The role of API
Application Programming Interface (API) is a software intermediary designed to simplify the interactions with applications. APIs help applications talk to each other by retrieving and interpreting data according to the user’s demands. As such, they save users time and eliminate need for technical know-how while interacting with software and complex programs by providing feedback in a readable way. Consequently, APIs have become ubiquitous in the modern technological world as they facilitate loads of our interactions with different websites, mobile apps and computer programs. They have become an integral part in the operations of many businesses and even a valuable resource contributing a significant share of revenue for large organizations like Google, Amazon and Expedia, among others.
APIs are quickly becoming valuable and useful tools for blockchain technology, just like they are for modern businesses. They help investors, traders, businesses and basically anyone interested in the blockchain space to make sense of all the technical stuff going on in the background. Evidently, blockchains are designed in a complex manner, thus making them difficult to understand for those without a programming background. APIs remove this barrier by synthesizing blockchain data and converting it into easily accessible, understandable and actionable information. APIs also help sort and package the blockchain data into well documented information for specific audiences to facilitate decision-making. They make it much easier to query the blockchain due to their standardization, as well as their ability to version data in a useful way for various consumers.
Application of API in crypto
APIs are powering several essential tasks in the cryptocurrency industry, thus aiding in analyzing the market and performance of various blockchains. For instance, there is a host of crypto APIs for aggregating market da...