- For smart contracts to unleash programmable money onto the world, they need to access the world’s data as their inputs
- Oracles, the technology that is responsible for delivering data to smart contracts, is among the most critical components of blockchain infrastructure and successful oracle networks will accrue significant value
- Oracle solutions to-date have relied on third-party intermediaries which is suboptimal from a cost, efficiency, security, and stakeholder inclusiveness perspective
- By virtue of a novel architecture that increases trustlessness, decentralization, stakeholder coordination, and which lowers integration and delivery costs, API3 is likely to convert a very large market of data providers as global adoption of smart contracts and decentralized applications proceeds
One of the most transformative advances in blockchain was the implementation of Ethereum and smart contracts. Smart contracts allow money, capital, and assets to behave in a programmable manner that is simultaneously decentralized and censorship-resistant. This innovation has demonstrated serious growth. Just in the past year Decentralized Finance (DeFi) applications have grown from ~$650MM in assets put to work for borrowing, lending, and trading as of the start of 2020 to over $22.5B as of January 15th, 2021, growth of over 3300% in one year. Decentralized exchanges (DEXes) processed $25.1B in trading volume just in December 2020, with double digit monthly growth rates expected going forward. Overall, the use cases for decentralized applications are endless and represent fundamental disruption to the broad fields of finance, digital services, and marketplaces.
For smart contracts to unleash programmable money onto the world, however, they need to access the world’s data as their inputs. Almost all of this data exists “off-chain”, outside of blockchains, and is stored in centralized databases. To solve this problem, the technology known as oracles deliver the data applications need and inform their execution. Moreover, oracles need to be trustless (do not require trust), or they can manipulate the smart contracts by falsifying data, which is known as The Oracle Problem. API3 is improving upon prior architecture and is building a highly performant and commercial oracle network. CoinFund is proud to support the API3 team on their journey to develop the future of oracles.
There are a number of existing oracle networks today that operate across different blockchains. The most notable network is Chainlink, one of the earliest companies working on this problem and today the dominant solution in the market. Other approaches include Band Protocol, Tellor, and DIA. These oracle products work by having third-party intermediaries operate as nodes that connect API data sources with decentralized applications, and historically this architecture was the only practical way to deliver the data to smart contracts. This approach, however, has several notable drawbacks:
- No direct monetization for data providers. Providers do not control the delivery of data and are unable to effectively manage the monetization of their valuable data streams.
- Big integration costs. It often takes significant development work for a third-party node to connect to an API source, resulting in substantial operational work and cost.
- Inefficient delivery. The presence of third-party intermediaries who must variously coordinate to deliver correct data increases the overall cost of delivery of data to the smart contract. Furthermore, since these intermediaries need to coordinate and play consensus games, they become vulnerable to Sybil attacks introducing data security risks.
API3 solves all of these problems by eliminating third-party intermediaries. Instead, API3 provides a simple, drop-in solution called Airnodes to data providers that allows them to connect their data directly to smart contracts. In this way, data providers again become first parties in the path of data delivery. The Airnode solution serves as a trustless on-chain proxy for APIs to interact with any smart contract on any blockchain. Data providers can feed their data to decentralized applications with minimal integration costs. Airnodes are serverless nodes and can be easily integrated using existing technologies without the need for dedicated blockchain development resources. By joining the API3 network, API providers are able to monetize their data without intermediaries. Additionally, consumers of the decentralized APIs (dAPIs) have full transparency into their data source and potential Sybil attack vectors are eliminated.
In addition to the unique architecture of Airnodes, one of the most interesting approaches of API3 to the problem of oracle networks is its structure as a DAO (Decentralized Autonomous Organization). The API3 DAO is a community-governed organization of token holders who drive the inclusion of new data sources, manage the payment of data streams, and provide a novel insurance pool and dispute resolution mechanism to protect data consumers. The API3 DAO works as follows:
API3 token holders can stake their tokens which will grant them voting power in the API3 DAO. The funds staked in the DAO function as an insurance pool designed to compensate smart contract users in the event of an API malfunction. The stakers are compensated for this risk by receiving protocol rewards. By having an insurance pool with token holder assets, the DAO is incentivized to only integrate with high quality data providers and grow at a measured and responsible pace to prevent data issues. This serves to align token holders’ interest in growing activity levels with smart contract consumers’ need for accurate and reliable data. In addition, disputes will be resolved in Kleros Court to maintain decentralization in managing malfunctions. However, more than just the efficiency gains from improved coordination, a DAO provides a structural advantage due to its ability to align stakeholder incentives and achieve broad decentralization.
