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Smart contracts often struggle to access reliable data, but application programming interfaces (APIs) have been touted as a solution to this problem.
What is API3 (API3)?
API3 aims to enable the creation, management, and monetization of decentralized versions of APIs at scale. As blockchain technology plays an increasingly significant role in the economy, from decentralized finance to supply chain management, the team behind this project claims that providing “timely, reliable real-world data” through smart contracts has never been more crucial.
The API3 whitepaper was released in September 2020, highlighting the main issue with APIs: connectivity. Currently, there is no way for smart contracts to directly connect with APIs for the latest data, leading to a boom in the popularity of oracles.
While this has helped to some extent, the industry has since grappled with the “Blockchain Oracle Problem.” Oracles are described as a middleware software form between APIs and smart contracts, increasing costs and centralization. API3 aims to overcome this issue by enabling API providers to run their own nodes.
The API3 token was launched in early December following a token sale that raised tens of millions of dollars.
In the blockchain and crypto world, we frequently hear about projects aiming to bring this technology to established sectors like real estate and finance. One of API3’s most attractive features lies in its aim to address some emerging issues in the blockchain space.
APIs are crucial because they provide off-chain data to blockchains, without which these decentralized ledgers would have no idea how much money should exist.
Explaining why API3 is unique, Vanttinen outlined how decentralized APIs could provide superior data transparency down to the real data source level compared to existing decentralized oracles, which do not view the data source API within their scope.
To realize API3, lightweight and robust middleware software called Airnode was created. Its distinguishing features include how it can be deployed within minutes, enhancing transparency, and significantly reducing transaction fees in the process.
Three individuals came together to bring API3 to life: Heikki Vanttinen, Burak Benligiray, and Saša Milić.
API3 Coin Review
Given the importance of APIs for cryptocurrencies and blockchain technology, there is significant interest in the API3 project. Additionally, API3 has attracted attention with its Binance listing.
How to Buy API3 Coin?
API3 Coin can be purchased quickly and securely through Binance, the world’s largest cryptocurrency trading platform by trading volume.
To buy API3 Coin, you must first become a member of Binance and then transfer fiat currency. After transferring fiat currency such as or US dollars, you can make a purchase on the API3 trading pairs of Bitcoin (BTC), BUSD, and Tether (USDT).
Additionally, on Binance, users can place buy orders at a lower value than the market price by using the Limit tab and entering the amount they want to buy and the price they wish to pay.
