API3 is leading the movement from legacy third-party oracle networks to first-party oracle solutions that deliver more security, efficiency, regulatory compliance, and simplicity.
We envision a world where businesses can easily deliver their services on the blockchain and any developer can create trustless, real-world, business-critical applications.
API3’s mission is to connect Web2 APIs with Web3 to unlock the tremendous potential of trustless applications that interact with real-world businesses, and truly decentralized off-chain data feeds.
API3 Integrates into RSK Protocol, deploying 12 Web2 APIs for Dapp’s to utilise, following the recent upgrades to Airnode v0.2, the following 12 APIs are now integrated on RSK Mainnet and are now accessible by engineers in the RSK ecosystem.
This provides an improved data availability for Smart Contracts, improved data availability for smart contracts means the introduction of smarter Dapps and new Web3 use-cases.
See a high level diagram below to illustrate the integration;
API3 is a first-party oracle solution that utilizes a lightweight API middleware to make Web2 APIs accessible by Web3, giving on-chain access to Web2 APIs via smart contracts. API3 started partnering with API Providers in early 2021 and now has a catalogue of 150+ within the API3 Alliance.
API3 is a collaborative project to deliver traditional API services to smart contract platforms in a decentralized and trust-minimized way. It is governed by a decentralized autonomous organization (DAO), namely the API3 DAO. Its code is open source and its operations are transparent.
The vast majority of the external integrations that decentralized applications need are to “Web 2” APIs. These are built by traditional businesses to monetize their data and services. API3 bridges the gap between Web 2 and Web 3, by bringing this data on-chain.
What is widely known as the oracle problem, in practice, is also an API connectivity problem.
Existing oracle solutions fall short because they fail to make this distinction, resulting in inferior solutions that depend on third-party oracles and ecosystems that exclude API providers. By refining the definition of the problem, API3 aims to provide a much more optimal solution.
API3 data feeds are governed by an open DAO of stakeholders, industry experts and project partners. This allows decentralized APIs (dAPIs) to be operated with maximal transparency, minimal required trust in centralized operators, and no centralized attack surfaces.
API token holders can take a direct part in governing the project by staking API3 tokens into the API3 insurance staking contract, which grants them voting power in the API3 DAO.
Without third-party node operators, API3 data feeds are never exposed to data tampering and denial of service attacks by middlemen. This enables them to reach higher cost-efficiency, while having fewer attack surfaces. Source-level decentralization of dAPIs is enabled by Airnode, a fully serverless oracle node that can be deployed by any API provider for free, and requires minimal day-to-day management.
API3 provides dAPI users with the option of on-chain insurance, powered by the API3 token and Kleros’ decentralized courts. API3’s insurance feature gives dAPI users a quantifiable safety net in the event of a malfunction, holds the API3 DAO directly responsible for the security of the dAPIs and incentivizes a security-first governance approach for dAPIs and the API3 project as a whole.
As a multi-layer, cross-platform data solution, dAPIs can be bridged to any blockchain, in order to provide smart contracts on various platforms with reliable access to premium real-world data. API3’s cross-platform approach enables any smart contract platform to leverage API3’s ecosystem of dAPIs and data-integration tools by simply creating a bridge between API3 and the network.
At its core, API3 brings the ability for API providers to easily run their own oracle nodes. This allows them to provide their data on-chain, without an intermediary, to any decentralized app (dApp) interested in their services.
At the heart of this mechanism sits Airnode, an open-source oracle node. It’s designed to be easily deployed by any API provider with almost no maintenance. Because of Airnode, dApp developers can write smart contracts to interact with the on-chain data of API providers.
Airnode is designed with mechanisms to remove the on-chain or off-chain concerns of API providers. The set-and-forget framework of Airnode is all about ease of implementation.
dAPIs are data feeds built entirely on-chain from first-party, API provider-operated oracles with decentralized governance.
If you have any technical issues write at firstname.lastname@example.org.
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