API3 Increases Data Reliability in the Web3 Ecosystem

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API3 (API3) is a decentralized oracle project aimed at increasing the reliability of data services in the Web3 ecosystem. API3’s dAPIs enhance the security and transparency of DeFi applications by collecting data directly from data providers on native Blockchains. In this article, you can find answers to two frequently asked questions: what is API3 (API3) and how to buy API3 (API3) with TRY.

What is API3 (API3)?

API3 is a decentralized oracle project designed to enhance the reliability and transparency of data services for the Web3 ecosystem. By offering dAPIs (data Application Programming Interfaces), API3 collects data directly from source-level data providers on native Blockchains. This approach eliminates the need for cross-chain bridges, increasing data reliability and improving the security of DeFi applications for users. Beyond dAPIs, API3 also offers additional services such as a quantum mechanics-derived random number generator and Web3 APIs. The project’s governance is managed by token holders through an on-chain voting mechanism, ensuring decentralized control.

API3’s origins trace back to 2019 with the creation of CLG, the team behind the Honeycomb marketplace. Honeycomb was developed as an API marketplace for oracles, aiming to facilitate collaboration between API providers, oracle node operators, and dApp developers. The project was based on the premise that solving the oracle problem required more than technical solutions; it needed a platform where diverse and competitive organizations could collaborate to achieve business outcomes. Honeycomb’s success highlighted the necessity of including API providers as a critical component of oracle solutions.

Despite its successes, Honeycomb faced challenges with the third-party oracle model, where intermediaries were responsible for transferring data from API providers to the Blockchain. This model posed significant risks and was impractical for API providers who found running and maintaining oracle nodes unrealistic. This realization led to the evolution of API3, which adopted a more API-centric approach to oracles, focusing on direct interactions with API providers and minimizing intermediary risks.

The development of API3 has been significantly influenced by the experiences and lessons learned from Honeycomb. API3’s oracle node, Airnode, incorporates years of accumulated knowledge about the needs of API providers and practical interaction strategies. Airnode offers well-standardized API-oracle integration features directly derived from Honeycomb’s technology. It stands out as the first fully serverless oracle node designed to simplify the process for API providers to present their data on-chain without the need for complex infrastructure.

At its core, API3 represents the culmination of ongoing efforts to address the oracle problem through a solution that directly integrates API providers into the Blockchain ecosystem. By eliminating intermediaries and focusing on native chain data collection, it aims to provide a more secure, transparent, and efficient data service for DeFi applications. The evolution from Honeycomb to API3 underscores a commitment to practical, business-oriented solutions that meet the real-world needs of developers and data providers in the decentralized web.

API3’s innovative approach and governance model driven by token holders position it as a significant player in the Web3 world. The project’s focus on reliability and transparency ensures it remains at the forefront of providing essential data services for the rapidly growing DeFi sector.

How to Buy API3 (API3) with TRY?

Binance TR is the most suitable cryptocurrency exchange for investors in Turkey looking to buy API3 (API3). Over 100 cryptocurrencies, including API3, can be traded on Binance TR, where an account can be quickly created. To buy API3 (API3) with TRY on Binance TR, follow the steps below.

How to Open an Account on Binance TR?

Opening an account on Binance TR is quite easy. You need to go to trbinance.com and continue from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as your email address, phone number, name-surname, date of birth, nationality, and T.C. identification number.

After entering the requested information completely and accurately, email/SMS verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).

How to Verify an Account on Binance TR?

Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can choose to complete the verification process from your phone or through the official Binance TR website. Note that you will need your phone to verify your identity from the website.

On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, click on “Copy URL” to send the identity verification address to your phone via SMS.

When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, first tap on “Identity” to continue.

Then a screen like the one below will appear. To continue the verification process, first select the document type that suits you.

After selecting the document type, tap on “Upload Front” to continue. After taking a photo of the front side of the document according to the document type you selected, tap on “Upload Back” and take a photo of the back side of the document and upload it. Make sure the images are clear and the information in the photo is easily readable when taking photos of the front and back sides of your ID card or driver’s license.

Then tap on “Selfie” to continue. At this point, your phone’s front camera will open, and you will need to scan your face. Make sure your face fills the camera area as much as possible once the camera opens.

After completing all these steps accurately and completely, your identity verification process will be completed shortly.

How to Deposit TL on Binance TR?

You can easily deposit TL into your Binance TR account through all banks. You can deposit TL 24/7 and make transactions seamlessly from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits from other banks can be made 24/7 up to 50,000 TL via FAST. Deposits over 50,000 TL from other banks are processed during EFT hours.

To deposit money into your Binance TR account, first go to trbinance.com, hover over the “Wallet” option at the top left of the main page, and click on “Deposit” from the drop-down menu.

Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.

In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer via wire transfer, EFT, or FAST. All you need to do is use the information displayed on the page of your preferred bank to transfer the amount you want to deposit into your Binance TR account via wire transfer, EFT, or FAST.

Once your bank completes the transfer, the funds you sent will automatically be reflected in your Binance TR account wallet.

How to Buy API3 Coin with TL on Binance TR?

After the deposit process, you can proceed to the API3 coin purchase step with TL by clicking on the “Buy-Sell” option in the top left menu of the Binance TR website.

After clicking on this option, the page below will open. In the search section on the right side of this page, type “API3” and click on the API3/TRY option from the results to go to the API3 purchase page with TL.

Now the API3 trading page below will open. On this page, in the red-marked area, enter the price at which you want to buy API3 in the first box and the number of API3 you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy API3” button.

What is Binance TR?

Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.

Binance TR offers both fiat-to-crypto and crypto-to-crypto trading services by leveraging Binance’s technology, security measures, and liquidity provided through Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.

Users gain access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls, all supported by Binance’s core functionalities through Binance TR.

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