Acryptoinvest.news: The API3 token is up 70% over the past week as the project aims to solve smart contract problems by offering secure and reliable access to real data.
According to data available on CoinGecko, API3's market capitalization currently exceeds $347 million and its price is hovering around $3.43, up 70% in the last seven days. API3 prices are up 91% since last year as it continues to show strength.
Technical analysis shows resistance levels ranging from $3.40 to $3.60. Closing the week above this resistance zone could lead to price growth. However, the Relative Strength Index (RSI) reading on the weekly timeframe is 86, indicating the market is overbought.
API3 as a blockchain oracle service
API3 aims to make it easier to create and monetize large-scale decentralized APIs (dAPIs). However, this is becoming even more important with the proliferation of blockchain technology in industries such as supply chain management and decentralized banking.
His whitepaper points out a critical problem with existing APIs – the lack of a direct communication channel for smart contracts to obtain real-time data. This vacuum has led to increased reliance on oracles, and API3 aims to fill this gap.
As an oracle service, API3 allows blockchain applications to request access to external and real-world data. The essence of his goal is to create decentralized APIs (dAPIs) that will help blockchain-based applications integrate seamlessly with regular web data and services.
This innovative approach addresses a significant gap in the blockchain ecosystem, facilitating the development of more complex, secure and reliable decentralized applications.
dAPI API3 aggregates data directly from third-party oracles in their own chain. This improves data reliability and eliminates vulnerabilities associated with centralized points of failure, which is critical to the sustainable growth of decentralized ecosystems.
Bitget Expands Horizons With API3 Listing
Bitget recently included API3 in its innovation and defi zones to provide users with more financial options. Bitget claims that through this development it will contribute to the growth of various blockchains and ecosystems.
API3 believes its value proposition lies in the fundamental problem that smart contracts face – connecting directly and reliably to real-world data.
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