Oracles are necessary for smart contracts to have the data they need to run their operations. An oracle “talks” to a smart contract, giving it data from the outside world. 🌐
With the possibility for web3 organizations to make automated decisions based on smart contracts, the reliability and security of that data becomes increasingly important. 🔗
API3 provides a network of first-party oracles – run by data providers themselves – to connect any API to any on-chain smart contract. 🤯
TLDR: API3 is a fully decentralized protocol that makes data interoperable and reliable for web3. The API3 token and DAO are key to realizing that proposition, as stakers are incentivized to put tokens into a coverage pool used for optional subscription protection. With security and reliability at its core, aragonOS was selected as the first building block, and highly customized to make the DAO work to the protocol’s whitepaper design.
Read more: https://blog.aragon.org/api3-makes-web3-data-exchange-trustless-with-aragon/
