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About API3
Key Points:
- API3 aims to allow decentralized versions of APIs to be built, managed, and monetized at scale.
- The project’s whitepaper was unveiled in September 2020, highlighting the problem of connectivity between smart contracts and APIs.
- API3’s token went live in December 2020, following a token sale that generated tens of millions of dollars.
Founders:
- Heikki Vanttinen: previously founder and CEO at CLC Group, and chief marketing officer at Zippie.
- Burak Benligiray: previously CTO at CLC Group, and worked on ChainAPI, the integration platform for API
About API3
API3 is a decentralized API network that empowers the creation of decentralized applications (dApps) by providing them with seamless access to Web2 APIs.
Introducing API3: A Decentralized API Network
Smart contracts frequently grapple with the challenge of accessing reliable data, but application programming interfaces (APIs) have emerged as a promising solution to this conundrum.
API3’s overarching objective is to empower the creation, management, and monetization of decentralized APIs on a massive scale. As blockchain technology increasingly permeates the economy, from decentralized finance to supply chain management, the project’s team emphasizes the paramount importance of smart contracts having access to “timely, reliable real-world data” in this rapidly evolving landscape.
The API3 whitepaper, unveiled in September 2020, pinpointed the primary issue plaguing APIs today: connectivity. Currently, there exists no direct conduit for smart contracts to access APIs, thereby obtaining the latest data, which has, in turn, fueled the surging popularity of oracles.
Notwithstanding the partial alleviation of the issue, the industry has subsequently struggled with the “Blockchain Oracle Problem.” Oracles, a type of middleware situated between APIs and smart contracts, have inadvertently exacerbated costs and centralization. API3 proposes a novel solution by empowering API providers to operate their own nodes, thereby circumventing this conundrum.
API3’s token debuted in early December, following a highly successful token sale that garnered tens of millions of dollars in funding.
The Visionaries Behind API3: Meet the Founders
Three visionaries have converged to bring API3 to fruition. Among them is Heikki Vanttinen, a prolific writer who has extensively articulated the project’s vision and objectives. Notably, Vanttinen previously founded and led CLC Group, a blockchain laboratory dedicated to crafting pragmatic, interconnected smart contract solutions that foster a more trustless, efficient, and secure future. Additionally, he served as Chief Marketing Officer at Zippie, a pioneering mobile operating system designed to facilitate the widespread adoption of blockchain technology.
Vanttinen has been joined by Burak Benligiray, who brings a wealth of experience from his tenure as CTO at CLC Group. Notably, Benligiray has authored several posts extolling the virtues of ChainAPI, the integration platform that underpins API3. This esteemed platform has been hailed as the “spiritual successor” to Honeycomb, a groundbreaking innovation that was pioneered by CLC Group.
Last but certainly not least, the third co-founder at API3 is Saša Milić. In addition to her role as a sessional lecturer at the University of Toronto, where she instructed computer science students in core curriculum courses, she has also accumulated a wealth of experience as a software engineer at Facebook and as a simulation data scientist for Gauntlet.
Unveiling the Unparalleled API3: A Revolutionary Approach
In the realm of blockchain and cryptocurrency, it’s all too familiar to encounter projects seeking to integrate this technology into traditional industries such as real estate and finance. However, what sets API3 apart is its ambitious endeavour to address the inherent issues that have arisen within the blockchain ecosystem itself.
APIs play a vital role in providing blockchains with external data, as without this integration, decentralized ledgers would be oblivious to the fluctuating values of cryptocurrencies.
In delineating the distinctiveness of API3, Vanttinen elucidated how decentralized APIs can “offer unparalleled data transparency, tracing back to the primary data source level, thereby surpassing existing decentralized oracles, which neglect to incorporate the data source API within the purview of their solution.”
A cutting-edge, lightweight middleware solution, Airnode, has been designed to bring API3 to life. Notably, this innovative tool boasts the unique ability to be deployed in mere minutes, thereby fostering unparalleled transparency and significantly minimizing transaction fees in the process.
What Is the Circulating Supply of API3 (API3) Coins?
As of January 2020, according to CoinMarketCap data, the circulating supply of API3 tokens stands at 13,847,549, which represents a fraction of the total maximum supply of 100 million tokens.
Notably, 15 million tokens were allocated to pre-seed and seed investors, while a further 20 million tokens were set aside for a public token distribution event, which took place over the first two weeks of December. The founding team received an allocation of 30 million tokens, with an additional 10 million tokens designated for partners and contributors. Furthermore, 25 million tokens were earmarked for an ecosystem fund.
Tokens allocated during the public sale are freely transferable, whereas those held by seed investors and founders are subject to a vesting period spanning two to three years.
The API3 Network’s Robust Security Framework
API3 is an ERC-20 token, signifying its foundation on the Ethereum blockchain, a testament to the robust infrastructure that underpins its functionality.
Where to Acquire API3 (API3) Tokens
Among the most prominent exchanges where API3 can be acquired are Uniswap, where it is paired with Wrapped ETH. Additionally, it is available against USDT on Huobi Global and KuCoin, and paired with ETH on OKEx and 1inch. For a comprehensive understanding of how to convert fiat currencies to crypto, please refer to our informative guide.
Associated Resources:
Delve into the world of Chainlink, a prominent rival of API3 in the decentralized data landscape.
Delve into the intricacies of oracles in this comprehensive technical exploration.
Delve into the world of blockchain technology and uncover the intricacies of APIs and smart contracts, expertly defined in our comprehensive glossary.
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