API3

API3 is a decentralized data feed platform that aims to address the "Blockchain Oracle Problem" - the challenge of connecting smart contracts to reliable off-chain data sources. The project's goal is to enable the creation of decentralized APIs (dAPIs) that can provide smart contracts with timely and trustworthy real-world data. The key problem that API3 is trying to solve is the lack of a direct connection between smart contracts and APIs. Currently, oracles act as a middleware layer between smart contracts and APIs, which can introduce issues like increased costs and centralization. API3 aims to bypass this by allowing API providers to operate their own nodes and integrate their APIs directly with smart contracts. The API3 platform is built on the Ethereum blockchain and utilizes the ERC-20 standard for its native token, also called API3. The token serves various functions within the ecosystem, such as staking, governance, and rewarding node operators. The API3 project was founded by Heikki Vanttinen, Burak Benligiray, and Saša Milić, who have backgrounds in blockchain development, data science, and software engineering. The team believes that as blockchain technology becomes more prevalent in various industries, it is crucial for smart contracts to have access to reliable real-world data. API3's approach involves the creation of a lightweight and robust middleware called Airnode, which can be quickly deployed by API providers to integrate their APIs with the API3 network. This is intended to improve transparency, reduce transaction fees, and provide a more direct connection between smart contracts and data sources. The API3 token distribution involved a public token sale, as well as allocations to pre-seed and seed investors, the founding team, partners, and an ecosystem fund. The tokens sold during the public sale are unlocked, while those allocated to the founding team and early investors are subject to a vesting period.