Recap AMA
MrBut
The Group will be Muted now so that the AMA session will begin!!!!!!
Today’s AMA session will consist of 4 parts
👉Part 1 : Basic Introduction of API3DAO with SASA MILIC Co-Founder of API3DAO.
👉Part 2: SASA MILIC Co-Founder of API3DAO will answer community questions. People can post questions here
👉Part 3: All members can ask anything directly about API3DAO.
👉Part 4: QUIZ at API3 Telegram VN
And now we’re going to get into the first part of the AMA along with API3!!!!!
👉Part 1 : Basic Introduction of API3DAO with SASA MILIC Co-Founder of API3DAO.
Question : Can you introduce yourself to our community?
SaSa|API3
Hi, I’m Sasa. I’m one of the co-founders of API3. Previous to API3, I worked as a software engineer at Facebook and a data scientist at Gauntlet Network, a DeFi auditing company.
MrBut
How about APi3 can you outline the project? @sashkica
SaSa|API3
We work in the “oracle space”. For those unaware: an oracle is a piece of software that brings off-chain data onto the blockchain. In order to expand what blockchains are capable of, you need to be able to securely get off-chain data onto the blockchain.
Since most oracle-related needs on the blockchain relate to data coming directly from *Web APIs*, we focus on a subset of the Oracle Problem: the API Connectivity Problem, which focusses on connecting API providers directly to the blockchain.
MrBut
Thanks for the brief introduction @sashkica
Question : Can you tell us about market you are trying to conquer, your competitors and analysis for your offerings?
SaSa|API3
Like I mentioned, we work in the “oracle space” in the blockchain industry.
When it comes to competition in the oracle space: There are multiple notable differences (between our solution and competitors), but I’ll center on arguably the two main ones: a first-party oracle centric solution and decentralized governance.
Our solution has API providers themselves operate (first-party) oracles and transmit their data on-chain. First-party oracles are oracles operated by the API providers themselves. Compared to third-party oracle solutions (e.g. Chainlink and Band), this is an improvement by: (1) reducing attack surface area by eliminating third-party nodes situated between the data source and the blockchain, (2) improving Sybil attack resistance (since, by default, you know who is operating each oracle), (3) reducing costs (since you don’t have multiple third-parties querying data from the same source, which is the case in existing solutions).
The decentralization governance (DAO) aspect of our solution adds another improvement: (4) transparency. In particular, by making data feed construction explicit and by making the operations of the DAO (the governing entity of the protocol) open to the public.
MrBut
it seems that API3 makes it easy for everyone to access as much information as possible without going through multiple stages.
Thanks for the answer from the guests, we continue with the final question ending part I before moving through part II of the AMA.
Question : The situation of the Covid-19 epidemic from 2020 up to now is becoming more and more complicated, and what is the impact on the project? @sashkica
SaSa|API3
Yea, that’s the idea! My co-founders previously worked on an API provider marketplace for independant node operators in the Chainlink network, and they realized that it makes more sense to connect API providers to the blockchain directly, and not go through third-party nodes.
We’ve been fully remote since the beginning. Our team is spread around the world. So the Covid situation hasn’t changed our workflow much, except for the general annoyances that I think most of you can relate to.
MrBut
But I think the APi3 platform development did too well even though everyone on the team was not close together
SaSa|API3
It’s been good so far, yes :)
MrBut
Well thanks and I would like to end Part I and continue Part II of AMA with the questions selected from twitter.
Question 1 : Why does the project have a meaningful “API3” name?What makes you use blockchain technology to implement those ideas? @sashkica
SaSa|API3
We agreed on the name pretty quickly: we’re providing APIs to Web3 (blockchain), so API3 seemed natural :)
> What makes you use blockchain technology to implement those ideas?
Most of the team has closely worked with oracle projects in the past, so we’ve learned a lot (both good and bad) and we see a clear suboptimal solutions out in the market (that arise from an underspecified problem: the “oracle problem”).
When it comes to connecting Web API data to the blockchain, we believe going directly to the API providers (the data sources themselves) is the right approach.
MrBut
Thanks for the great answer from the guest we will continue with the second question which is also quite interesting.
Question 2 : Am a developer willing to contribute to my quota to the success of #API3, How can I go about that? Do you have a developer chat community or forum where I can keep updated about the latest developments? @sashkica
SaSa|API3
I’m glad you asked! We have a discord where there’s a lot of developer discussion: https://discord.gg/qnRrcfnm5W.
You could also always apply for a role: https://medium.com/api3/api3-is-hiring-88cd550d395b
MrBut
Thanks for the reply, we will continue with question 3 : What is your strategy to attract new users and Investor to your platform and keep them long term. So that everyone knows the potential that a project can bring is vital to achieve the goals set. #API3 @sashkica
SaSa|API3
Regarding users: if a project needs off-chain data, it doesn’t really have any option to not use it. It will either receive it from an oracle solution or the project will simply not exist. There are two opportunities for us here. (1) By providing data that was practically not available before, we will make a lot of use-cases possible, and essentially be the only option for those. And, (2) we will also provide existing kinds of services in a fully decentralized way, and with the security and cost-efficiency of the first-party oracles.
Regarding investors: we haven’t had too much trouble garnering interest so far. But community outreach, like this AMA, is a great way to let more general investors know about the project. We also try to create high-quality general crypto-related content; that also gets eyeballs on the project.
