The next-generation technique for accessing off-chain data is first-party oracles. API3 is spearheading the transition away from third-party oracle networks and toward first-party oracle solutions, which provide more security, efficiency, and data-source transparency.
There are many reasons why API3 is a leading innovative project changing the web3 economy.
The primary reason is its business model.
At the governance level, where it counts the most, API3 is decentralized.
The decentralized web was created to eliminate single points of failure and exploitation. The API3 DAO serves as the cornerstone for API3's security paradigm and is required to build genuinely decentralized Web3 infrastructure. Centralized governance is the weakest component without a DAO.
The Web3 API economy's essential unit is the API3 token.
Staking tokens gives you voting power in the API3 DAO, allowing you to participate in governance, project direction, and resource allocation. It also receives weekly bonuses. Web3 APIs, Beacons, and dAPIs are all covered by the staked token pool. Developers can subscribe to API access by locking tokens. API3's lifeblood is the token.
While the existing renowned partners break or make a project, API3 has proven itself to be on the positive side of the equation. Working with over 20+ partners, they are essentially the leader in the WEB3 API Economy revolution.
Important Take From API3' Whitepaper
With decentralized applications beginning to provide meaningful services in
areas such as decentralized finance, there is an increasing need for these appli-
cations to receive data or trigger events using traditional Web APIs. However,
the generic oracle solutions fail to appropriately address the API connectiv-
ity problem due to an over-generalized and misguided approach. To remedy
this issue, API3 drives a collaborative effort to create a new generation of
blockchain-native, decentralized APIs, or dAPIs for short. dAPIs are composed
of first-party oracles operated by API providers, and thus are more secure and
cost-efficient than alternative solutions that employ middlemen. At the core of
the governance, security, and value capture mechanics of this initiative will be
the API3 token. Staking the token will grant its holders full governing rights
over the API3 DAO along with all the associated rewards. Staked API3 tokens
will be used as collateral for the on-chain insurance service that will provide
quantifiable and trustless security guarantees to dAPI users. These mechanics
will remove the need for a central authority at the ecosystem level. As a result,
the API3 Project will allow smart contract platforms to leverage APIs for the
building of meaningful applications in a truly decentralized and trust-minimized
Key Resources & readings:
API3 | The Web3 API Economy
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