path for the future use-cases of decentralized technologies.What this path has shown is not only a broadened capacity for blockchain-based applications to execute increasingly complicated tasks in a trust-minimized manner, but also a deepened connection between decentralized applications and the real world.This has occurred through an expansion of smart contracts into services that extend beyond simple ledgers for transferring value from one account to another, and more resemble democratized services and financial products that not long ago used to only be provided by multinational corporations and large financial houses.

What coins are similar to API3?

The following coins use API3’s ETH Token algorithm and proof-type: Chainlink, THETA, Binance USD, DREP, DREP [old], PancakeSwap, Aave, Maker, FTX Token, Huobi Token, Crypto.com Coin, Dai, Polygon, Chiliz and Holo.

What is an API?

To properly understand API3’s value proposal, one first needs to understand what APIs are, and how these standardized data and service interfaces have transformed the way applications are built today.

What is the value of API3?

One API3 (API3) is currently worth $7.06 on major cryptocurrency exchanges.You can also exchange one API3 for 0.00013258 bitcoin(s) on major exchanges.The value (or market capitalization) of all available API3 in U.S.dollars is $97.82 million.

History of API3