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Price (USD)$ 1.59
Circulating SupplyAPI3 97.19241M
Volume (24h)$ 10.44419M
Market Cap$ 154.87998M
Low/High 24h$ 1.53 - $ 1.60
Change (24h)$ 0.052989
Web3 is the name some technologists have given to the idea of a new kind of internet service that is built using decentralized blockchains – the shared ledger systems used by cryptocurrencies like Bitcoin and Ether. One of the platforms promoting interconnection is API3. API3 is a blockchain oracle that utilizes a unique approach to provide trusted and secure data to smart contracts; it is a platform for decentralized API services enabling the Web3 infrastructure. Instead of relying on blockchain oracles, API3 data feeds are provided and decentralized. The network's governance token, API3, gives its owners the chance to direct how the platform will develop in the future. Let’s take a closer look at API3 crypto and find out more about this project.
In short, API3 is a collaborative project aiming to provide standard API services to smart contract platforms in a decentralized and trustworthy manner. It’s governed by the API3 DAO, a Decentralized Autonomous Organization (DAO). Because the operations of the API3 are public and transparent, it’s being researched. In general, the API3 platform, which was introduced in December 2020, enables blockchain-based decentralized apps to use application programming interfaces (APIs) to access blockchain-external, real-world data and services. The founders of API3 include Heikki Vanttinen, Burak Benligiray, and Sasa Milic.
APIs stand for a well-recognized standard in the creation of apps and applications. An API is a piece of software that enables two apps to ‘talk’ to each other. For example, if you use an app on your phone, it connects to the internet, transferring data to the server. The server interprets the information, performs some actions, and sends it back to the phone. The app then presents this information in a readable way. Thanks to API3, the world's data can be easily and uniformly ingested into blockchain applications thanks to API connection, which is made possible via API3.
Developers frequently use existing APIs to move specific datasets or services into new projects when creating programs or applications so they don't have to start from scratch and reinvent the wheel. However, the majority of APIs are designed for the legacy environment of centralized apps, data, and financial services and are not naturally compatible with the world of blockchain and dApps, which is a challenge that has emerged and one that API3 wants to tackle. The goal of API3 is to make current APIs compatible with Web 3.0's decentralization requirements without unduly burdening dApp developers or API providers.
One of API3’s unique features is the Airnode. This oracle middleware by API3 serves a crucial role in the blockchain landscape. Oracles have historically been the bridge that brings external data to blockchains. However, centralized oracles can sometimes be susceptible to manipulations.
API3’s Airnode offers a transformative solution, connecting blockchain-based smart contracts with external data, all while emphasizing data integrity and transparency. This oracle middleware provides several unparalleled advantages:
The project's decentralized governance is provided down to the project's fundamental structure by the API3 decentralized autonomous organization (DAO), which is in charge of maintaining API3 dAPIs. dAPIs can be operated more transparently and with fewer risks of centralized points of failure thanks to decentralized governance.
The API3 DAO controls both individual dAPIs on the platform and the overall API3 project. The API3 DAO is in charge of setting up, managing, and monetizing dAPIs as well as paying for gas fees and compensating Oracle API suppliers. It is also responsible for dAPI running costs. Nuanced incentive systems combining governance, staking, and insurance have been implemented to ensure the API3 DAO runs smoothly.
The API3 token serves as the API3 DAO's primary payment and community governance mechanism. It is the native utility token of API3. The API providers using Airnode have the option to receive payment in cash via an API3 DAO grant if they do not want to deal with cryptocurrencies. However, dApps using the dAPI network will be required to pay a subscription fee that is based in API3.
By staking API3 tokens in the API3 insurance staking contract, the API3 token also enables all community stakeholders to take an active role in community governance. As a result, stakeholders are financially motivated to take part in the decentralized network and boost its overall value by receiving staking rewards and inflationary benefits.
While predictions might be useful as a guide to the potential direction of price movement, they should be treated as possibilities rather than as absolutes. This is particularly true of longer-term estimates, which can occasionally be utterly incorrect due to the cryptocurrency market's inherent volatility and the numerous unknowns that could affect future values. It’s always best to take a look at the project’s values and developments, partnerships, and long-term goals.
API3 was created as an initiative to expand its use beyond being just a currency. Its creators believed that the coin could provide more benefits for users if it were used in other areas of life. This led to the development of various applications that could take advantage of the coin’s features. One of the most popular applications is its use as a payment method for online purchases.
API3 has also been used to purchase goods and services in physical stores. Additionally, the coin can be traded on various exchanges, allowing users to make profits by buying and selling it at a higher price.
In June 2023, API3 partnered with GrimoireFinance and NewChangeFX, which is a good sign that says that the team is working on the project’s infrastructure. API3 coin has already shown good potential and has recently gained 50% after the project’s new partnerships attracted investors.
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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.
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