API3 Ecosystem: Alliance Updates
CRD Network will deploy API3’s Airnode to provide Proof-of-Asset functionality to smart contracts
CRD Network is partnering with API3 to make its API available to dApps. CRD Network is focused on bringing real world assets to the blockchain and will deploy Airnode to enable smart contracts to call their proof of reserve protocol via a first-party Oracle.
CRD Network allows any blockchain based application to prove crypto and non-crypto asset ownership rights, while retaining the privacy of the underlying assets.
Instituting a Proof-of-Asset protocol ensures that dApps will be able to support the institutional custody of funds, checks for on-chain lending, and OTC transactions. Moreover it can prove to be particularly valuable to DAOs as they mature, particularly as they frequently need to interact with Web2 financial applications and suppliers. Through Airnode, CRD can produce a ‘POA Request’ that can be confirmed and stored on the blockchain, along with an immutable stamp compliant with regulatory procedures and KYC/AML processes.
What API3 is Bringing to the Table
API3’s Airnode is currently used by over 180 Web2 API providers to bring real world data to Web3 applications. As a first-party oracle, Airnode can provide data to a multitude of Web3 applications. Consequently, CRD Network’s API will be incorporating Airnode into its infrastructure. This move will provide dApps with new access to proof of reserve data.
API3’s Proof-of-Asset offering will be made available through Airnode, over the Request-Response protocol. This means API3 is providing Proof-of-Asset functionality to EVM Compatible ecosystems via a scalable, transparent, and secure first-party architecture. CRD network using Airnode as a first party oracle means that no middlemen are able to see any sensitive information involved in proving ownership of assets.
What’s Ahead for CRD Network and API3
Data availability and accessibility have become a hot topic among DeFi users recently. Regulators around the world are perplexed at how best to regulate this new decentralized landscape. Nonetheless, CRD’s API will enable functional interactivity between CeFi and DeFi to evolve as user demand in both areas converge.
API3 believes Airnode’s transparency and capacity to scale across blockchains will sufficiently support CRD’s mission of bringing real-world asset value to blockchain, and also better serve Proof-Of-Asset customer needs within DeFi.
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About API3
API3 is the leading first-party oracle solution that makes real-world data accessible by smart contracts. With Airnode, API data can be queried from blockchains without having to use specialist node-operating middlemen. This architecture both eliminates the Sybil-vulnerable third-party node layer and reduces fees by cutting out the “middleman tax” paid to these node operators for their services. API3 is the perfect fit for any blockchain-based data service seeking to sell directly to consumers (since it leaves out node-operating middlemen).
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About CRD Network
CRD Network is a sidechain run on Hyperledger Besu. The project was created to solve the issue of regulation throughout the DeFi market. With most of the market currently unregulated, users are prone to scams and unethical practices. CRD overcomes this issue by bringing real-world data online. This data includes financial history, banking transactions and real world asset value. It is made anonymous and fully usable by smart contracts, dApps and Oracles. Each contributor on the platform is fully licensed and can also help users pass their Known Your Customer (KYC) compliance. This will help platforms understand who their user base is.
The project uses digital proof of physical asset reserves to establish transparency throughout transactions. This procedure helps businesses save costs by removing the need for intermediaries, whilst simultaneously offering immutable origination. This creates a certainty to assets and thus reduces the need for audits, QC and compliance. As the project continues to develop, it shows its potential to bring regulation to a potentially world changing market.
