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Highlights
- API3 network is a protocol used to build, manage, and monetise decentralised APIs (dAPIs) at a scale.
- It is an end-to-end decentralised protocol built on the notion of providing timely, reliable and real-world data to its users.
- API3 protocol was founded by Heikki Vanttinen, Burak Benligiray and Sasa Milic.
Smart contracts are often referred as a self-executing contract, which uses the decentralised and distributed blockchain network for its functioning. But these often struggle with the dependability factor and security concerns. The application programming interfaces (APIs) protocol resolves the issue with easy transfer of data and services.
API3 network is a protocol used to build, manage and monetise decentralised APIs (dAPIs) at scale. It is an end-to-end decentralised protocol built on the notion of providing timely, reliable, and real-world data to its users.
Also Read: Can Ethereum
What makes API3 so unique?
Developed by Heikki Vanttinen, Burak Benligiray and Sasa Milic, the API3 is considered one of the key solutions to create dAPIs. Before the API3 solution, the oracle technology depended on smart contracts as an alternate solution. But following the API3 protocol launch, the providers can run their nodes, thus promoting decentralisation. It also gives the users to govern the data themselves without compromising on security.
Under the API3 system, each oracle creates its data, thus making them the first party oracles. This promotes decentralisation and enhances the DeFi application because of its transparency within the data feeds.
How is API3 token faring in the market?
API3 is ranked 464 on CoinMarketCap. According to CoinMarketCap, the API3 is trading at $3.98 with a 24-hour trading volume of US $62,92,437. At the time of writing the report (BST 8:06 am), API3 was down 3.67% in the last 24 hours. API3 currently has a live market cap of US $5,50,90,762. API3 has a circulating supply of 1,38,47,549 API3 coins and a maximum supply of 10,00,00,000 API3 coins.
With the DeFi boom, the API3 could provide the ideal solution for managing and securing the own data set. Besides, it reduces middlemen costs and gives the users the freedom to use the application without any worry. The whitepaper for API3 was unveiled in September 2020, and the API3 token officially went live at the start of December 2020. It managed to make an instant impact financially.
Eye on Future
API3 token has caught the eye of the cryptocurrency market, but it still has a long way to go before it can be considered to be a force to reckon. But it has provided a viable solution to the market's dApps problem, and it has managed to stay on the right side of the course.
