What is The APIS (API) | What is The APIS token | What is API token

About THE APIS

APIS offers a developer-friendly platform that serves as a turn-key solution for indexing and read/write operations for public blockchains, namely Ethereum and Bitcoin. Open-sourced, developers will create API packages that serve every category of blockchain applications — from DeFi to Oracle to File Storage.

API contract address:0x16448014A29484b82E3A5A6cF254E5C563A28929

Since its inception, The APIS Protocol (”API”) has served developers and their users through trustless and decentralized infrastructure. The growth of the APIS infrastructure, as well as that of the token, is heavily reliant on the community. As such, the majority of API token supply will be owned by the community.

A breakdown of the native token is as follows:

API Allocation:

**100M **API has been minted at genesis and will become accessible over the course of 6 years.

79% of this total is allocated to API community members

21% of this total is allocated to the core team.

A detailed explanation of the distribution is listed in the following paragraphs.

The initial two year allocation is as follows:

43% to The APIS community members 43,000,000 API
21% to team members and future employees with 2- year vesting 21,000,000 API
19% to Community Treasury with 2- year vesting 19,000,000 API
17% to DApp Partners with 2- year vesting 17,000,000 API

Initially, API can be obtained through usage mining or unique collaborations and grants given to promising developers who wish to contribute to APIS. API token holders may vote for continued inflation after completion of the transaction mining program if it is considered appropriate for the continued health of the API ecosystem.

Total Community Distribution (79%):

We at The APIS understand that protocol development is about both art and science through our involvement with numerous layer-one and layer-two blockchain projects. This is our best attempt at a fair, sustainable token distribution, although it may be subject to change in the future through community voting.

Usage Mining (43%)

21.5% (21,500,000) will be distributed to both Demand-side Transacting Miners (DApp developers) and Supply-side Transacting Miners (APIS Node and Gateway operators). Both supply and demand sides will be rewarded by the same formula, to ensure maximal fairness of distribution. API earned in the usage mining program will be distributed weekly but will hold a one-year lock up.The community will reserve the right to update this vesting period should they choose.

**Community Treasury **— 19%

This allocation will be reserved for the usage of the community, thus allowing the community to leverage existing token allocations (without future inflation) to fund the project. The APIS Team will likely initially sell some of these tokens to strategic investors across the global internet community, to both traditional web businesses and crypto-native investors and builders . In order to ensure a fully fair launch of the project, APIS has attempted to run the project without any outside funding, as that would be ideal, but is simply not feasible. Of note, the funding we receive will go entirely towards the salaries of builders and select but crucial business development employees. These tokens will be subject to a one-year lock-up followed by a monthly vesting schedule for the following year.

API Lab (DApp partners) — 17%

Specific applications have the potential to exponentiate our growth, namely prominent crypto exchanges, DeFi developers, and traditional Web 2.0 developers and applications with whom we have significant partnership connections. We are reserving this in full transparency, instead of merging it with the Community Treasury reserve, as we believe transparency is crucial to building open-source infrastructure. If this section is not distributed, we will vote to merge it into the Community Treasury.

Team Distribution (21%):

Team — 21%

The team’s tokens will be the last to vest. They will be fully locked-up for one years, after which there will be monthly vesting over an additional two years, a total of two-year vesting. The purpose of this schedule is to fully align the APIS team with the community owners’ incentives.

API Token Utility:

The API community token will be used for a myriad of functions. In summary, the uses of API include the following:

**Staking by APIS Nodes and APIS Gateways: **Nodes and gateway operators are required to stake a number of API tokens in order to establish their network presence. This will be subject to slashing, should the actor be proven to act maliciously;
**Dispute resolution: **This mechanism allows API holders to determine whether Nodes or Gateways acted maliciously (similar to Augur’s dispute resolution mechanism);
Staking by Optimistic or Zk-Rollup validators: We anticipate this feature will be in place within a year, and;
Governance: Numerous ways to decide on new APIS contracts and upgrades through a voting system.

Primary responsibilities:

Governance (voting)

Governance (voting): API holders vote on upgrades to the system. In return, holders may eventually vote on an in-protocol fee that is distributed to the APIS Treasury or to the API holders themselves (either directly or through a buy-back and burn). The debate of the size of in-protocol fees and the allocation of those fees (if enacted) has been debated by numerous prominent DeFi communities, such as Yearn, Uniswap, and others. Our governors may face the same debate eventually, or may simply never enact a protocol fee.

