API3 is a project that aims to connect the gap between blockchain technology and traditional application programming interfaces (APIs). The main objective of the project is to create decentralized versions of APIs that can be built, managed, and potentially monetized at scale. This project aims to provide smart contracts with timely, real-world data, which is crucial for various sectors, including decentralized finance and supply chain management.
API3's approach to solving the "Blockchain Oracle Problem" involves enabling API providers to potentially operate their own nodes, which eliminates the need for third-party oracles. The solution is achievable through the use of a light and robust middleware called Airnode, which can be deployed in minutes. Airnode enhances transparency and aims to reduce transaction fees, making API3 a practical solution for connecting smart contracts with real-world data.
The potential use cases of API3 are wide-ranging, particularly in sectors that rely heavily on real-time data. The decentralized finance (DeFi) sector, for instance, can benefit from API3's ability to provide accurate and up-to-date price data for various cryptocurrencies. This capability enables smart contracts to execute trades based on the most current market information. Similarly, in supply chain management, API3 can provide real-time data on product location, status, and other critical details, enabling smart contracts to automate various processes in the supply chain. API3's ability to establish direct connections between APIs and smart contracts opens up numerous possibilities for blockchain integration in various industries.
API3 has a total supply of 125,324,588. The current circulating supply of API3 is 86,421,978.
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