The Crypto APIs’ Chainlink, Providing All Our Data Directly to Smart Contracts
1 year ago
Crypto APIs is proud to be launching its own official Chainlink, selling our data on the Chainlink Network, which is currently the most widely used access point for price data in DeFi, securing over $4B in value. We are excited to announce that in addition to continuing to service the Chainlink Network’s decentralized price feeds, Crypto APIs is now supplying a variety of new datasets to the Chainlink Network via our own official chainlink (node). By running our own chainlink, we are able to sell our data feeds directly to smart contract applications across all of the leading blockchain environments from a single gateway. This expands both the range of data smart contract developers have access to on-chain, as well as the addressable market for which our data feeds can service.
In addition to monetizing our existing APIs, we are using the built-in cryptographic signing capabilities of chainlinks to provide smart contracts additional security and Sybil-resistance guarantees on the data we provide. Consumers now have fully on-chain verifiable proof that each price update provided by our chainlink came directly from us as the data’s signer. Origin-signed data directly from Crypto APIs will improve the security and reliability of DeFi applications that need strong assurances in the data sources they use to trigger large value contracts with real world value.
Connecting Crypto APIs to the Smart Contract Economy
Crypto APIs currently provides three main services: Blockchain APIs, Crypto market data APIs, and Trading APIs. Through these APIs, developers can get access to numerous datasets to augment their on-chain applications, such as blockchain data, exchange rates, market capitalization, exchange volume, historical data, open trades, wallet balances, and much more.
Given our extensive range of data feeds and the increasing demand to use them to build more advanced decentralized applications, we see a great opportunity in making our high-quality data available to DeFi smart contracts. However, due to the inherent security properties of the blockchain, smart contracts cannot natively make API calls to external systems (off-chain). Thus, to sell data to smart contracts, we required an additional piece of infrastructure known as a blockchain oracle to bridge the gap between the on-chain and off-chain environments.
Oracles are middleware that retrieve external data on behalf of the smart contract, attest to its accuracy (through digital signatures), aggregate it (when using multiple sources/nodes), and broadcast it onto the blockchain so smart contracts can use the data in its execution. Oracles are critical to connecting the vast and already flourishing data and API economy in the off-chain world to the rapidly growing ecosystem of blockchain networks that is poised to become the future infrastructure of global finance.
Through extensive analysis of the oracle problem and the current blockchain oracle landscape, we found that not all oracles are created equally. It soon became clear to us that the Chainlink Network offered the most secure, reliable, and flexible network oracle solution on the market. Some of the key features built-in to chainlinks that we did not find on other networks, include:
- Origin-Signed Data – chainlinks cryptographically sign every piece of data transferred between systems, allowing data providers operating as oracles to provide definitive on-chain proof that their data came straight from the source.
- Sell to Any Blockchain – chainlinks are inherently blockchain-agnostic and thus can be integrated into any blockchain, creating a single gateway from which we can sell to all blockchains that exist both now and in the future.
- Large Market of Users – the Chainlink Network is the most widely used oracle solution in the blockchain ecosystem with adoption from many leading DeFi players, ensuring our data already has a large accessible market of potential users.
- Proven Security – chainlinks are thoroughly audited open-source software that collectively secure billions of dollars in value for live applications using the Chainlink Network, proving its ability to protect and trigger the movement of real value economic value in-production.
These are just some of the many reasons why we believe that chainlinks are the standard universal bridge between smart contracts and data providers like Crypto APIs. We look forward to establishing our reputation as a trusted data provider in the Chainlink Network by supplying our origin-signed data directly to smart contracts across any blockchain ecosystem requiring reliable blockchain and cryptocurrency market data, greatly expanding the DeFi market as a result.
“Having seen and been a part of the success of Chainlink’s Price Feed oracle networks, we are excited to expand our integration with the Chainlink Network by running our own chainlink. By doing so, we are able to greatly expand that amount of data the DeFi developers can use, leading to more advanced applications that can secure more value thanks to greater assurances obtained through origin signed data.”
If you are a smart contract developer and want to start consuming our data feeds within your application, check out our documentation here.
About the Chainlink Network:
The Chainlink Network is the most widely used and secure way to power universal smart contracts. With the Chainlink Network, developers can connect any blockchain with high quality data sources from other blockchains as well as real world data. Managed by a global, decentralized community of hundreds of thousands people, the Chainlink Network is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Crypto APIs is the leading enterprise-grade infrastructure layer that helps development teams to build crypto and blockchain products faster. Crypto APIs allows its users to generate addresses, get callback notifications, forward tokens and coins automatically, get clean and gapless market data from top crypto exchanges and execute orders with unified API on multiple exchanges.
Crypto APIs is trusted by thousands of exchanges, wallets, payment processors, neobanks and DeFi projects by allowing them to save huge development and infrastructure costs.