What is API3? API3 is a Web3 project that offers APIs for decentralized applications (dApps) via Blockchain technology. In this article, as Kriptokoin.com, we have answered the questions that investors wonder, such as what API3 is, what it offers, what does API3 coin do, how to get it. Let’s take a look at this project, which offers application development interfaces (APIs) for dApps.
What is API3?
Smart contracts often have trouble accessing data from trusted sources. These contracts become the basis for dApps, also known as decentralized applications. Difficulty in accessing data that is assured of accuracy complicates the development of dApps. This is where application development interfaces known as APIs come into play. API3 is basically a marketplace with APIs aimed at supporting Web3 and dApps. This market runs on the Ethereum network and uses Blockchain technology.
The goal of API3 is to allow decentralized versions of APIs to be created, managed, and monetized. Blockchain technology is playing a bigger role in the economy than ever before, from decentralized finance (DeFi) to supply chain management. That’s why the team behind the project says it’s never been more important that smart contracts provide “timely, reliable real-world data.” The API3 whitepaper was published in September 2020 and provided tools to resolve the connectivity issue associated with APIs.
What does API3 offer?
One of the most intriguing features of API3 is how it aims to solve some of the problems that arise in the Blockchain space itself. APIs are extremely important on the Blockchain as they provide off-chain data. Without this technology, we wouldn’t be able to access a lot of data today, including altcoin prices. However, API3 uses oracle technology. Thus, it builds a bridge between real world data and APIs. It also acts as a marketplace, supporting developers to create and sell their own APIs. In doing so, it presents data in a transparent and cost-effective way.
What is API3 coin? What does it do?
API3 coin is an ERC-20 token that works as API3’s native cryptocurrency. With this Web3 token, users can purchase APIs on the market. Developers should also use this cryptocurrency to create and sell their own APIs. However, the coin also works as a governance token. The ecosystem works in a decentralized way. Token holders can manage decentralized APIs by participating in the management of the platform.
How to get API3 coins?
With a market capitalization of $86 million, API3 is currently traded on crypto exchanges such as Binance, CoinW, and MEXC. Those who want to buy the 193rd largest cryptocurrency should access one of these exchanges. After that, they can become a member of the stock market and follow the purchase steps to obtain the crypto money.
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