API3 will allow smart contract platforms to leverage APIs for the building of meaningful applications in a truly decentralized and trust-minimized way.
API3 is governed by a decentralized autonomous organization (DAO), its code is open source and its operations are completely transparent.
Without third-party node operators, API3 data feeds are never exposed to data tampering and denial of service attacks by middlemen. This enables them to reach higher cost-efficiency, while having fewer attack surfaces. Source-level decentralization of dAPIs is enabled by Airnode, a fully serverless oracle node that can be deployed by any API provider for free, and requires minimal day-to-day management.
API3 provides dAPI users with the option of on-chain insurance, powered by the API3 token and Kleros’ decentralized courts. API3’s insurance feature gives dAPI users a quantifiable safety net in the event of a malfunction, holds the API3 DAO directly responsible for the security of the dAPIs and incentivizes a security-first governance approach for dAPIs and the API3 project as a whole.
As a multi-layer, cross-platform data solution, dAPIs can be bridged to any blockchain, in order to provide smart contracts on various platforms with reliable access to premium real-world data. API3’s cross-platform approach enables any smart contract platform to leverage API3’s ecosystem of dAPIs and data-integration tools by simply creating a bridge between API3 and the network.
API3 Public Distribution Event Details:
- Starts on October 15th, 2pm CET
- Ends on October 29th, 2pm CET (or when the total allocation is claimed)
- Hosted on Mesa – mesa.eth.link
- 15,000,000 API3 tokens will be available
- Initial price will be $0.30, ceiling price will be $2.00
- Proceeds and unsold tokens will go to the API3 DAO