It has emerged as a platform leading the movement in the tech world from legacy third-party oracle networks to first-party oracle solutions.
Making products or services aimed at bringing about a great wave of change in an industry is no walk in the park and may even take years for some platforms and businesses. However, there have been a few platforms that have acted as great examples to the world for their abilities to leverage the power of technology and create things that can offer individuals and institutions great opportunities to flourish in the Web3 space. The Web3 is one innovation since the World Wide Web that has garnered the most headlines for all the right reasons, and API3 is all about this and much more. API3 is leading the movement in the tech world from legacy third-party oracle networks to first-party oracle solutions.
These first-party oracle solutions deliver more efficiency, security, simplicity, and regulatory compliance. They also run a successful forum, which is considered as a civilized place for public discussion. It is a shared community source and a place to share knowledge, skills, and interests through ongoing conversations. The Web3 API economy creates trustless apps interacting with Web APIs, emphasizing first-party oracles that are seen as the next-gen technology to access off-chain data.
Serving Open Banking on the blockchain, it rapidly builds blockchain-banking products and services with Airnode-enabled open banking APIs. People can join them in building innovative blockchain-banking solutions at the API3 x Open Bank Project tech sprints. This project is the leading open-source API solution provider for banks, which assists them in deploying open banking platforms. It provides developers in the Web3 space with more than 400 standardized open banking APIs that are ready to be connected to innovative blockchain-powered solutions. World-famous organizations act as API3 partners participating in the Web3 API Economy.
Recently, they introduced the API3 #QRNG (the Web3 Quantum Random Number Generator), serving as the first true random number generator for smart contracts available on 13 networks as a free-to-use public utility, which has been launched on all chains.
