About API3 (API3)
API3 is a platform that provides decentralized application programming interfaces (APIs) for blockchain-based applications to access real-world external data securely, reliably, and in a decentralized manner. The API3 platform is designed to solve the limitations of existing APIs, which are often centralized and rely on third-party intermediaries for data access. API3 is powered by its native token, $API3. The current price of API3 can be live-tracked on Binance.
The stated purpose of API3 is to allow for the creation, management, and monetization of decentralized versions of APIs at scale. As blockchain technology plays an increasingly important role in the economy - from DeFi to supply chain management - the team behind the project says that smart contracts providing "timely and reliable real-world data " has never been more critical.
The API3 platform uses a unique approach to data access called Airnode, which allows for the creation of customized APIs for specific use cases. Airnode enables developers to create APIs that are tailored to their specific application needs, with customizable data sources, parameters, and responses.
API3 aggregates data directly from key data providers, a specification that reportedly increases transparency and diminishes the risk of third-party data tampering, eliminating the need to hire intermediaries. Therefore, it allows the delivery of additional revenue directly to API providers. With this distinctive structure, API3 distinguishes itself from other blockchain data oracle projects, such as those that typically use their nodes as intermediaries to pass data from external APIs to other blockchains.Ā
The decentralized API, according to API3, can be connected to support any blockchain. It exists as a cross-platform Oracle solution to make data available to any decentralized ecosystem that needs it. Many platforms benefit from trusted data review, so the API3 decision remains blockchain agnostic, enabling it to adapt to almost any decentralized network with contractual capabilities.