The API3 team, led by Heikki Vänttinen, Burak Benligiray, Saša Milić, and André Ogle, is one of the most well-positioned teams to solve the problem of oracle networks. They have extremely deep blockchain experience, particularly working in oracle networks. Several of the key members of the API3 team formerly operated the CLC Group, the leading node operator on the Chainlink network. The team also previously built out the Honeycomb marketplace for premium APIs. Outside of their substantial experience and expertise, API3’s DAO structure allows for improved coordination and incentive design benefiting organizational scaling.
Technological advancement follows an arc of innovation and API3 represents the oracle solution on the cutting edge. At a time when blockchain usage is expanding at an incredible pace, API3 is providing a solution to bring onboard the major data providers, working with them as first parties to deliver data, while simultaneously solving for decentralization, security, and cost. Data delivery to smart contracts is one of the most foundational components of the blockchain ecosystem and the networks that do this well will become incredibly demanded and valuable. Today, the first mover network, Chainlink, has a fully diluted market capitalization of $19.8B. By contrast, API3 is currently valued just over $200MM. We expect data usage will continue to grow at an exponential pace as blockchain adoption accelerates. API3’s market leading technology and governance position it to take a dominant role in the future of oracle services and we could not be more happy to support them along the way.
Which crypto exchange platform is faster, coin transfer or Godex?
The coin transfer exchange works in a semi-automatic mode. The exchange takes place from morning to evening with the participation of the operator. All switching processes are carried out with the help of a support person. This way of working has its advantages.
A lot of people these days use automatic exchanges because it’s quick and easy. However, a semi-automatic service offers the possibility of a safe change.
This option is particularly recommended for beginners who do not yet know how to correctly fill in the fields in trades, how to find out the amount of the commission and when to complete the operation.
Most important steps in currency exchange
The change works in 3 steps:
Step 1: Select a currency pair to swap in the cryptocurrency converter. Check the box that you agree to the tariff, service fees, and fees for the cryptocurrency network.
• Step 2: Fill out the exchange form and check the entered data, as in most cases cryptocurrency transactions cannot be canceled.
• Step 3: Send the amount specified in the application to the address provided by the exchange operator and receive the cryptocurrency on your wallet within 5-30 minutes.
Cointransfer has been active since 2016 and offers 219 currency pairs.
The swap board has over 1,760 reviews, most of which are positive. If you have already changed the currency on this service, you can leave your feedback and add to the collection of comments on this exchange service.
The Godex crypto exchange is an excellent example of a website that allows you to exchange one type of cryptocurrency for another online. Dynamic price changes, complete absence of transaction limits (the transaction time can increase with large amounts), a clear user interface – everything is done here to ensure that investors feel comfortable. There is also a dedicated affiliate loyalty program so you can get a quick entry into the cryptocurrency market. It is time to look into the subject of such an investment.
You should understand right away that it is impossible to completely eliminate the risks involved in buying a cryptocurrency. Even most stable coins can lead to a complete loss of the money invested; even if the likelihood of such a course of events is extremely low. Only after you have considered all the advantages and disadvantages of each model, familiarized yourself with the market indicators over a period of time and analyzed the opinions of experts, should you make an informed decision.
When you are ready to buy cryptocurrency, you should do so strictly in accordance with certain rules. Investments need to be planned and made wisely. Creating a wallet with an address is necessary and does not take much time. You can buy the cryptocurrency you are interested in after registering with a specialized exchange – just select a popular currency to buy. After buying, many advise transferring the coins to offline storage to eliminate the possibility of hacking and theft of investments. By investing in one with a view to market capitalization, the risks of a currency can be significantly reduced. The three cryptocurrencies that currently meet these requirements are:
Godex.io currently serves thousands of customers with over 10,000 transactions daily. So if you are looking to swap one coin for another, you should try Godex.io and enjoy fast transactions at good exchange rates.
Maker Hits a New All-Time High Close to the $5,000 Mark
Maker is the first Ethereum-based smart contract system to launch an automated cryptocurrency lending platform.
Maker provides the first decentralized basic stable currency Dai (which can be compared and analyzed as the U.S. dollar on Ethereum) and a derivative financial system, promoting the prosperity of decentralized finance (DeFi).
