What is API3 | What is API3 token

What is API3?

API3 is a DAO-governed project for the creation of dAPIs — fully decentralized and blockchain-native APIs — which will be set up, managed, insured, and monetized at scale by the API3 DAO. With dAPIs, API3 aims for the concept of an API to take the next evolutionary step to meet the inevitably strict decentralization requirements of Web 3.0 without employing third-party intermediaries.

API3 provides smart contract developers with oracle data feeds that are: 1. Free of middlemen 2. Source-transparent 3. Truly decentralized 4. Quantifiably secure

API3 Token

API3 is the native token of the API3 project, that grants its holders full governance rights in the API3 DAO and acts as collateral in the data feed insurance pool. Staking API3 into the data feed insurance pool earns the staker a governable share of data feed revenues, as well as inflationary staking rewards.

How Many API3 Are There in Circulation?

After the initial public distribution on Mesa DEX, there will be 20,000,000 unlocked API3 tokens in the circulating supply. Of the initial total supply, 15% (15M API3) is vested linearly from the end of the public distribution, 40% (40M API3) is vested linearly from the end of the public distribution, in addition to including a 6 month cliff lockup, and 25% is subject to distribution by the API3 DAO.

Who Are the Founders of NEAR Protocol?

Founders of API3 include Heikki Vänttinen, Burak Benligiray and Saša Milic.

Heikki and Burak met through a shared previous project in the realm of decentralized oracles, and Saša joined the project after quitting her job at Facebook to pursue her interest in decentralized technologies. Heikki has an extensive business background, Burak is an electrical and electronics PhD, and Sasa has master’s in applied computing.

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