Smart contracts often have trouble accessing reliable data, but application programming interfaces (APIs) have been touted as a solution to this problem.
What is API3 (API3)?
The goal of API3 is to allow decentralized versions of APIs to be created, managed, and monetized at scale. As blockchain technology plays a bigger role than ever in the economy, from decentralized finance to supply chain management, the team behind this project says it’s never been more important for smart contracts to provide “timely, reliable real-world data.”
The API3 whitepaper was announced in September 2020 and revealed the main issue with APIs: connectivity. Currently, there is no way for smart contracts to directly connect with APIs for the latest data, and this has led to an explosion in the popularity of oracles.
Although this helped to solve the problem to some extent, the industry has been grappling with the “Blockchain Oracle Problem” ever since. Oracles are defined as a form of middleware that sits between APIs and smart contracts, increasing costs and centralization. API3 aims to circumvent this issue by enabling API providers to run their own nodes.
API3’s token was launched in early December following a token sale that raised tens of millions of dollars.
In the blockchain and crypto world, we hear a lot about projects aiming to bring this technology to established industries like real estate and finance. One of the most attractive features of API3 lies in the way it aims to solve some of the emerging problems in the blockchain space.
APIs are so important because of the way they provide off-chain data to blockchains, without it, these decentralized ledgers would have no idea how much money they should have.
While explaining why API3 is unique, Vanttinen explained how decentralized APIs can provide superior data transparency down to the actual datasource level, compared to existing decentralized oracles that do not see the datasource API within their scope.
Light and robust middleware called Airnode was created to make API3 a reality, and the distinguishing qualities of this tool are how it can be deployed in minutes, increasing transparency and significantly reducing transaction fees in the process.
On the other hand, three people came together to bring API3 to life: Heikki Vanttinen, Burak Benligiray and Saša Milić.
API3 Coin Comment
Since APIs are very important for cryptocurrencies and blockchain technology, interest in the API3 project is also intense. In addition, it is seen that API3 has attracted attention with Binance listing.
According to CoinMarketCap data, API3 Coin ranks 278th in terms of market cap with $205,047,888. In addition, the 24-hour trading volume of API3 Coin, which was traded at $ 5.5 at the time of publication, is 94,732,103 USD. In addition, API3 Coin hit the bottom with $ 1.24 on December 2, 2021, and broke the all-time record with $ 10.3 on April 7, 2021.
In addition to these, there are currently 36,907,810 API3s in circulation and it is stated that the total supply of API3 Coins will be 104,238,461 API3.
How to Get API3 Coins?
API3 Coin can be purchased quickly and securely via Binance, the world’s largest cryptocurrency trading platform in terms of trading volume.
In order to buy API3 Coins, you must first be a member of Binance and then send fiat money. After sending a fiat currency such as Turkish Lira or dollars, purchases can be made in the API3 trading pair of Bitcoin (BTC), BUSD and Tether (USDT) where API3 Coin is traded.
In addition, by placing a purchase order at Binance, not only at the market value, but also at a lower value, users can make purchases at the price they want. For this, it will be sufficient to use the Limit tab and enter the amount you want to buy and the price you want to buy.