Dai is issued through a full mortgage guarantee of digital assets. Since its launch in 2017, Dai has always remained anchored to the U.S. dollar with a 1:1 ratio.
On April 19, members of the MakerDAO community began to vote on MIP45, a proposal aimed at upgrading the liquidation system of the Maker protocol and maintaining the stability of Dai pegged to the U.S. dollar.
If approved, the liquidation 2.0 system will provide higher security, predictability, and decentralization, and provide community members with more opportunities to participate in collateral auctions through Auction Keeper software and a more conventional interface. This will promote the participation of the Maker community and the entire DeFi department.
According to data from DeFi Pulse, Maker, the largest DeFi agreement with system collateral of $965 million, dominates 16.44% of the entire DeFi market.
The holders of the Maker (MKR) tokens of the project have received a 64.23% price increase reward in the past week. According to CoinMarketCap, Maker with a market cap of $4,817,105,553, ranks as the 30th largest cryptocurrency.
The token has grown nearly eight-fold since the beginning of this year, rising from $587 to $4,652, It hit a record high of $4,995 today, breaking the $4,500 marks in one clean swoop.
Maker (MKR) Price Analysis
Source: MKR/USD 4-hour via TradingView
Judging from the 4-hour candlestick chart, MKR has successfully broken through its previous high of $4,118, and the rapidly expanding trading volume has resulted in $4,118 being flipped from a resistance to a support level.
The transaction price of MKR/USD is higher than the Exponential Moving Average (EMA) ribbon. Both the upward moving average and the bullish MACD index indicate that the bulls are currently dominating the market.
However, the Relative Strength Index stepping into the overbought zone is gradually levelling off, which suggests that MKR is encountering relatively strong selling pressure after touching its all-time high of $4,995 today. The MKR’s price will therefore experience a slight retracement, and it is likely to trade sideways for a period of time around $4,400-$4,600 before resuming its upward momentum.
If MKR’s price can stabilize above $4,200, then the upward trend of Maker may open a faster upward channel. As Maker hit a new high, this will mean that the altcoin will not encounter strong selling pressure on its way up. If the entire crypto market emerges from its current slump, it is highly likely that Maker breaks through $5,500 in the short term.
Conversely, a surge in the number of sell orders will push MKR below the $4118 support level and may trigger a more severe correction to the 20-day Exponential Moving Average of $3,795.
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RIT Capital Partners acquires a stake in crypto exchange Kraken.
According to the official announcement, RIT Capital Partners invested in the crypto exchange Kraken last month. The British investment firm described Kraken as one of the largest cryptocurrency exchanges worldwide, with more than 6 million clients. Kraken has seen a surge in cryptocurrency trading volumes during the last few months. The crypto exchange is also reportedly […]
According to the official announcement, RIT Capital Partners invested in the crypto exchange Kraken last month. The British investment firm described Kraken as one of the largest cryptocurrency exchanges worldwide, with more than 6 million clients. Kraken has seen a surge in cryptocurrency trading volumes during the last few months. The crypto exchange is also reportedly planning to go public in 2022 through a direct listing.
“Kraken is currently in talks with investors about another round of fundraising.”
“Kraken is currently in talks with investors about another round of fundraising that could give it a valuation of $20bn. Talks have been held in discussions with Fidelity, Tribe Capital, and General Atlantic. Kraken CEO Jesse Powell said this is being delayed in order to evaluate how Coinbase’s IPO performs. Kraken has a strong balance sheet, and the company is not in a rush to raise capital,” the official announcement states. Kraken is not the only cryptocurrency exchange that is planning to go public for global expansion; several other crypto exchanges are eying IPO in the coming time.
Coinbase went public via a direct listing on Nasdaq last week.
The US-based crypto exchange went public last week and received a reference price of $250 for COIN shares. The shares of the crypto exchange touched an all-time high of approximately $420 on its debut but saw a correction later. COIN stock closed at $311 yesterday. As reported earlier, Coinbase CEO Brian Armstrong sold 749,999 COIN shares worth nearly $292 million last week. The US-based crypto exchange saw nearly $335 billion in trading volumes during the first three months of 2021. The crypto industry has garnered a lot of mainstream attraction in the last year or so. Coinbase getting listed on Nasdaq is being hailed as a major milestone for the crypto industry.
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