API3
API3 price
6.20% Past Week
Market Cap
125.59M
Day’s Range
52W Range
Volume (1D)
13.36M
Market Dominance
0.01
Market Rank
263
About API3
Launched in December 2020, API3 is a platform that enables blockchain-based decentralised applications (dApps) to access blockchain-external, real-world data and services via application programming interfaces (APIs).
Founded by Heikki Vanttinen, Burak Benligiray, and Saša Milić, API3 looks to connect traditional API mechanisms – that enable software components to communicate with each other – with the blockchain. In the interest of decentralisation, API3 wants to allow API providers to run their own oracles and nodes – computers connected to a blockchain or network – rather than relying on a third-party intermediary. This encourages competition and allows for the governance of the data providers themselves.
At the heart of this mechanism sits Airnode, an open-source oracle node. It is designed to be easily deployed by any API provider with almost no maintenance. Because of Airnode, dApp developers can write smart contracts to interact with the on-chain data of API providers. With the immense growth of the DeFi economy it is crucial that applications are able to source trustworthy and reliable data. One way to ensure this is to make the process as transparent as possible through the API3 solution. API3 is an Ethereum-based ERC-20 token that can be used in the API3 ecosystem.
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