API3 is a decentralized oracle network designed to connect blockchain smart contracts with real-world data.
Traditional APIs power most internet services, but blockchains cannot access them directly. API3 solves this problem by allowing API providers to run their own oracle nodes and deliver data directly to decentralized applications.
This model is known as first-party oracles. It reduces the number of intermediaries involved in data delivery and improves transparency.
The protocol also introduced dAPIs (decentralized APIs) — data feeds that aggregate information from multiple oracle nodes to provide reliable inputs for smart contracts and DeFi applications.
Founders of API3
API3 was founded in 2020 by Heikki Vanttinen, Burak Benligiray and Saša Milić.
The team launched the project to solve a key limitation of blockchain systems — smart contracts cannot access real-world data on their own. API3 introduced a model where API providers run their own oracle nodes, allowing decentralized applications to receive data directly from the source.