API3

API3

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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 easily and uniformly fed into blockchain applications thanks to API connection which is made possible via API3. The majority of APIs are designed for the legacy environment of centralized apps, data, and financial services and are not naturally compatible with the world of blockchain and dApps, which is a challenge that has emerged and one that API3 intends to tackle. The goal of API3 is to make current APIs compatible with Web 3.0's decentralization principles without overly burdening dApp developers or API providers. The API3 token serves as the API3 DAO's primary payment and community governance mechanism. It is the native utility token of API3. The API providers using Airnode have the option to receive payment in cash via an API3 DAO grant if they do not want to deal with cryptocurrencies; however, dApps using the dAPI network will be required to pay a subscription fee that is priced in API3. By staking API3 tokens in the API3 insurance staking contract, the API3 token also enables all community stakeholders to take an active role in community governance. As a result, stakeholders are financially motivated to take part in the decentralized network and boost its overall value by receiving staking incentives and inflationary benefits.
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