Twelve Data, a Founding Member of the API3 Alliance, To Offer First-Party Oracle Services on Web3
Leading Web API provider to provide data and services to the next generation of decentralized applications via Airnode
Singapore – August 10, 2021 — Twelve Data today joined with API3, a “first-party oracle” solution empowering data providers to offer APIs directly to Web3 applications, to launch the API3 Alliance. The API3 Alliance represents a strategic coalition of API providers who believe that we should be able to share the same data and services we currently offer to web applications directly to Web3 consumers, without having to rely on third-party middlemen. Traditionally, APIs have been forced to either build their own facilities or pay external oracle operators to implement the middleware necessary to make their data and services compatible with the blockchain. API3 offers the tools and individualized support to our growing community — already more than 100 API providers — to go direct to the consumers of our APIs on Web3.
“API3 Alliance announcement is a game-changing moment because it will bring unprecedented opportunities to the consumers of Web 3” stated Sergey Sokolov, Co-Founder of Twelve Data. “As a leading API provider, it will always be our responsibility to help strengthen and develop the API economy as much as we can. That is why Twelve Data is proud to be a founding member of API3 Alliance”
At the center of its interactions with the APIs in the API3 Alliance is Airnode. Airnode is the serverless utility that allows API providers to effortlessly create first-party oracles that bring all forms of API-delivered data and services to Web3 applications and form an essential bridge between blockchain and the rest of the digital world.
“The API3 Alliance represents the first incarnation of the burgeoning community of API providers utilizing API3’s Airnode oracle middleware to offer services, which, already proven on the traditional web, can now be made accessible to the decentralized Web3 ecosystem at scale,” said Heikki Vänttinen, co-founder of API3. “We have always placed APIs at the heart of our operation, and we are thrilled to be collaborating with so many diverse and reputable API providers, all working to unlock the next evolutionary step of the decentralized web.”
The API3 ecosystem will be managed at scale by the newly formed API3 decentralized autonomous organization (DAO), which will maintain a self-regulating balance of risk and reward through well-engineered, value-added services built on top of APIs — such as quantifiable security guarantees in the form of insurance, and data feeds aggregated from independent sources known as decentralized APIs (dAPIs).
API3 DAO’s governing members will vote to ensure the API Alliance and API3’s unique procedures are not limited by their initial designs, and that they evolve to meet new challenges and needs.
“We will put our maximum effort behind our API3 Alliance partners, and are confident that with our support they will succeed in connecting their services to the growing Web3 market. At a time when the importance of APIs in the digital world has never been greater, we are creating the Web3 API economy and building the open infrastructure for decentralized applications,” said Vänttinen.
Moving forward, the API3 Alliance will continue to grow as more providers hosting APIs use API3 to enable their web offerings on the blockchain. To learn more about the API Alliance, please visit API3.org.
About Twelve Data
Twelve Data Pte. Ltd. provides real-time financial market data to some of the world's banks, leading corporations, financial institutions, and individual traders. Founded in 2017, Twelve Data has proven its excellence in developing and supporting financial solutions for the FinTech industry across a wide range of assets: stocks, foreign exchange (FX), cryptocurrencies, ETFs, and indices. To learn more, visit twelvedata.com and follow @twelvedata on Twitter.
About API3
API3 is the leading first-party blockchain oracle solution empowering the world’s premier API providers to offer their services directly to Web3 applications. Airnode, its open-source, provider-operated oracle ,and value-added services such as dAPIs are governed by a decentralized autonomous organization (DAO) comprised of stakeholders, industry experts, and project partners. API3 embodies the values of maximum transparency and minimum trust as it works to build the Web3 API economy.
