API3 is a decentralized oracle network that provides secure, reliable, and affordable access to real-world data for Web3 applications. By decentralizing the oracle infrastructure, API3 eliminates the need for centralized oracle providers, which can be susceptible to censorship and manipulation.
API3 works by connecting API providers directly to Web3 applications. This is done through a process called Airnode, which allows API providers to create first-party oracles that are hosted on-chain. First-party oracles are more secure and reliable than third-party oracles, as they are not subject to the same security risks.
API3 is a valuable tool for Web3 developers who need access to real-world data. By using API3, developers can be sure that their applications are getting accurate and reliable data.
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Conclusion:
API3 is a promising new project that has the potential to revolutionize the way that real-world data is accessed by Web3 applications. By decentralizing the oracle infrastructure, API3 eliminates the need for centralized oracle providers, which can be susceptible to censorship and manipulation. This makes API3 a valuable tool for Web3 developers who need access to accurate and reliable data.