API3 spoonfeed thread

What do you want to know?

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How much do you get paid per post?

when will it pump?

Why is the token needed?

Fuck this and fuck $DEV. Buy $SFI and $IDLE. You have been warned. But of course DYOR.

How far down is it going to dump?

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directly, zero. indirectly, frens and gains

This

What problem does API3 solve?

this is it bitch max $1.60

Token holders have an incentive to stake because the stakers get inflationary rewards. Stakers also get a percentage of profits from data feed subscriptions, but they get slashed too if an insurance payout is made in case of a data feed malfunction. That's why stakers get governance tokens in return for staking. They're essentially shareholders. They are incentived to participate in governance because they take on both the risk and rewards of the system.

>What problem does API3 solve?
It brings data on the blockchain by way of first-party oracles. First-party oracles are oracles run by data providers themselves.

This allows for the removal of many vulnerabilities, unnecessary redundancies, and middleman taxes created by existing third-party oracle solutions. First-party oracles also leverage the off-chain reputations of API providers, thereby significantly mitigating against Sybil attacks.

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when binance?

so how is this not just another oracle copy of link, the first mover? what does API3 bring that will surpass the first mover adv? what is the difference between it and the 30 other shitcoin oracle copies of Link?

>This allows for the removal of many vulnerabilities, unnecessary redundancies, and middleman taxes created by existing third-party oracle solutions.
Copy-pasting what I already wrote. Third-party oracle solutions (like Chainlink) require incentivizing third-party oracles to not attack (by staking a large amount and/or paying oracles significantly). This is the middleman tax. You also have a lot of unnecessary redundancy that results from the addition of a new attack surface. E.g. existing Chainlink price feeds have multiple oracles getting data from the same API provider. You would cut cost and increase security by just getting that data directly from the API provider and cutting out the middleman.

I should also note that existing third-party oracle solutions already implicitly assume data sources are trustworthy. The addition of a middleman transport layer only serves as an attack surface. The simplest and most effective solution is to get data directly from the data source.

>It brings data on the blockchain by way of first-party oracles. First-party oracles are oracles run by data providers themselves.
Currently, data providers can become Chainlink node operators and act as first party oracles. Chainlink is not a company or a DAO, it's an open source protocol. I feel like I must be missing something

>Chainlink is not a company or a DAO, it's an open source protocol
Chainlink is a company. It decides which node operators get selected to service data feeds.

>data providers can become Chainlink node operators
Traditional data providers wouldn't exactly be up for putting up large amounts of stake (assuming staking is ever implemented) or dealing with cryptocurrency in general (for legal and tax reasons, and basic lack of understanding of crypto/blockchain). API3 allows API providers to integrate with the blockchain easily, without having to handle crypto, or know anything about blockchain technology.

Go to bed Keenan your drunk

You can tell how good a project is by the ones they put in their schematics

saw the investor list and literally threw 50k into this. Literally free money

Why should I buy this over more PNK, when PNK is the safer bet? If API3 succeeds then I'll get more cases.

Serious question btw, not a shill.

I never said you should buy API3 if you own PNK?

I'm here to teach people because I know they realized the critically important nature of the "oracle problem". The first generation of solutions failed and this is the real answer to the off-chain data problem, at least for specialized data/services requiring an API.

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is the grayscale thing just a meme?

Oh no I agree that API3 is a much better solution than chainlink. The oracle problem is inherently one of data organisation and link in its current form can't solve it. At least with api 3 by cutting out the nodes you have less points of failure.

en.wikipedia.org/wiki/Digital_Currency_Group

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Not to proverbially suck your dick my friend, but PNK holders tend to have a better understanding of blockchain technology than a lot of other shitcoin holders.

bump

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so a grayscale subsidiary incubated this? Not bad.
How far is api3 from getting partnerships for datainput? How's the roadmap for 2021? What are your most conservative price expectations for q1?

I'm here since 2016 and honestly I still don't know where LINK's value capture is, how did LINK ensure that the token is needed as opposed to api3's staking?

The Chainlink whitepaper vaguely mentions staking as the primary value proposition for LINK. The thing is, it hasn't been implemented in 3 years. This is because they thought outlier detection was somehow the right approach (it isn't), so the speculation on LINK is that it will be one day used for staking. Once people realize they haven't implemented staking and that it's infeasible given the way they've designed their system, the value of LINK will quickly drop.