Blockchain technology has been on a steady rise for the past few years and appears unstoppable. In this ultra-competitive market, with an array of crypto coins available, investors are looking to find their ideal token, one that stands out from the rest.
One such currency is API3. Sure enough, its uniqueness caught people’s attention and generated a great deal of interest among investors.
API3, the Advanced Encryption Standard 13 algorithm, is a cutting-edge encryption protocol developed by NIST (National Institute of Standards and Technology) to modernize the AES algorithm.
This collaboration between multiple parties seeks to provide dependable API services for distributed smart contract platforms through an autonomous Decentralized Autonomous Organization (DAO), known as the API3 DAO.
The intention behind this project is to further enhance security in blockchain technology while broadening its capabilities within decentralized networks.
Will the API3 coin reach new heights in 2023? Keep reading to uncover the answer.
API3 Overview
As blockchain technology becomes increasingly adopted, API3 is here to address the issues associated with utilizing reliable data in smart contracts.
By creating decentralized APIs that can be managed and monetized on a large scale, this project seeks to provide an innovative solution for users of all types. The team recognizes the potential benefits of integrating modern technology into today’s society, and they’re doing their part by making sure it happens.
An application programming interface (API) provides access to services and data that were once difficult or impossible for applications. As a channel, APIs facilitate the transmission of information between different apps, allowing businesses to offer their services as monetizable modules.
Developers are now able to effortlessly integrate these components into their applications, providing increased efficiency with regard to cost and build time.
In light of the significant role that blockchain technology plays in our economy, from DeFi to supply chain management, API3’s team emphasizes the need for smart contracts to deliver timely and trustworthy real-world data.
Launched in September 2020, API3 is a project spearheaded by founders Heikki Vanttinen, Burak Benligiray, and Sasa Milic. This platform boasts its own native token called API3 which serves as the main currency for governing the DAO and voting on proposed upgrades to the platform.
This offers users increased flexibility when engaging with this revolutionary technology.
API3 has strategically placed itself as an incredibly promising crypto investment, making it a great opportunity to purchase right now.
Is API3 Going to Skyrocket in 2023?
API3 is a more secure encryption system than AES, with Microsoft, Google, and Facebook among the many companies currently leveraging its capabilities.
Its key purpose is to promote greater security while driving crypto industry innovation through advanced technology adoption—it has even been mooted for implementation in upcoming Bitcoin versions.
API3 is revolutionizing the way APIs are connected, breaking down a major barrier to smart contracts.
With API3’s APIs that allow for the running of individual nodes and provide superior transparency into factual data sources, it is taking decentralized systems to new heights.
For these reasons and more, API3’s potential growth is limitless.
The Blockchain Oracle Problem
API3 is the key to solving the Blockchain Oracle Problem. An oracle acts as a mediator between APIs and smart contracts, but it tends to be too centralized and costly. API3 enables users who use an API to manage their own nodes so they don’t need oracles anymore.
How? By tapping into an established standard in app development: APIs. In other words, with API3’s help, we can now feed data from all around the world into blockchain applications quickly and efficiently.
Reliable and Secure Real-World Data
In today’s world, data is the most invaluable asset and plays an essential role in operating blockchain smart contracts. Consequently, it can be difficult to ensure that this data is up-to-date, trustworthy, and delivered instantly.
Fortunately, though, API3 has developed a solution that facilitates this outcome. This innovative new tool enables us to guarantee the reliability of our data for smart contracts applications, allowing us all to take full advantage of blockchain technology.
Bottom Line
API3 has the potential to revolutionize reliable data access for smart contracts and spur industry-wide innovation by providing a transparent, efficient, and cost-effective solution.
If its technology proves practical across other blockchains too, it could eventually displace existing blockchain oracles that act as gateways between real-world information and distributed ledger systems.
With these strong factors in mind, many specialists have estimated that API3 will take off and be a lucrative investment opportunity by 2023. Think about investing in this up-and-coming cryptocurrency for long-term gains today.