Node / Gateway (staking as collateral)

All Nodes and Gateways must stake at least the minimum amount required to be recognized by the network as an actor: 1,000 API tokens. These tokens are liable to be slashed should the Node or Gateway return a malicious request, as determined by the DRC. Nodes and Gateways will likely stake significantly more API tokens as higher stakes will signal more trust from end-user clients. This trust reaction will accumulate greater usage and consequently more revenue than competing Nodes or Gateways. It is up to the free market participants to determine what the optimal API stake is.

Dispute Resolution(staking as collateral)

The DRC requests that a challenger stake at least 5,000 API on a challenge, in order to mitigate spam. If there is a dispute, there must be a pool of at least 1.5 times the amount of API tokens staked by the challenger within 18.1 hours of the last challenge (5,000 Ethereum mainnet blocks). This process proceeds until resolved or if the APIS network forks, which will then allow users at large to decide which side won via which fork they decided to support.

Rollup Validation (staking as collateral)

The ORC requests that a validator stake at least 100,000 API. As validators have the ability to disproportionately affect Nodes and Gateways by manipulating the canonical history of the APIS protocol. If ORC validators are proven to have acted maliciously then their staked tokens will be decreased.

Burn Fee

The APIS Foundation will be running the first API Node and Gateway. For the first year, 100% of fee payments paid to the APIS teams’ Node and Gateway will be used to buy and burn API, although the Foundation’s Node and Gateway may decide to run freemium services in order to further the growth of the network.

API Token Distribution

The API token is the incentive alignment mechanism to create the global read-write protocol for all public blockchain infrastructure, both on layer-ones (i.e. Ethereum, Solana, Filecoin, etc.) and layer-twos (i.e. optimistic rollups, zero-knowledge rollups, etc.). To create as large and impactful a protocol as possible, the API token must be owned by those who contribute the greatest value to the protocol. This includes the users of the protocol (on both the supply and demand sides), as we are staunch believers in the ownership economy, the core team, contributing third-party developers (as well as other third-party builders, such as content generators), and investors who contribute funds to the APIS Community Treasury.

The architecture and token economics of the APIS protocol can also be viewed on the below links:

The API token is used for governance, staking as an API Node and Gateway, dispute resolution of supplied reads and writes, validation of the APIS customized layer-two solution (to maintain the canonical state of the APIS protocol across a global network), and any future protocol-level fee share or burn mechanism. The API token strives to keep inflation as low as possible, although we recognize that properly-allocated inflation can further strengthen a network, as recently evidenced by other prominent crypto projects. Consequently, the token allocation outlined below may be subject to change, but only at the passing of a community vote, as changes to token allocations can and should be met with strong, well-explained, and unrushed rationale.

The current token allocation and release schedule can be found below,

Currently, all tokens issued through the usage mining program are subject to a one-year lock up. The purpose of this is to prevent gamification of the program, as our ‘proof of work’ — supplying and purchasing reads and writes from the APIS network — can be more easily gamed than other proof of works — such as burning electricity to generate a hash or supplying capital to a staking protocol. The extended time lock allows for the open search and verification of truthful network activity — ensuring the fair distribution of the usage mining program is instrumental to our protocol’s long-term success.

The API token launch has and, unless voted otherwise, will follow the following two phases:

Phase 1: API Token Generation

The first phase was the crypto version of trademarking your token name — deploying the ERC20 contract that has now minted 100,000,000 API. We first minted only 10,000,000 API, in order to make sure that we had logged the name. We then minted another 90,000,000 API, after a long voting process on our token distribution allocation and release schedule. No additional API will be minted, unless determined by a community vote.

Please view the API token details here:

Etherscan: https://etherscan.io/token/0x16448014A29484b82E3A5A6cF254E5C563A28929

Phase 2: The APIS Mainnet

The launch of the APIS mainnet is a more subjective process — to some, it has already happened; to others, it is a goal to always strive for. This is the nature of decentralization. The APIS mainnet consists of two elements, which will continue to overlap more significantly but will remain fairly disparate in the interim.

