API3

What is API3?

API3 token or simply API3 is utility token API3 project support. The latter represents decentralized API (dAPI) service provider for Web 3.0. Collaboration is the basis of this project.

API3 is based on ERK-20 token standard, that is, it is deployed on Ethereum blockchain.

There are 3 main functions associated with the API3 token:

• Control. All API3 holders can participate in the governance of the API3 project by simply depositing their tokens into the service coverage pool. Control processes are carried out using decentralized autonomous organization (DAO) called API3 DAO. One staked API3 token is equal to 1 vote;
• Staking. In addition to providing governance rights, staking API3 tokens allows users to earn inflationary rewards for staking. Most importantly, users who stake their tokens are participating in the process of securing the network;
• Pledge. Pledged tokens are locked into the API3 staking pool, where they serve as collateral in case of dAPI failure.

Anyone can purchase API3 tokens through the major supported decentralized and centralized exchanges. You can find a list of recommended exchangers in the section above.

The maximum supply of API3 tokens is 100,000,000. Since the supply of native tokens is limited, it is possible that as API3 becomes more scarce, the price of API3 will increase.

They were distributed as follows:

• 30,000,000 – Founding team;
• 25,000,000 – API3 Ecosystem Fund;
• 20,000,000 – public distribution of tokens;
• 15,000,000 – seed investors with a lock-in period;
• 10,000,000 – Strategic partners with a lock-in period.

As you can see, 20% of the total was publicly distributed on Mesa DEX. The public distribution of tokens began on November 30 and ended on December 14, 2020. During this time, the price of API3 fluctuated from $0.30 to $2.00.

Since API3 is a cryptocurrency, its price tends to fluctuate. To make an informed purchasing decision, you can take a closer look at the API3 price history or the current API3 price in the chart above.

What are the main features of API3?

As discussed in the What is API3 section, API3 is a Web3-centric framework that creates dAPIs. it’s the same connects smart contracts with API services.

One of the main goals of the project isevolve the API market by eliminating the need for intermediaries in preparation for Web 3.0.

To refresh your memory, API stands for Application Programming Interface. This software interface plays a key role in the data exchange process. When it comes to blockchain systems, APIs are responsible for providing accurate data off-chain.

The main difference between regular APIs and decentralized APIs is that dAPIs are built into the blockchain.. Thus, decentralized APIs are completely free from intermediary influence, which in turn minimizes fees. Most importantly, dAPIs can connect directly to smart contracts.

In addition to eliminating intermediaries, API3 aims to solve the data storage problem. oracles submission of distorted information to blockchain systems.

Where is it Airnodes come in. An Airnode is a type of oracle node that requires virtually no management or maintenance. Its main function is allow APIs to run their own oracles, allowing communication with smart contracts.

Airnodes can be easily integrated into most platforms already used by these API providers. In addition to being native to the blockchain, Airnodes are also completely serverless. This means that they are a subset of both cloud and blockchain technologies.

API3 is an open source project, meaning its code base is publicly available for review.

Who developed API3?

The API3 crypto project was launched at the end of 2020. It is a blockchain company founded by three entrepreneurs. Heikki Vanttinen, Burak Benligirai, And Sasha Milic.

In addition to API3, Heikki Vänttinen also founded CLC Group, a blockchain-based laboratory, where he served as CEO. Other blockchain projects in which Vanttinen has been involved include Zippie, Spacegrade and Equilibrium Labs. He currently works as a strategist at API3.

Burak Benligray holds bachelor’s, master’s and Ph.D. degrees. in Electrical and Electronics Engineering. Prior to launching API3, he worked at Visea Innovative and CLC Group. He currently holds the position of CTO at API3 and is responsible for integrating ChainAPI, a CLC Group solution, into the project.

Sasa Milic is a software engineer with years of experience working for some of the biggest companies in the tech industry, such as Facebook and Rakuten Kobo. She holds bachelor’s, master’s and Ph.D. degrees. Bachelor’s degree in Computer Science from the University of Toronto.

Milic is an avid crypto enthusiast specializing in data science and cryptocurrency research. API3 is the first blockchain project that she co-founded.

The founding team raised approximately $3,000,000 during Initial Coin Offering (ICO) event.

API3 has been able to establish strong partnerships with companies such as Polygon, Solidity Ventures, Fantom, CoinFund and Fantom, among many others.