API3 Launches Verifiable, Decentralized Data Feeds on Rootstock

We are excited to announce that API3’s managed dAPIs are available on Rootstock. Developers on Rootstock can now access over 120 verifiable, decentralized data feeds powered by first-party oracle nodes, which are operated directly by the data providers.

Rootstock is a Bitcoin sidechain secured by over 50% of the total hashing power of the Bitcoin mainchain. This makes it the most secure smart contract platform in the world. Rootstock has rapidly become known as the home of DeFi on Bitcoin. Rootstock transforms Bitcoin from a store of value into a fully decentralized financial system.

As the first open-source and EVM compatible platform powered by the bitcoin network, Rootstock aims to enrich its ecosystem by facilitating smart contracts, rapid payments, and enhanced scalability. Rootstock is a full tech stack built on top of bitcoin — from smart contracts to the Rootstock Infrastructure Framework. By seamlessly integrating merged mining, its built-in two-way peg protocol, and smart contract functionality, Rootstock brings together the benefits of dApps with the unmatched security of the bitcoin network.

“We’re thrilled to reveal API3 addition into the Rootstock ecosystem. This rapid deployment reinforces Rootstock as the cornerstone for DeFi on Bitcoin and augments the set of infra key providers for developers to smoothly build DeFi platforms on Rootstock’s EVM while leveraging the unparalleled security of the Bitcoin Network. In partnership with API3 and by offering secure and verifiable data feeds we expect the new generation of dApps to join the ecosystem and quickly leverage API3’s price feeds for RBTC, USDRIF, RIF, DOC, DLLR and more,” said Fran Vázquez Noceti, Account Executive at IOV Labs.

Developers looking to utilize managed dAPIs on Rootstock can visit the API3 Market. The API3 Market provides an easy way to browse, access, and manage a wide variety of data feeds, including crypto, forex, equities, and commodities.

Managed dAPIs are changing the way dApps use real-time market data. Delivered as a managed service, they abstract away operational factors like gas management, maintenance, and monitoring. Developers looking to utilize managed dAPIs simply need to read the associated data feed.

“With managed dAPIs available on Rootstock, we’re taking a huge step towards harnessing the unparalleled security of the bitcoin network for the decentralized applications of the future. Rootstock’s commitment to transforming the inherent value of the bitcoin network into a dynamic, decentralized financial ecosystem mirrors API3’s dedication to evolving blockchain technology for greater transparency and utility,” said Ugur Mersinlioglu, Product Lead at API3.

Simply Read Verifiable, Decentralized Data to Power dApps

API3’s first-party oracle architecture maintains data on-chain directly from the data providers. This decentralized and verifiable design eliminates rent-seeking middlemen and offers a more secure and efficient method of bringing data directly on-chain.

One of the key benefits of the managed service is the ease of use for dApps and chains requiring oracle services. Rather than having to manage their own infrastructure, dApps can simply read data that is directly maintained on-chain. This solution simplifies the way data is maintained and also facilitates dApps quickly and easily migration to Rootstock from other EVM-compatible chains, allowing for the rapid adoption and scaling of DeFi ecosystems.

API3’s first-party oracle architecture leverages data directly from the source. The oracle nodes are operated by the data providers themselves, bringing cryptographically signed data onto the blockchain. This allows dAPIs to be verified down to the API parameters and aligns with core principles of the blockchain ethos of transparency and on-chain verification.

Protocols like Aave, Compound, and various DEXes all rely on data maintained directly on the consumer chain. API3 addresses this need by maintaining data on the native-chain in a verifiable and decentralized way. With the introduction of managed dAPIs on Rootstock, developers gain direct access to an assortment of real-world data, including crypto, forex, equities, and commodities straight from the source.

Building the Future of DeFi

As technological innovations continue to improve the core infrastructure necessary for scaling DeFi to the broader world, the mission alignment between Rootstock and API3 represents the crucial role oracles have to play. The next generation of blockchain oracles should provide improved security and transparency with first-party oracle solutions.

Getting Started with dAPIs

Managed dAPIs are easy to implement and offer a flexible, scalable solution for developers building on Rootstock. For those new to dAPIs, a developer Getting Started with dAPIs Video is available to guide you through the API3 Market.

For more information about API3 and managed dAPIs, visit the website, follow us on Twitter, or explore the technical documentation.

About Rootstock

Rootstock is a smart contract platform that is connected to the Bitcoin blockchain through the sidechain. Rootstock uses a trustless and censorship resistant two-way peg to allow users to send Bitcoin directly to the Rootstock chain which is then converted into smart Bitcoins (RBTC) on the Rootstock blockchain. These RBTC can be used to deploy or to interact with smart contracts and dApps on the Rootstock blockchain. RBTC can be easily moved back to the Bitcoin mainchain at any point using the trustless bridge or through a variety of protocols such as Sovryn FastBTC.

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