The first element is the APIS core product, what the demand side will use/purchase — these are low and no builders who seek to create blockchain-based products using a simple development suite. The APIS product will begin to be usable by** a wider audience** this and next month, largely due to integrations we are currently working on with prominent no/low code platforms, allowing for the growth of the APIS community. Once the APIS product begins to hit critical mass, measured by daily read-write calls by verified APIS accounts. We project the API (demand) usage mining program to begin in April or May of this year. The T = 0 point for our usage mining (demand) program, further highlighted here, takes place when at least 5 dapps generate at least 1000 reads or writes per day. There will be a community API token vote to commence our usage mining (demand) program.

The second element is the APIS back-end infrastructure, what the supply side will use/support — these are actors who wish to support the decentralization of the infrastructure underlying the APIS product, distinguishing the APIS as a true protocol. While the APIS product (demand side) is already ready for some market participants, the decentralization of the APIS back-end will take additional months to execute properly. This is the primary reason for the test net in the interim, as referenced above. The test net allows us to develop the APIS back-end mainnet, such that its launch can more closely align with the APIS product mainnet. We expect the APIS back-end to reach a moderate level of decentralization by the fall of 2020, around August. The T = 0 point for our usage mining (supply) program, further highlighted here, takes place when at least 5 APIS nodes with over 10,000 API staked have provisioned at least 1000 reads or writes per day. Like the API usage mining (demand) program, there will be a community API token vote to commence our usage mining (demand) program.

The vesting on tokens outside of the usage mining program is currently set to 0, as it has been factored into the distribution schedule itself. The team tokens have a one-year cliff from the launch of the project (while members of the core team were working together before November 2020, we believe Nov 2020 is an appropriate start-up), and then a two-year vesting schedule. However, new team members, or changes in output by current team members, may cause specific sub-allocations of the team vesting/distribution schedule to change. The internal allocations of the core team tokens will be published once the core team’s working group has come to terms on numbers for each participant.

With regards to the Community Treasury and API Lab Distribution, further lock-ups may also be put in place, dependent on future circumstances. Each recipients’ activity to help grow the APIS network will be different, both through direct work with the core team or through capital provisioned to get the network off the ground. The current distribution schedule, as with the Team schedule, outlines the earliest that these tokens would be distributed and released. Any updates, as voted by the community, will be made publicly immediately, although all updates would only delay the release, a benefit to API holders, barring unforeseen, significant change in circumstances.

The goal of the API distribution is to create a fair, sustainable network. You can follow the growth of our network across our Twitter and Telegram. We’re in a product sprint right now — feel free to reach out to us if you have any ideas. Most of our best ideas come from you.

RPC Support and Create Wallet

Get Transaction By Address – Speed Comparison

How-To Build A Dapp In 4 Steps With The APIS

How and Where to Buy The APIS (API)?

You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), BNB, BUSD …

We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.

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Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), BNB, BUSD

☞ SIGN UP ON BINANCE

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After the deposit is confirmed you may then purchase API from the Website: https://www.theapis.io.

There are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once API gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!

How and Where to Buy API ?

API is now live on the Ethereum mainnet. The token address for API is 0x16448014A29484b82E3A5A6cF254E5C563A28929. Be cautious not to purchase any other token with a smart contract different from this one (as this can be easily faked). We strongly advise to be vigilant and stay safe throughout the launch. Don’t let the excitement get the best of you.

Just be sure you have enough ETH in your wallet to cover the transaction fees.

You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.

☞ SIGN UP ON BINANCE

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Next step

You need a wallet address to Connect to Uniswap Decentralized Exchange, we use Metamask wallet

If you don’t have a Metamask wallet, read this article and follow the steps

☞What is Metamask wallet | How to Create a wallet and Use

Next step

Connect Metamask wallet to Uniswap Decentralized Exchange and Buy API token

Contract: 0x16448014A29484b82E3A5A6cF254E5C563A28929

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Find more information API

☞ Website ☞ Explorer ☞ Explorer 2 ☞ Whitepaper ☞ Source Code ☞ Social Channel ☞ Social Channel 2 ☞ Social Channel 3 ☞ Message Board ☞ Coinmarketcap

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What is The APIS (API) | What is The APIS token | What is API token | The APIS (API) ICO

About THE APIS

API Token Distribution

How and Where to Buy The APIS (API)?

How and Where to Buy API ?