Blockchain oracle platform API3 to launch new solution with crypto data provider Amberdata » CryptoNinjas

API3, a First Party Blockchain Oracle Solutions Providing a seamless Web3 wrapper that enables API providers to provide data directly on-chain, it will launch its new solution: Amberdata Beacons, with Crypto Asset Data Provider Amber data.

The February 11-20 ETHDenver event was chosen as the venue to launch API3’s Beacons as it remains the world’s largest Web3 hackathon for blockchain enthusiasts, designers and developers. ETHDenver is funded by the community and acts as a platform to provide tools and funding for developers.

Launched in December 2021, API3’s Beacons create a transparent, scalable, and cost-effective solution for data providers to publish data feeds directly on-chain. Beacons represent a unique product in the ecosystem, and it’s generating excitement among developers and major blockchain protocols alike.

“Due to the lack of transparency of third-party oracle nodes, the structure of traditional data feeds hides the source of information, ultimately preventing developers from selecting data sources based on their real-world reputation. Beacons improve this by leveraging the benefits of first-party oracles. An opaque model where data sources provide data directly on-chain, rather than through a third-party intermediary,” said API3 co-founder Heikki Vänttinen. “Going forward, Beacon will be a building block for our dAPI while being offered as a standalone service.”

This partnership between Amberdata and API3 promises a trusted, comprehensive and convenient data solution for developers and protocols.Open source build based on API3 air node, Beacons are continuously updated data sources, each powered by a first-party oracle, making it easier for Web3 projects to build on API3’s first-party oracle technology.

Concurrent with the launch, API3 will serve as the official DeFi Track sponsor in Denver, the largest and longest-running Ethereum event in the world. As such, API3 representatives will be at the event supporting developers and ensuring they have the tools and knowledge to successfully build Amberdata beacons during the 9-day event.

“Partnering with API3 and its novel first-party oracle solution at a critical time in Web3 development allows us to reach a wider audience of developers and projects, ensuring they have the most comprehensive, high-fidelity data to support DeFi and New applications,” said Amberdata CEO Shawn Douglass.

Key benefits of API3 beacons include:

  • Cost-effectiveness: Compared to traditional oracles, beacons require fewer parties to publish data on-chain. Since the data comes from a single provider, reliability is ensured without the unnecessary expense and complexity associated with reaching consensus among 3rd party oracle nodes.
  • Transparency and credibility: Beacons are inherently transparent and more trustworthy than oracle nodes operated by 3rd party intermediaries. Reputable data sources are themselves most motivated to protect their hard-earned reputations by providing high-quality data.
  • Extensive data sources: Since the technical requirements for providers implementing API3s technology are low, providers can easily set up Beacons to serve their data on-chain. More vendors indicate that API3 will greatly expand the range of data sources available to dApp developers.

Before ETHDenver, participants were asked to fill out a survey request form find here They want price information from API3 at the event.

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