API3

As decentralized applications begin to provide meaningful services in areas such as decentralized finance, these applications increasingly need to use traditional Web apis to receive data or trigger events. However, due to overgeneralization and misleading approaches, the generic predictor solution does not adequately address API connectivity issues. To address this issue, API3 promotes collaboration to create a new generation of blockchain native, decentralized apis, or Dapis. DAPI is implemented by first-party predictive assembly operated by API providers and is therefore more secure and cost-effective than alternative solutions using middlemen. The core of the program's governance, security and value capture mechanisms will be API3 tokens. The pledged token grants its holder full management of the API3 DAO and all associated rewards. Pledged API3 tokens will be used as collateral for on-chain insurance services, providing quantifiable and untrusted security assurance to dAPI users. These mechanisms would eliminate the need for central authority at the ecosystem level. As a result, the API3 project will allow smart contract platforms to leverage apis to build meaningful applications in a way that is truly decentralized and minimizes trust.