Logware, a Founding Member of the API3 Alliance, To Offer First-Party Oracle Services on Web3
Aug 2021 — Charlotte, NC
Leading Web API provider to provide data and services to the next generation of decentralized applications via Airnode
Logware, a B2B blockchain-as-a-service data storage company, today joined the API3 Alliance. Smart contracts now have a way to store and retrieve the off chain data they need to execute by using the Logware API. This strategic alliance of API providers, like Logware, believes that we should be able to share the same data and services currently offered to web applications directly to Web3 consumers. With Web3, distributed users and machines can interact with data, value and counterparts via a substrate of peer to peer networks without the need for third parties.
Developers or others using Logware’s API as part of the API3 Alliance now have a new tool to make smart contracts even smarter. If a smart contract needs data which has to be pulled off chain (like temperature, stock prices, indices), the problem was where to store and retrieve that data? Logware is a mature public blockchain purpose designed to have all of the advantages of security and immutability together with a very low cost of storage and the ability to permanently and easily store large numbers of small data packets.
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 a growing community of already over 100 API providers, allowing them to go directly to the consumers of APIs like Logware on Web3.
“Logware customers who have been storing directly to the blockchain now have an oracle access point for their smart contracts. That silo of data is now available to their decentralized applications.” — Benjamin Wilson, CTO & Founder of Logware
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 1.
About Logware
Logware provides affordable, transparent, permanent, data storage for companies that value transparency via 3rd party verification. Our API lets enterprise customers permanently and immutably store and retrieve encrypted or plaintext data on the blockchain. Logware is built on top of the eco-friendly, open source, Lynx blockchain. It has all the functionality of blockchain projects built on Bitcoin technology — but has minimal environmental impact.
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.
