API3 (API3) was developed in 2020 by Heikki Vanttinen, Burak Benligiray, and Saša Milić. API3 is a project aimed at delivering API services to smart contract platforms in a decentralized, secure, and more efficient way. Essentially, API3 allows API providers to easily run their own oracle nodes. This article explains what API3 is, how it works, how to store it, and how to trade it on BtcTurk | Global.
TABLE OF CONTENTS
What Is API3 (API3)? How Does It Work?
APIs are protocols used to communicate with specific applications to access their services. Decentralized applications interact with the real world through the services provided by APIs. However, APIs are not compatible with smart contracts. Therefore, third-party oracle nodes act as intermediaries to connect them.
API3 aims to enable API data providers to deliver their data directly to smart contracts without needing a third-party intermediary. It achieves this through decentralized APIs, or dAPIs, which are first-party oracle networks that provide traditional API services in a decentralized and blockchain-native manner. In other words, API providers run their own Airnodes. By doing so, API3 promotes a more decentralized environment while offering a solution that is more secure, efficient, and transparent compared to third-party oracle nodes.
At the heart of this project is Airnode, an open-source oracle node. Airnode is specifically designed to allow API providers to operate their own oracles. With its simple design, dApp developers can easily write smart contracts that interact with on-chain data directly from API providers.
API3’s native token is called API3. It serves as the central mechanism for payments and community governance. dApps using the dAPI network pay transaction fees in API3 tokens, while data providers receive payments in API3. The API3 token can be staked to earn rewards and participate in DAO governance. Additionally, staked tokens act as collateral or insurance to distribute and minimize operational risks.
The total supply of API3 is capped at 100,000,000 tokens.
You can visit the API3 website at https://api3.org/.
You can access the white paper (technical document) with all the technical details about API3 at this link: https://docs.api3.org/api3-whitepaper-v1.0.3.pdf.
How to Store API3 (API3)?
API3 is an ERC-20 token. You can manage your API3 balances using desktop, mobile, and hardware wallets that support ERC-20 Ethereum assets.
How to Buy and Sell API3 (API3)?
You can buy and sell API3 (API3) with Tether (USDT) using the BtcTurk | Global website or mobile app. If you’re not yet a member, you can easily register on our website or app and buy API3 (API3) by depositing cryptocurrency.
