DystoWorld metaverse partners with API3DAO is yet another integration for API3. The Dystoworld Ecosystem will benefit from this partnership’s decentralized data and quantum random number generation services.
What is API3?
Launched in December 2020, API3 is a platform that allows blockchain-based decentralized applications (dApps) to use application programming interfaces to access blockchain-external, real-world data, and services (APIs).
APIs stand for a well-recognized standard in the creation of apps and applications. The world’s data may now be quickly and uniformly ingested into blockchain applications thanks to API connection, which is made possible via API3.
What does API3 do?
Decentralized APIs serve as a multi-layer, cross-platform oracle solution for giving data to any decentralized ecosystem that requires it and may be bridged to support any blockchain. Reliable data oracles are advantageous for many platforms; therefore, API3’s decision to remain blockchain-independent enables it to support virtually any decentralized network with smart contract functionality.
What are API3’s Beacons?
Lightweight, first-party data feeds that increase data access for Web3 and lower costs.
Smart contract writers can use beacons to connect Web3 apps to regularly updated streams of off-chain data, such as the most recent cryptocurrency, stock, and commodity prices. Beacons are a transparent, affordable, and scalable means for smart contracts to communicate with the off-chain data they require. They are run by the market’s most reputable and trustworthy data providers.
What is API3’s Airnode?
Web3 middleware called Airnode integrates Web APIs with smart contracts.
The incapability to leverage real-world data and services has limited the capabilities of blockchain-based Web3 apps. The standardized API communication protocol known as Airnode is what addresses the Web3 accessibility issue. The quick route to Web3 is Airnode, which is open source and simple.
What is the API3 Token utility?
The core of the Web3 API economy is the API3 token.
You can participate in governance, determine the course of the project, and allocate resources by staking tokens in the API3 DAO. It also generates weekly incentives. Web3 APIs, Beacons, and dAPIs are covered by the pool of staked tokens. Developers can subscribe to API access by locking tokens, and the API3 token is its lifeblood.
What is API3 DAO?
At the governance level, where it matters the most, API3 is decentralized.
The decentralized web is built to guard against abuse and single points of failure. The security architecture for API3 is based on the API3 DAO, which is also required to build a genuinely decentralized Web3 infrastructure. Centralized governance is the weakest link if there isn’t a DAO.
Is API3 a good investment?
The Oracle data sector is highly competitive; while API3 continues to make considerable progress in providing new integrations, it is still far from reaching, for example, Chainlink adoption levels.
API3 can be considered an investment to generate long-term profits with a $70 million market cap during this 2022 bear market. The price of API3 will be tied to the price of BTC, so be sure to DCA and conduct your research before purchasing API3.
How can I buy API3 in the USA?
If you wish to use a decentralized exchange and avoid KYC, another choice is Uniswap.