We do two things at API3: * Build the tooling that will make Web APIs available to smart contracts in the form of first-party oracles. This is not limited to integration, but also productization and monetization. * Foster an API-first oracle ecosystem to break through the chicken-and-egg problem that is common in
API3 is beyond excited to announce that at the time this article is posted, the authoritative DAO and its staking pool will be live on Ethereum mainnet. API3 token holders will be able to visit https://api3.eth.link/ to stake to receive rewards and voting power. The authoritative DAO
We had discussed the purpose of the staking mechanic in the first post of this series. To briefly summarize, it incentivizes token holders to participate in both the decentralized governance of the API3 project and provide collateral for the insurance products that will be built to provide quantifiable security for
n the absence of a consensus mechanism, immutability is required for smart contracts to be trustless. DAOs are commonly used to provide this consensus functionality at the smart contract-level to update parameters of a decentralized application, and even upgrade entire contracts without having to resort to centralization. Although this is
Ever since its conception, API3 has been governed over by DAOv1, which has secured the investor funds, public distribution proceeds, and most importantly, the ownership of the API3 token contract. It has even topped the Deep DAO chart for a while now. DAOv1 was not only a useful vessel to
A short update: We are currently going through the auditing process of the authoritative DAO and staking. We have cleared the first audit and are waiting for the rest to be finalized. The current state of the market has driven up the demand for audits significantly, which is causing some
This post addresses the recent sensationally titled CoinDesk piece, ‘Chainlink Killer’ API3 Closes $3M Funding Round With Placeholder and Pantera, and poses a rebuttal. The answer, according to Betteridge’s law of headlines, is of course no, but I will elaborate. Because even though we have implicitly explained how API3
The existing general DAO terminology is extremely immature, which results in DAOs coming up with their own according to their needs (see the MetaCartel whitepaper for example). After facing this need in practice, we realized that we will also have to come up with a terminology to describe the activities
In the last week’s installment of “Getting APIs on the Blockchain”, a comprehensive comparison was made between first and third-party oracles. I will be taking over for this week and set the stage for a spin-off series: “Airnode: The first-party oracle node”. Okay, first-party oracles are the best thing
The first step to thinking deliberately about a concept is to come up with a name for it, and this word becomes the vector that disseminates the resulting idea from mind to mind. The more true the idea is, the more susceptible everyone is to catching it. We had to
During our years working on oracles, a dissatisfaction slowly brewed at the back of our minds. This oracle technology that was supposed to remove the middlemen, in fact, only supplanted them with other middlemen. The API services available on the blockchain were being served by third-party oracle node operators, who
To start, I would like to thank all of the API3 partners for their help in realizing API3, as well as our whole team for their effort in the past many months it took to get to this point. From the start, API3 has been, and continues to be, a