Get rich with API3

[Anonymous No.24834961]

PASTA:

The main problem that API3 is addressing, is the problem of inherent centralisation caused by generic oracle solutions. By acting as a first-party API provider for Web 3.0, API3 allows data sources and data requestors to be connected directly, without having to go through a middle-man.

This next generation of Oracle will be referred to as a Decentralised API (dAPI for short). The fact that data goes directly from the source to the requestor, without going through a middle-man, means that it is more secure and also more cost-efficient than an alternative solution that employs middle men.

To breakdown why API3 is more secure than traditional solutions; Oracle networks essentially take data from multiple nodes and aggregate them into a single answer. This single answer is an aggregate of all node operators answer. This function is essentially a consensus algorithm.

[Anonymous No.24834979]

didnt read not buying LOL

[Anonymous No.24834982]

As with all consensus algorithms, it is susceptible to dishonest actors. Dishonest actors, or a group of them, can collude to skew the data, or even control it completely, to benefit themselves. See the recent example on Compound, where it appears that malicious Oracles skewed the data and caused $100m of liquidations due to a poor data feed (where oracles returned a DAI price of $1.30).

The issue with third-party Oracles is - there will always come a time where node operators will be heavily incentivized to misreport data for their own private gain. In other words, they can make A LOT more money by providing incorrect data and benefiting from the fall out.

Especially in the case of data feeds into large Defi projects. This isn't the case with API3, as there is no middle-man that could be incentivised to lie or cheat. Data source is connected directly to data requestor. Crypto was designed to eliminate trusted-third parties. This is the next logical step for data feeds into smart contracts.

[Anonymous No.24834997]

Dude stfu about api3. The ideas are fucking dog shit and you'd be better at scamming ppl if they didn't know how shit of a project it is. Fuck Timo

[Anonymous No.24835002]

The reason API3 is cheaper and more cost efficient than traditional oracles - because there are no hungry middle-men to feed. Hungry middle-men make the data more centralized, less secure and more expensive.

Because API3 is truly decentralised, it operates via a DAO voting mechanism. Staking API3 grants its holders full governing rights over the API3 DAO. This is a big selling point, because it means that you have a say in the protocols governance. This isn't the case with other third-party oracles. With most, you simply own part of the currency that powers the protocol. With no real say or power over the governance.

API3 is also a provider of on-chain insurance services that provide trustless security guarantees to dAPI users. In other words, insurance to protect the accuracy of data is built in. No need for off-chain insurance providers. Staked API3 is used as collateral for these services. Fee's go back to stakers. As we know, insurance is becoming a big narrative in Defi and Crypto in general.

[Anonymous No.24835023]

As a result, API3 will allow smart contract platforms to leverage APIs for the building of meaningful applications in a truly decentralised and trust-minimised way.

For me, the thing that gives API3 added credibility, is the fact that they built the Honeycomb API Marketplace using Chainlink as the underlying infrastructure and simultaneously operated 6 Chainlink nodes themselves, whilst also achieving the number 1 response rate onreptuation.link.

In other words, this team were the number one node provider on the Chainlink network. Therefore, they know first hand the issues that come with third-party oracle networks. This first hand experience allowed them to spot an opportunity to improve Oracle technology, and create "Oracle 2.0". This is what API3 is.

Take a look at the website below. The backers of this project speak for themselves: Pantera, Digital Currency Group.. to name a few.

If it isn't clear by now, I am incredibly bullish on this project and continue to load my bags. I would welcome others thoughts on this though.

You can find the white-paper here:https://raw.githubusercontent.com/api3dao/api3-whitepaper/master/api3-whitepaper.pdf
Here is the website:https://api3.org/

[Anonymous No.24835157]

Check out burak on the cryptotesters podcast, he breaks it all down

https://cryptotesters.com/podcast/burak-api3

[Anonymous No.24835348]

I'm already balls deep in API3 and know its a good investment anon, you really don't need to shill it this hard, you look desperate by doing it

[Anonymous No.24835500]

>>24835348
Its just a pasta anon

[Anonymous No.24835874]

>>24835157
Imagine not investing in burak

[Anonymous No.24836024]

just traded my eth stack for api3 stack

yolo