What is API3 (API3)? How does it Work?

API3 (API3) was developed by Heikki Vanttinen, Burak Benligiray and Saša Milić in 2020. API3 aims to provide API services to smart contract platforms in a decentralized, secure, and efficient way. At its core, API3 provides the ability for API providers to easily run their own oracle nodes. In this article, you can find answers to the questions of what is API3 (API3), how does API3 (API3) work, how to get API3 (API3) and how to trade API3/TRY and API3/USDT trading pairs.

Topics you will read in this article;

What is API3 (API3)?

How API3 (API3) Works?

How to Store API3 (API3)?

How to Buy and Sell API3 (API3)?

What is API3 (API3)? How Does it Work?

An application programming interface (API) is a well-standardized and documented protocol that is used to communicate with a specific application to receive services from it. Decentralized applications interact with the real world through the service provided by APIs. However, APIs are not compatible with smart contracts. This is why third-party oracle nodes provide the link between API and smart contract.

API3 aims to forward data sources to smart contracts without the need for a third-party intermediary oracle node. It provides this through decentralized APIs, or dAPIs. dAPIs are first-party oracle networks that provide traditional API services in a decentralized and blockchain native way. That is, the API providers run their own Airnodes. API3 aims to provide a more secure, efficient, and transparent solution compared to third-party oracle nodes while promoting a more decentralized environment.

At the heart of this mechanism sits Airnode, an open-source oracle node specially designed for API providers to run their own oracle. dApp developers can write smart contracts to interact with the on-chain data of API providers with Airnode, which is simply designed.

The native token for API3 is API3, central mechanism for payments and community governance. dApps using the dAPI network, pay transaction fees as API3, while data providers get paid in API3. The API3 token can be staked for rewards and participating in DAO governance. On the other hand, staked tokens are used as collateral or insurance in terms of sharing and minimizing operational risk.

The total supply of API3 is capped at 100,000,000 units.

You can access API3’s website from https://api3.org/

You can access the white paper where you can find all the basic and technical information about the API3 at https://docs.api3.org/api3-whitepaper-v1.0.3.pdf

How to Store API3 (API3)?

API3 is an ERC-20 based token that enables API providers to easily run their own oracle nodes. You can manage your API3 balances with desktop, mobile and hardware wallets that support ERC-20 based Ethereum assets.

How to Buy and Sell API3 (API3)?

You can use the BtcTurk | PRO mobile application or website to buy and sell API3 (API3) with Turkish lira and Tether. If you are not a member of BtcTurk, you can become a member immediately from our website or mobile application and start trading API3 (API3) by sending Turkish lira 24/7 with 7 contracted banks.

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