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How to Buy API3 (API3) • What Is API3? • Benzinga Crypto

How to Buy API3 (API3) • What Is API3? • Benzinga Crypto
Written by publisher team

Want to jump straight to the answer? You can purchase API3 from Gemini today.

An application programming interface (API) is a software intermediary that allows computers or computer programs to talk to each other. Since smart contracts usually have problems accessing trustworthy data, API3 aims to provide solutions.

What is API3?

API3 is a protocol that allows reliable transfer of data and services between blockchain-based decentralized applications (DApps) in a well-documented format. This will allow developers to use real-world data through pre-integrated Plug and Play (PnP) connections without the need for any external intermediaries or servers. Location or payment details are two examples of these types of data.

API3, the original tool code for the API3 platform, is built for three governance use cases:

  1. Staking: The initiative encourages participation by offering staking incentives and inflationary benefits to individuals who participate in the insurance contract.
  2. side: Supports insurance services that protect users from damage caused by dAPI failure.
  3. judgment: This allows you to get a direct representation in API3 DAO.

API3 is the Decentralized Autonomous Organization (DAO) API3 governance token built on the Ethereum blockchain and used in project upgrade ballots. API3 DAO allows dAPI to operate with maximum transparency and without centralized authorities.

The three founders of API3 are:

  • Hickey Fantine: A former CEO of CLC Group who has been developing interconnected real-world smart contract solutions for a more reliable, efficient, and secure future. He also served as chief marketing officer of Zippie, where he created a blockchain-based mobile operating system (OS).
  • Burak Benlegray: is a co-founder of API3 and a former colleague of the CLC group with Vanttinen. Burak joined API3 in September 2020 as the lead technical team.
  • Sasa MilicShe is a university professor who has taught core curriculum courses to computer science students at the University of Toronto. Sasha was also a software engineer at Facebook and joined API3 in May 2020 as Chief Operating Officer.

A Brief History of API3

Also known as the predecessor of Honeycomb, the history of API3 begins in 2019 when the Honeycomb marketplace was created, a platform that allowed oracle node operators, DApp developers, and API providers to do business. When asked about API3’s background, Benligiray answered in the AMA:

“A large portion of the founding members were previously working in the Honeycomb API market. Honeycomb was primarily an API-centric Oracle marketplace, but the underlying Oracle solution was not built to enable first-party Oracle, and it was limiting us. Whatever solutions are on the market for our needs, we decided to build our own Oracle solution to meet that need.”

He went on to say, “It was emphasizing that we are not alone in this view. The security and transparency of the data source provided by first-party Oracle is seen as a clear solution to many of the problems plaguing current projects. For example, Sasa and several other founding members have come up with similar conclusions independently, and they engaged in the project simply because it complemented their personal vision.”

API3 was launched in December 2020 on the Messa Decentralized Exchange (DEX). The Initial Coin Offering (ICO) started on November 30 and ended on December 14, 2020, with 20 million API3 tokens sold – just 20% of the total supply -. The coin had an initial price of $0.30 and reached an all-time high of $10.31 on April 15, 2021. API3 is trading at $4,202 at the time of writing, according to data provided by CoinMarketCap.

CoinFund, Digital Currency Group, Hashed, Pantera Capital, Placeholder VC and Accomplice are some of the big names that have invested in the API3 project.

How to buy API3 Token

API3 is already included in a few cryptocurrency exchanges like Gemini and Coinbase Exchange. First, you need to know which exchange will work best for you, since some exchanges like OKEx, Huobi, and Poloniex are not available to US citizens.

  1. Open an account online.

    After selecting the exchange to use, you must create an account on the platform, usually using your email, but this varies from one exchange to another. Once you have entered your email, you will need to verify your identity with a valid government ID.

  2. Purchasing a wallet (optional).

    After creating your account on the alternative currency exchange platform, you will need to have a cryptocurrency wallet if you choose a DEX such as Uniswap. A central exchange (CEX), such as Coinbase, often comes with a built-in wallet and saves you the trouble of buying a crypto wallet.

    You need to make a deposit once verified using a method that works well for you: credit/debit card, PayPal, wire transfer, etc. After depositing, you can exchange your funds with API3 or first with another stablecoin, such as Tether (USDT), and then convert USDT using API3.

  3. Make the purchase.

    After creating a hot wallet or purchasing a cold wallet that supports API3 code, you can easily make the purchase with a credit/debit card or by making a direct bank transfer. This mostly depends on the type of wallet and your region.

    API3 has many ways to go and a bright future lies ahead with all these projects along the way, but how can it perform in the long run? Can API3 change the game for typical APIs?

Best Crypto Wallets for API3

Best hardware wallet: Trezor

There are two Trezor wallet models, Trezor One and Trezor Model T, both of which are known for their superior security and support for a wide range of altcoins (over 1,600) but have been criticized for their high prices. Trezor One was launched in 2014 and is still one of the most popular wallets out there.

With some improvements, the Trezor Model T was launched in 2018, at a much higher price point. The Trezor One costs $59 which could be a better option for anyone on a budget, like the Model T which costs $169, more than double the price of the first model.

Buy now

securely through the Trezor website

best for

coding enthusiasts

1 minute review

The Trezor wallet is one of the wallets Best Crypto Wallets in the field of encryption. Besides having top-notch security, it is relatively easy to use and offers great support and updates. Although you may consider it a little expensive compared to other hardware wallets, the services you will be enjoying are worth it. Your coins in Trezor are more secured than other hardware wallets.

best for

  • coding enthusiasts
  • new merchants
  • Those who hold a large amount of different cryptocurrencies
Positives

  • First class security
  • Supports a large number of cryptocurrencies (more than 1600)
  • Regular firmware updates
  • Backup and recovery

Best Software Wallet: Coinbase

Coinbase is a well-known name in the crypto industry, and it was launched in 2012 to provide crypto enthusiasts with an easy-to-use interface to trade cryptocurrency. Coinbase is a centralized, web-based crypto exchange that provides a hot wallet and crypto wallet that allows users to store, send and receive tokens as opposed to a cold wallet that only stores cryptocurrencies.

Coinbase wallet is known for its security and background in the crypto industry but many may not appreciate the fee. Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic, XRP, Stellar Lumens, Dogecoin and all ERC20 tokens are currently available for trading on the Coinbase exchange and wallet.

Trade, sell or transfer your API3

You can trade, sell or transfer the API3 token by connecting your wallet to a supported exchange or by using an exchange that has a dedicated wallet like Coinbase. Trading services and fees vary from platform to platform.

Finding a trading pair is very important and something like API3/USDT to buy or USDT/API3 to sell will work just fine. On the other hand, converting is much cheaper and easier, you just need to select the codes you want to exchange right away.

Current crypto prices

Below is a list of the most recent cryptocurrencies in the market with the latest prices. Cryptocurrency markets are open 24 hours a day, 7 days a week, so it is a good idea to use a cryptocurrency portfolio tracker to easily monitor price movements.

Is API3 a good investment?

Although the API3 project is still in its infancy, many consider it the Chainlink killer. However, their approaches are different and Chainlink is not moving to first-party oracles. We have given you most of the main ideas behind API3 but there is still plenty of room for improvement. Before making an investment decision, consider all risks.

Benzinga has developed a specific methodology for classifying cryptocurrency exchange instruments. We prioritize platforms based on offers, pricing, promotions, customer service, mobile applications, user experience, benefits and security. For a comprehensive analysis of our methodology, please visit our cryptocurrency methodology page.

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