Original first-party blockchain oracle solution offers API providers an effortless gateway to providing data and services to the next generation of decentralized applications
API3, a “first-party oracle” solution empowering data providers to offer their APIs directly to Web3 applications, launched its API3 Alliance. The API3 Alliance represents a strategic coalition of API providers who believe that they should be able to share the same data and services they currently offer to web applications directly to Web3 consumers, without having to rely on third-party middlemen. Traditionally, APIs have been forced to either build their own facilities or pay external oracle operators to implement the middleware necessary to make their data and services compatible with the blockchain. API3 offers the tools and individualized support to this growing community — already more than 125 API providers — to go direct to the consumers of their APIs on Web3.
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At the center of its interactions with the API providers in the Alliance is API3’s Airnode architecture. Airnode is the serverless utility, invented by API3, that allows API providers to effortlessly create first-party oracles that empower them to bring all forms of API-delivered data and services to Web3 applications and form an essential bridge between blockchain and the rest of the digital world.
Unique within the blockchain ecosystem, API3’s approach places API providers at the center of its success. Unlike existing oracle solutions that focus on third-party node operators linking APIs and the blockchain, API3 empowers API providers themselves to “be the oracles” and reap the full rewards of offering API-delivered data and services directly to blockchain applications. As a result of its focus on API providers, and the enthusiasm it has garnered among them for the API3 project, API3 has established, with its Alliance, a broad ecosystem of secure, robust, cost-efficient and flexible functionality that expands the relevance of blockchain applications in ways unmatched by alternatives.
“The API3 Alliance represents the first incarnation of the burgeoning community of API providers utilizing API3’s Airnode oracle middleware to offer services, which, already proven on the traditional web, can now be made accessible to the decentralized Web3 ecosystem at scale,” said Heikki Vänttinen, co-founder of API3. “We have always placed APIs at the heart of our operation, and we are thrilled to be collaborating with so many diverse and reputable API providers, all working to unlock the next evolutionary step of the decentralized web.”
To support API3 Alliance members, API3’s experts will assist these API providers in reaching Web3 consumers and integrating with new decentralized applications (dApps) that use their functions. At the same time, API3 will work with dApp developers to support them in efforts to merge novel API-delivered off-chain data and services into their applications, effectively unlocking previously inaccessible value.
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“We are committed to the mission we share with API3 to liberate the information potential of blockchain by bringing more high quality, institutional sourced data to blockchain connected environments such as smart contracts and DeFi and to help the next generation of the web to reach its potential,” said Oleg Solodukhin, CEO of dxFeed. “We are happy to be one of the first data vendors to join the API3 Alliance, bridging the gap between the ‘old world’ of traditional finance and the ‘new world’ of blockchain-enabled economy by providing quality data on-chain.”
The ecosystem will be managed at scale by the newly formed API3 decentralized autonomous organization (DAO), which will maintain a self-regulating balance of risk and reward through well-engineered, value-added services built on top of APIs — such as quantifiable security guarantees in the form of insurance, and data feeds aggregated from independent sources known as decentralized APIs (dAPIs).
API3 DAO’s governing members will vote to ensure the API3 Alliance and API3’s unique procedures are not limited by their initial designs, and that they evolve to meet new challenges and needs.
“We will put our maximum effort behind our API3 Alliance partners, and are confident that with our support they will succeed in connecting their services to the growing Web3 market. At a time when the importance of APIs in the digital world has never been greater, we are creating the Web3 API economy and building the open infrastructure for decentralized applications,” said Vänttinen.
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