Greetings Friends;
Connection is a word that predates the famous and feared Singularity a word and a concept that according to Elon Musk the world will become more connected taking the planet to another level. Can we encompass these advances in Web3 and what would Web3 be? Also known as Web 3.0 is a new idea and concept to decentralize the internet using blockchain technology and the use of tokenization economy. Making it become something revolutionary compared to the present day and gradually this new concept is gaining space in the market. Another important and very relevant aspect is the engines that drive these ideas and concepts and in this case I'm talking about APIs whose function is to "translate" and with specific functions to connect systems, software and applications.
In order not to get too long the introduction in this article I will write about API3 an engine, a connector that connects your interests to Web3.
What is API3? What is your true purpose?
In connection with the introduction API3 is a decentralized project with the purpose and principle of building, managing and monetizing dAPIs (decentralized APIs) in different segments further strengthening the benefits of Web3. The main purpose of API3 is to provide decentralized services (dAPIs) and native variations of blockchain. APIs created by combining multiple nodes are provider-operated on aggregated data feeds, without the use of a third party. The project's governance system is open, where any API3 token holder will be able to stake to gain direct voting privileges in the API3 DAO(Decentralized Autonomous Organization). For more information access the Whitepaper or the access links at the end of the article, my goal here is to highlight the benefits.
The true use of project...
I believe that everyone agrees when saying that Blockchain is a technology that has changed and can still change the world view when it comes to connection and it's at this moment that API3 can come in and solve the lags of this wonderful technological system and what would these lags be? I could name several but I will name 3 which are:
- Inability to access data in smart contracts (not currently found in blockchain)
- Lack of immediate connection of applications and services (That's why API3 can be the best option and benefit)
- Rigid systems with impossibility of exchanging information within a decentralized network or between several networks at the same time.
The solution proposed by the project is a benefit that, when applied, changes and improves the futuristic thinking of Web3. Returning to more practical means, APIs allow the end user to use an application, software or even a simple spreadsheet, consulting, changing and storing data from different systems, without the user having to access them directly. So API3 has this idea but with a decentralized concept thus creating the dAPI the main focus is transparency and governed by a DAO. The purpose of API3 DAO is to exchange data between different systems (blockchain), most of the time these data exchanges aim to automate manual processes and/or allow the creation of new functionalities through the betting protocol with API3 tokens for the benefit of direct voting on the ecosystem. In conclusion of the reasoning to participate in the governance it's necessary to bet a number of tokens to gain the voting power. By doing this you can allocate resources, direct the project as long as there is a consensus in the community for the benefit of the project. Not to mention participation rewards. And that's not to mention the participation rewards.
API3 Specifications:
Token
Name: API3
Symbol: API3
Decimals: 18
Total Suply: 113,241,581
Contract: 0x0b38210ea11411557c13457D4dA7dC6ea731B88a
Exchange:
Conclusion
As we can see after reading this article is that the resolution segment of the API3 project is the connectivity of the networks and dAPI is, in essence, the ideal resolution in the use, sharing of data between common and complex systems. Maybe you can't see it in practice because maybe it's not your area of expertise at the moment but as soon as Web3 gains strength and the space it deserves you will realize how important transparency and data sharing is quickly and efficiently and all this is possible thanks to the internet engines (API) that will be used in the blockchain (dAPI). In everyday use by ordinary people means that the API3 project will allow all the skills of all types of experts to be utilized in a decentralized way that will ensure that everyone uses their skills in any way they see fit for their benefit or an ecosystem.
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