API3 is a “first-party oracle” solution that enables data providers to provide their APIs directly to Web3 applications, and today launched its API3 Alliance.

The API3 Alliance represents a strategic alliance of API providers who believe that they should be able to directly share the same data and services they currently provide for Web applications with Web3 consumers.

Traditionally, APIs are either forced to build their own facilities or pay external oracle operators to implement the necessary middleware to make their data and services compatible with the blockchain. However, API3 provides tools and personalized support for this growing community.

Air node architecture

The center of its interaction with the suppliers in this new alliance is Airnode architecture of API3, A serverless utility invented by API3. Airnode enables API providers to create first-party oracles; allowing them to introduce all forms of API-provided data and services into Web3 applications.

Unlike existing oracle solutions that focus on third-party node operators linking APIs and blockchains, API3 enables API providers themselves to “become oracles” and obtain data delivered by directly providing APIs to blockchain applications And the full return of the service.

“The API3 Alliance represents the first incarnation of the emerging API provider community. They use API3’s Airnode oracle middleware to provide services to the decentralized Web3 ecosystem on a large scale. We always put the API at the core of our operations; we are very happy. Can cooperate with so many diversified and reputable API providers.”
-API3 co-founder Heikki Vänttinen

In order to support API3 alliance members, API3 experts will assist these API providers to reach Web3 consumers; and integrate with new decentralized applications (dApps) that use their functions. API3 will work with dApp developers to incorporate off-chain data and services delivered by the new API into their applications.

At the beginning of its establishment, the API3 alliance included:

• FTX

• Ben Singa

• Kaizi

• fine

• World Weather Online

• Zabo

• Drib

• Data Sports Group

• 1 forging

• Alameda Research

• Ex Machina

• Coin ranking

• Argonaut

• Wiki Route

• data source

• Finland Hub

The API3 Alliance is managed by API3’s Decentralized Autonomous Organization (DAO). DAO will maintain a self-adjusting balance of risks and rewards through value-added services built on APIs. For example, this includes quantifiable security guarantees in the form of insurance; plus data feeds aggregated from independent sources called decentralized APIs (dAPIs).

In addition, the management members of the API3 DAO will vote to ensure that the API3 Alliance and API3 programs are not restricted by their initial design; and they will continue to evolve to meet new challenges and needs.