API3 is a blockchain-based project that aims to change the way in which dApps interact with off-chain data. The main purpose of API3 is to provide secure, reliable, and decentralized data to smart contracts. It is a decentralized API that seeks to connect traditional web services to blockchain-based applications directly without the need for any intermediaries since it is decentralized.
In this article, we will discuss what API3 is, and how it is used. Additionally, we will also discuss how to store the API3 and how to buy them.
API3: What is?
API3 is a decentralized blockchain-based project that facilitates the interaction of dApps with the real world, safely accessing data through Decentralized APIs and eliminating any third-party oracles. Its main innovation is Airnode, which allows hosting the data provided by API directly on a chain and thereby ensuring the required attributes such as reliability, transparency, and cost-effectiveness.
The API3 token allows its holders to vote on proposals since the project is governed by the API3 DAO and it emphasizes decentralization. It is an important part of the ecosystem, as they are used for governance, staking, and insurance mechanisms and it provide protection against risks. The token bridges the gap between traditional web services and blockchain applications, being a key player in Web3 infrastructure.
How is API3 Used?
The API3 platform enables dApps to access real-world data and services through APIs. The Decentralized Application Programming Interfaces (dAPIs) from API3 would make the real world data collected by existing Oracle APIs compatible with blockchain dApps, thereby allowing direct access other than using any intermediaries.
API3s main innovation named Airnodes makes it possible for API providers to turn their programs into dAPIs. The innovative technology decentralizes data at the source and hence permits dApps to receive data directly without involving any intermediary nodes. This enhances transparency and security since Airnodes serves data directly from source to chain with cryptographic signatures.
The holders of project API3 are granted the right by API3 token, in order to participate in the governance of the API3 ecosystem through the API3 DAO.
How to Store API3?
The API3 tokens can be stored using several wallets that support ERC-20 tokens. Few options are given below:
- Coin98Wallet: In this wallet, you can store the coins by opening the wallet and clicking on “Receive”. Then search for API3 tokens. Some instructions will be provided on the home screen, follow them to complete the process.
- Guarda Wallet: This wallet offers a user-friendly as well as secure platform for the efficient management of cryptocurrencies. You can store API tokens by installing the app from the Google Play Store or App Store and then create an account on the app. Set a strong password and save your wallet backup and add API tokens to your wallet.
- MetaMask: It manages cryptocurrency and allows one to manage API3 funds directly within one’s web browser and the API3 tokens can be added to MetaMask like any other ERC-20 token.
- Bitget: Web3 wallet for API3 tokens can be created by tapping on the wallet on the home page, and then selecting the API3 token from the mainnet list in the top right-hand corner.
- Non-Custodial Wallets: The investors or traders are allowed to hold their private keys instead of a third-party custodian. Trust Wallet, Ledger, imToken, Torus, Coinbase, TokenPocket, and iToken Wallet, are some of the commonly used wallets.
How to Buy API3?
To buy API tokens first you have to choose a cryptocurrency exchange that supports the tokens and also make sure that the exchange operates in your country. Factors such as security fees and user reviews should be considered and Gemini, Binance, and Coinbase are some popular exchanges. The next step is to create an account in the exchange chosen by registering on it, for which you will have to provide personal information and documents for verification. Then transfer funds to your account using payment methods like bank transfer or by using cards.
Next, search for API3 in the exchange and enter the amount of API3 that you would like to purchase. Then, preview the details before confirming the payment by clicking the “Buy API3” button, and the transaction will be processed and completed within minutes and the API3 token will be deposited into the account. You can also transfer your API3 token to a hardware wallet for additional security.
Always use reputed exchanges for securing your cryptocurrency exchanges.
Conclusion
API3 is a project that bridges the gap between traditional APIs and blockchain applications by providing real world data in a secure, decentralized way. Its Airnodes technology makes it easy for the investors to purchase API3 tokens through cryptocurrency exchanges and one can store the tokens in trusted wallets and also in hardware wallets for additional security.
API3 is an exciting opportunity for developers as well as investors as it is an important tool in building and developing the Web3 Ecosystem since it connects real-world data to decentralized systems.