MrBut
Thanks for the reply, we will continue with Question 4 : As far as I know #API3 has the largest trading volume above okex and a small amount on other platforms, do you have any plans for listing big exchanges like binance, coinbase…? @sashkica
SaSa|API3
Truthfully, I don’t follow trading that closely, unless someone brings it to my attention. I unfortunately can’t comment on exchanges for legal reasons :(
MrBut
Yes legal issues are always apprehensive because each has its own regulations, but I still want to see API3 on major exchanges to attract more users around the world.
Last question : What’s your outlook on the future of cryptocurrencies? What can we do to keep increasing adoption? How to attract more users to want to use Api3 product, if the user has no experience at all? @sashkica
SaSa|API3
Ooh, I could talk for a long time about this!
In essence, many of our traditional institutional processes in various industries (e.g. finance, government, law) rely on numerous trusted intermediaries/middlemen. This makes these systems slow, inefficient, expensive, and ripe for corruption. They are very much in need of a provably better technological overhaul. (When I say provably, I mean, for example, in the form of mathematically quantifiable security and trustlessness).
Regarding adoption: I think adoption has been pretty good so far. Bitcoin has only been around for 12 years and Ethereum less than half of that. And we’ve already disrupted so many existing institutions.
If you want to follow API3, this is our telegram: https://t.me/API3DAO
You can also follow us on Twitter:
- https://twitter.com/sasamilic33
MrBut
Thanks for the answer, we will continue with part 3 (sorry I just lost my internet connection)
👉Part 3: All members can ask anything directly about API3DAO.
The group will be unmuted within 2 minutes for everyone to ask questions
Question : DeFi, Staking and Yield Farming are hot topics right now in our Crypto Space, My question is, did you make this project only for the short term because of these hot topics? Do you have a long term plan for this project?
SaSa|API3
Hah, definitely not. We’re in it for the long term: all founders have their tokens locked for 6 months and vested over 3 years. Same with our investors. What’s cool about smart contracts is that you can actually “hardcode” your commitment like that.
Question : People need to trust these outside sources of information, whether they come from a website or a sensor. WHERE DO YOU SOURCE YOUR DATA FROM Who will put this data on the blockchain? And how do we trust that person? How does #API3 ensure that data is accurate and reliable?
SaSa|API3
Good question! When you start talking about the “true source” of information, you can quickly go down a rabbit hole …
We currently approach professional API providers, the types of people third-party oracles tend to get their data from.
What’s important to me specifically: is being *explicit* about where the data comes from. This allows the user to make an informed decision.
> And how do we trust that person? How does #API3 ensure that data is accurate and reliable?
In addition to leveraging the reputability of off-chain businesses (API providers), we also insure our data feeds. Insurance is a big and IMO soon-to-be hot topic in blockchain!
Question : What role does the community play in the Api3 project? Is Vietnamese community essential for Api3’s development? Why did you choose AMA at VIC?
SaSa|API3
I was interested in interacting with the Vietnamese crypto community, since I haven’t so far. I’m glad I did! Nice people and lots and lots of good questions :)
Quesition : Where do I get information about your team? Why do you prefer to be anonymous? Do you have a plan to identify your team later?
SaSa|API3
We’re not anonymous! That’s a common misconception. The whitepaper authors are the founders of API3: Burak Benligiray, Sasa Milic, Heikki Vanttinen.
You can also find other employees listed here: https://www.linkedin.com/company/api3
Question : We are living in the advent of YIELD FARMING and Liqiudity Mining, can you share your personal opinion on Yield Farming and also Briefly explain your Liquidity Mining Program?
SaSa|API3
I think a lot of current yield farming is entirely unsustainable, and it is actually designed that way: to frontload rewards to early adopters.
Our system is quite different. You stake in the insurance pool, so you take on both the risk and rewards of the system. Your “yield” is directly related to API3 revenue in the form of data feed subscriptions
Question: Has your project been completely decentralized, and will there be any risk of centralization in the future?
SaSa|API3
Yes, this is one selling point of our solution versus the competition. We consciously selected a DAO governance structure (rather than having a centrally-governed project) because we recognize the impossibility of a truly trustless and permissionless blockchain middleware. That is, these projects will always need outside input and it’s important to decentralize the governance and coordination of such projects very early on.
Question : Kindly explain more about your Tokenomics, Release Schedule and UTILITY, is it inflationary or deflationary?
SaSa|API3
Regarding our tokenomic model:
The token has an inflationary and a deflationary mechanic. Staking at the DAO yields inflationary staking rewards. The DAO burns its revenue, causing deflation. This model is adapted from EIP-1559 and fixes significant incentive issues that revenue-generating DAOs face. See below for more details.
https://medium.com/api3/api3-tokenomics-update-f032d6e49b30
Since the entire inflation is paid out to the stakers, token holders don’t need to be concerned about it as long as they stake. However, staking comes with the risk of being slashed when insurance is paid out. This is reconciled with a floating inflation rate. The DAO sets a stake pool size target, and inflation rate is regulated automatically to ensure that it’s met.
Thanks @Mrbut88! This was really fun. Thanks for all the great questions, everyone :)
MrBut
Thank you to the guest once again for joining me in completing the 3 parts of today’s AMA session
👉API3DAO information:
🌐 Website
🌐 Telegram community Global
🌐 Telegram community VN
We will continue to part IV : QUIZ at API3 Telegram VN
Everyone join group Quiz in here !!!! tks