API3 (API3) is a decentralized oracle project aimed at enhancing data service reliability within the Web3 ecosystem. Through its dAPIs, API3 ensures increased security and transparency for DeFi applications by sourcing data directly from native Blockchain providers. This eliminates the need for cross-chain bridges, thus improving data reliability. Additionally, API3 offers services such as a quantum mechanics-derived random number generator and Web3 APIs. The project’s governance is conducted through an on-chain voting mechanism managed by token holders, ensuring decentralized control.
What is API3 (API3)?
API3 was developed to address the limitations observed in the Honeycomb marketplace, an earlier project by its founding team CLG in 2019. Honeycomb aimed to facilitate collaboration between API providers, oracle node operators, and dApp developers. However, the reliance on third-party oracles highlighted risks and impracticalities, leading to API3’s more streamlined, API-centric approach.
By focusing on direct interactions with API providers and minimizing intermediary risks, API3’s Airnode was created. Airnode is a fully serverless oracle node designed to simplify the process for API providers to present their data on-chain without complex infrastructure needs.
How to Buy API3 (API3) with TRY?
For investors in Turkey, Binance TR is the most suitable exchange to buy API3 (API3) using Turkish lira (TRY). The platform supports over 100 cryptocurrencies, including API3. Users can quickly create an account on Binance TR and follow a straightforward process to make purchases.
Practical Steps for Investors
- Create a Binance TR account by entering basic personal information and verifying your email/SMS.
- Complete identity verification on Binance TR using your phone or the official website.
- Deposit Turkish lira into your account through various banks, with options for 24/7 transactions.
- Purchase API3 coins with TL using the “Buy-Sell” option on the Binance TR website.
Conclusion
API3’s innovative approach and governance model establish it as a crucial player in the Web3 ecosystem. By focusing on direct data collection from native chain sources and eliminating intermediaries, API3 aims to provide a more secure, transparent, and efficient data service for DeFi applications. Its evolution from Honeycomb underscores a commitment to practical, business-oriented solutions that meet the real-world needs of developers and data providers.