“API3” A Decentralized APIs for The Web 3.0

INTRODUCTION

You may ask what do Web 3.0 mean? this is going to be just an overview and i will be leaving resources at the end of this article for further research purposes, well i will try and help you with that question to my best knowledge;

the Web 3.0 is simply a decentralized web, it’s call on our today's internet as “the next generation of the internet”. Built on the blockchain, it revolutionizes how the world exchanges value.

So going further, its said that the Web3 is the biggest growth opportunity for businesses since the world wide web. And yes i agree with that notion because i know well that Web3 security is rooted in decentralization.

Now this you can say poses a problem for API companies (which i will be talking about APIs later on). Smart contracts cannot directly connect to APIs for real-world data and services. “Oracles” facilitate API connectivity by acting as a bridge between the smart contract and the API.

ON APIs

The acronym for APIs simply stands for or means Application Programming Interface.

This is a said to be a set of programming code that enables data transmission between one software product and another, i think that is straight forward and easy to understand,

so lets move on, we can go further to say that APIs are technical specifications and software interfaces combined into one package.

The software that requires information from another software contacts its API and specifies the conditions under which the data must be delivered; the other software then returns the information sought by the former application.

With that explained lets dive into another aspect of the API but now its slightly different from the regular type of APIs;

API3

Lets start of by defining its concepts; the API3 is a Decentalised Web 3.0

Web API is an application programming interface for the web, It is a web development concept.

Businesses are currently offering a variety of services over Web APIs, ranging from providing asset prices data to executing traditional financial transactions, and decentralised applications require access to these services in order to interact with the real world. However, Web APIs are compatible with decentralised applications too, but this is where the API3 comes in, with the goal of creating a model in which the API evolves to satisfy the decentralization requirements of Web 3.0 without the use of third-party intermediaries.

With API3, it’s aim is for the concept of an API to take the next evolu-tionary step to meet the inevitably strict decentralization requirements of Web 3.0 without employing third-party intermediaries. We will on the other hand be using the term dAPI to refer to this new generation of decentralized APIs.

As in the official Doc about the API3, it say and i quote “A dAPI is a secure and cost-efficient solution to provide a traditional API service to smart contracts in a decentralized way”.

We will move on for now on dAPI and move to something else about the API3 and its unique features in generally, i will be listing just a few, which for me has to be the very interesting parts of its concept.

THE AIRNODE

Airnode is Web3 middleware that connects any web API directly to any blockchain application. It is the easy path to Web3.

Its is an effortless operation ,it is serverless and maintenance-free. It connects to your web API, so you don’t have to bother with blockchain.

Traditional oracles are difficult to set up, manage, and maintain. Airnode is set-and-forget. this make it very good build that any one can rely on,with Airnode, there is no 3rd-party middleman, this empowers companies to serve their APIs directly to trustless applications on the blockchain.

some of its features are;

1. It does not require any specific know-how to operate. In fact, it is difficult to even speak of an operation, as Airnode is designed to be completely set and forget.

2. It does not require any day-to-day maintenance such as updating the operating system or monitoring the node for uptime owing to existing fully managed serverless technology. It is designed to be stateless, which makes it extremely resilient against any problem that can cause permanent downtime and require node operator intervention.

Now lets see something else which is still interesting;

API3 DAO

DOA which means in full — :Decentralised Autonomous Organisations.

API3 DAO are responsible for managing API3 dAPIs, and provides the project with decentralized governance down to its core structure.

An open DAO of stakeholders, industry experts, and project partners oversees API3 data flows. As a result, the dAPIs can be used with maximum transparency, the utmost faith in centralised operators, and no centralised attack surfaces.

This go as far as to cover dAPIs’ operational costs, such as gas fees and oracle API provider remuneration. Staking API3 tokens into the API3 insurance staking contract, which grants them voting power in the API3 DAO, allows API token holders to directly participate in the project’s governance.

API3 Token

— The API3 token is the native utility token of API3 and is the central mechanism for payments and community governance in the API3 DAO.

That is as simple as you read it, a token that helps to make the API3 grow more and build its community stronger.

SECURITY

The AIP3 is secured: API3 allows dAPI users to purchase on-chain insurance, which is enabled through the API3 token and Kleros’ decentralized courts. The API3 insurance feature provides a quantifiable safety net for dAPI users in the event of a malfunction, holds the API3 DAO directly responsible for the dAPIs’ security, and encourages a security-first governance strategy for dAPIs and the API3 project as a whole.

This outlined are just a few unique features of the AIP3 i covered, some other features like the First-Party Oracles, it’s Cross — Platform, and lot more of them are still an integral part of what makes this revolutionary , so i will be summing up this article, because obviously i don't want to spoil every thing about its concept and unique features for you, it’s more interesting if you would see it for yourself, this was just meant to be an overview of..

So you can get to know more about this project on:

Offical Web Page: https://www.api3.org

Twitter|Discord|Reddit|Telegram|Github|Linkedin

My Sources;

https://www.api3.org/airnode

https://www.api3.org

https://www.freecodecamp.org/news/what-is-web3/

https://www.okta.com/blog/2020/10/api-application-programming-interface/

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Nigerian and Your whole plug

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ignatius juniour

ignatius juniour

Nigerian and Your whole plug

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