API3 API3 Price

What is API3 (API3)?

API3 is a decentralized oracle network that aims to connect traditional APIs with smart contracts on the blockchain. Launched in 2020, it allows real-world data to be used in decentralized applications (dApps) by enabling smart contracts to access off-chain information securely and transparently. The network leverages first-party oracles, meaning that data providers can directly integrate their APIs with the blockchain, thus ensuring data integrity and reducing reliance on intermediaries.

Who are the Founders of API3?

API3 was founded by a team of experienced professionals in the blockchain and technology sectors. The key figures include:

• Heikki Vänttinen - Co-Founder and CEO, known for his expertise in software development and blockchain technology.
• Burak Benligiray - Co-Founder and CTO, who brings significant experience in software engineering and blockchain architecture.
• Gavin Doughtie - Co-Founder and Developer Advocate, with a background in tech startups and developer relations.

How does API3 Work?

API3 operates using a decentralized network of oracles that are responsible for fetching and delivering data from APIs to smart contracts. The process works as follows:

1. Data Provider Registration: API providers can register their APIs on the API3 platform, allowing them to become first-party oracles.
2. Oracle Nodes: These nodes, run by data providers, retrieve data from their APIs and send it to the blockchain.
3. Smart Contract Interaction: Smart contracts request data from oracles, which respond with real-time data, ensuring that the information is accurate and up-to-date.
4. Decentralization and Trust: By using first-party oracles, API3 reduces the risk of data manipulation and increases trust in the data being delivered.

The native token, API3, is used for governance and incentivizing node operators, ensuring the network's sustainability and growth.

Top Use Cases of API3

API3 has numerous use cases that demonstrate its versatility and potential impact across various industries:

• Decentralized Finance (DeFi): API3 enables DeFi applications to access real-time financial data, such as prices and trading volumes, enhancing the reliability of automated trading strategies.
• Insurance: In the insurance sector, API3 can facilitate smart contracts that trigger claims automatically based on real-world events, such as weather data for crop insurance.
• Supply Chain Management: API3 allows for real-time tracking of goods and services, providing transparency and efficiency in supply chain operations.
• Gaming: In the gaming industry, API3 can power decentralized gaming applications by providing real-time data for in-game events and transactions.
• Healthcare: API3 can connect healthcare applications to vital patient data and research databases, improving the accuracy of health-related smart contracts.

How to Keep your API3 Safe?

Securing your API3 assets and interactions involves several best practices:

• Use a Wallet: Store your API3 tokens in a secure wallet, preferably a hardware wallet, to prevent unauthorized access.
• Enable Two-Factor Authentication (2FA): Use 2FA on accounts associated with your API3 tokens to add an extra layer of security.
• Stay Updated: Keep your software, wallets, and any applications you use up to date to protect against vulnerabilities.
• Be Cautious with Links: Avoid clicking on suspicious links or downloading unknown software that could compromise your security.
• Research Projects: Before interacting with dApps or using oracles, conduct thorough research to ensure they are reputable and secure.