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API3 — Decentralized APIs for the Decentralized Web

API3 — Decentralized APIs for the Decentralized Web

To start, I would like to thank all of the API3 partners for their help in realizing API3, as well as our whole team for their effort in the past many months it took to get to this point. From the start, API3 has been, and continues to be, a distributed endeavor to create solutions that serve the entire Web 3.0 ecosystem and everyone who would like to build externally connected decentralized applications within it.

What is API3?

API3 is a collaborative effort to build, manage and monetize decentralized APIs (dAPIs) at scale. dAPIs are blockchain-native, decentralized API services built by combining multiple provider-operated oracle nodes into aggregated data feeds, without the use of third parties. Furthermore, to achieve a system that is end-to-end decentralized, both dAPIs and the API3 project as a whole will have a completely open and direct governance model from the beginning, powered by the API3 token and the API3 DAO.

What is an API?

To properly understand API3’s value proposal, one first needs to understand what APIs are, and how these standardized data and service interfaces have transformed the way applications are built today.

An Application Programming Interface, or an API for short, is a thoroughly defined and documented protocol used by Web and mobile applications alike, that enables them to interact with one-another by way of exchanging information and services. Using an API as the channel, online businesses today are able to offer their data and services as monetizable service modules, which developers can then integrate into their applications. This, in turn, substantially improves the efficiency of building software both in terms of cost and build-time. When contrasted with a past where developers would have to build every function of their application from start to finish, it is clear why the massive increase in efficiency enabled by APIs has made them the foremost...

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