There is no doubt about the importance of data in today’s world order. Data, which we can call the basic building block of information, can benefit all areas of life when processed and then meaningful results are obtained from this action. The goal of API3 is to provide up-to-date, real-world data through smart contracts . “What is API3 Coin?” In our article, which we will start with the question, we will give many details about this project.
What is API3?
API (application programming interface) is a critical tool for communication between different software applications. The native cryptocurrency of this project is known as API3 token, which also bears the name of the project, and is built on the Ethereum network.
It is used for different purposes such as automating tasks, managing web content, and retrieving data from external sources . Blockchains require APIs to help source data from the real world, but the smart contracts required to run decentralized applications (DApps) have no direct access to APIs because they only operate using on-chain data.
API3 is a decentralized data oracle network that facilitates the direct integration of APIs with blockchain applications, eliminating dependence on third-party intermediaries. This protocol was created to increase data security along with data reliability by supplying high-quality, real-time data to smart contracts and decentralized applications (dApps).
API3 is an initiative that has undertaken an important role in the development of decentralized applications, namely dApps. Nowadays, dApps are offering more and more services in areas such as decentralized finance (DeFi). However, while these applications need to obtain data or trigger events using traditional Web APIs , it is questionable whether existing Oracle solutions are fully capable of solving this API connectivity problem.
To eliminate this problem, API3 is collaborating to create blockchain-specific, decentralized APIs, or dAPIs, as this term is short. dAPIs consist of first-party oracles operated by API providers, making them more secure and cost-effective compared to alternative solutions that resort to public intermediaries.
The API3 token is at the core of this initiative’s governance, security and value capture mechanisms. Thanks to this cryptocurrency, staking can be done and management rights can be obtained on API3 DAO.
What is API3 Coin Used for and What Are Its Advantages?
The functions and advantages of API3, the main cryptocurrency of the API3 ecosystem, are as follows.
- Creating Decentralized APIs (dAPIs): API3 develops blockchain-specific and decentralized APIs or dAPIs. These dAPIs are used to exchange data needed by decentralized applications (dApps).
- Solving the API Connection Problem: It develops a solution to the API connection problem where traditional oracle solutions are inadequate. This allows dApps to retrieve data or trigger events using Web APIs.
- Reward: API3 stakers are rewarded for contributing to the ecosystem. This encourages participation in the staking process and supports the growth of the project.
- Security and Cost: API3 leverages first-party oracles to increase security and reduce cost of dAPIs. These oracles are operated by API providers and are both a safer and more economical solution without resorting to public intermediaries.
- Management Right: API3 token holders have management rights on the API3 DAO and thus can make decisions about the project.
- Usage as Collateral: API3 token is used as collateral for dAPI users to receive a secure service. This increases the reliability of dAPIs as well as allowing users to obtain services securely.
- No Need for Centralization: API3 encourages the use of decentralized APIs without resorting to a central authority at the ecosystem level. In this way, a more secure and transparent environment is achieved and the control of the participants in the ecosystem is increased.
API3 coin plays an important role with this functionality and advantages, contributing to the strengthening and growth of both itself and the data ecosystem.
When Was API3 Coin Released? Who is the Founder?
API3 coin was released towards the end of 2020. A Turkish name stands out among the founders of API3. This project was implemented under the leadership of Burak Benligiray, Saša Milić, Heikki Vanttinen.
Burak Benligiray , in addition to being the founding partner of the project, serves as the Main Technical Team Leader. Benligiray, who has an academic background, worked as a Research Assistant at Eskişehir University and also worked as a CTO in different companies.
Saša Milić is a value co-founder of the API3 project. Looking at his career history, it can be seen that he worked in many different companies as a system and network engineer. He has experience in software engineering and data science in venture capital.
Heikki Vanttinen is a DAO member of the API3 project. Before API3, he founded and held the position of CEO of CLC Group, a blockchain laboratory focused on developing smart contract solutions connected to the real world. In fact, this company is one of the brands where Burak Benligiray served as CTO. When we go back further in Milić’s career, we see that he worked in many different companies in areas such as marketing, sales and account manager.
Is API3 Coin Supply Limited?
API3 coin was launched with a supply of 128,650,270 units. This actually shows that its supply is limited. That is, no more coins can be created than this number. There are currently 86,421,978 API3 coins in circulation. Of course, it should be remembered that this figure may change in the future.
Is There a Future for API3 Coin?
API3 has been moving forward since 2020 with the mission of creating new value in the Web3 economy. Of course, on the other hand, Chainlink continues to lead as an oracle project and holds a large share of the DeFi market.
Despite this, API3’s market data shows that users’ interest in it is alive. Having reached a market capitalization of over $100 million, having a remarkable trading volume, and having more than 75% of its total supply in circulation, API3 coin may be promising for its future.
Providing a unique security feature to DApp developers is an additional valuable design feature of this project. In fact, this feature is missing in many peer-to-peer oracle networks, including Chainlink.
Although API3 is in the midst of significant competition, it may have strong potential for the future with its market data and unique features it offers.
Which Exchanges Have API3?
API3 token attracts attention as a popular digital asset in the cryptocurrency markets and attracts the attention of many investors at this point. At this point, one of the most curious questions is “Which Exchanges Have API3?” is happening.
API3 is listed and traded on many cryptocurrency exchanges around the world. One of these exchanges is ICRYPEX. ICRYPEX users can buy and sell API3 easily, quickly and safely.
ICRYPEX users can complete the API 3 buy and sell transaction in just a few clicks, thanks to the platform’s Buy Coke feature. With the Pro Buy and Sell feature, they can make API3 buy and sell transactions according to their investment strategies by taking advantage of order types.
