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Audio from the September 13, 2022 installment of “Polygon Alpha” with Dave Connor, co-founder & Ashar Shahid, core protocol developer at API3.
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API3
- API3 is a collaborative project to deliver traditional API services to smart contract platforms in a decentralized and trust-minimized way.
- It is governed by a decentralized autonomous organization (DAO), namely the API3 DAO. Therefore, its code is open source and its operations are transparent.
- The vast majority of the external integrations that decentralized applications need are to commercial Web APIs that traditional businesses have built to monetize their data and services.
- Therefore, what is widely known as the oracle problem is in practice an API connectivity problem.
- Existing oracle solutions fall short because they fail to make this distinction, resulting in inferior solutions that depend on third-party oracles and ecosystems that exclude API providers.
- By refining the definition of the problem, API3 aims to provide a much more optimal solution.
- At its core, API3 brings the ability for API providers to easily run their own oracle nodes.
- This allows them to provide their data on-chain, without an intermediary, to any decentralized app (dApp) interested in their services.
- At the heart of this mechanism sits Airnode, an open-source oracle node.
- It's designed to be easily deployed by any API provider with almost no maintenance.
- Because of Airnode, dApp developers can write smart contracts to interact with the on-chain data of API providers.
- Airnode is designed with mechanisms to remove the on-chain or off-chain concerns of API providers.
- The set-and-forget framework of Airnode is all about ease of implementation.
Host: Justin Havins aka Crypto Texan
AV Engineer: Aaron Pettijohn
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