API3 is a blockchain-based platform that allows decentralized applications to access real-world, blockchain-external services, data, and information via application programming interfaces (API). It aims to connect traditional application program interfaces with the blockchain ecosystem creating a conventional and secure API service to smart contracts that are affordable, safe, and highly secure.
Currently, there is no mechanism for smart contracts to create a direct link with APIs for the most recent data, which has increased the use of oracles. Although oracles have helped fix the issue to an extent, there is still a lack of trust in oracles due to their centralization and rising costs. API3 seeks to address this issue by allowing API providers to run their nodes.
Using data and services offered by traditional web APIs, API3 will connect decentralized apps and, in the process, expand blockchain applications without sacrificing decentralization.
Heikki Vanttinen and Burak Benligiray founded API3 around the year 2020.
Heikki Vanttinen is the former CEO of CLC Group, a blockchain-based solution that develops highly scalable and secure smart contracts for companies. Vanttinen is a huge blockchain enthusiast and also worked at Zippie as the chief marketing officer. Having been in the industry for a while, it was no surprise that he co-founded the API3, knowing how passionate he is about blockchain-related solutions.
API3’s CTO, Burak Belingiray, collaborated with Vanttinen to develop the platform. He has been a blockchain enthusiast for a long time and is interested in Chain API, having made a couple of pieces about it. He is also the co-founder of HoneyComb.
The significant use of the API3 platform is to link together decentralized apps with multiple services, data, and information offered by regular Web APIs. This, in turn, will boost the applicability and capabilities of the blockchain ecosystem without sacrificing decentralization. This goal will be achieved using the blockchain native APIs, which are entirely decentralized. These APIs will be configured and managed by API3 DAO.
Because there are no third-party nodes, API3 data feeds never get into the wrong hands; they are never exposed to information and data tampering or DOS attacks by unsolicited middlemen.
Because of this, API3 has very few attack surfaces and higher cost-efficiency.
One of the most unique points of the API3 is that it has super-high security. Decentralized APIs (dAPIs) does not depend on any third-party oracles, which makes them more secure than most platforms that make use of the blockchain ecosystem. dAPIs have insurance service which provides trusted and quantifiable security guaranteed to their users and investors.
Another unique point is the decentralized APIs which are a network of API provider-operated first-party oracles regulated in a decentralized way. This helps to boost transparency in the system and seriously mitigate the risks and need for middlemen in the system.
API3 tokens run on the Ethereum blockchain and have a circulating supply of 36,907,810 API3 coins, and the maximum supply is currently unavailable.
The API3 platform was created as an Ethereum-based token, and as such, it is bound by the same security protocol as the Ethereum blockchain.
The network is highly secure and made up of nodes that are in charge of protecting it from hostile and unauthorized activities. This is accomplished through its specialized proof of stake consensus mechanism (PoS). The system employs a mechanism in which nodes must validate transactions before they can be added to the blockchain.
How do I buy API3 Token (API3)?
The API3 platform seeks to provide a solution to the problem of large-scale GPU computing power for rendering operations. Through its provisions, people that require rendering jobs can easily gain access to these jobs and then get paid on the network without any form of hassle. Expectedly, this has been the reason several new participants have jumped on the network, and now its tokens are available on several exchanges and can be purchased by the procedure below.
● Create an account with the crypto trading platform or log in if registered.
● Transfer a specific amount of fiat money to the crypto account.
● Wait till the transaction has been approved, then buy your API3 tokens.
The PTPWallet platform supports many cryptocurrencies simultaneously such as API3. Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their API3 wallet because it offers a simple and interactive interface making it easy for people to navigate its system.