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API3 FAQ
What is a dAPI?
A dAPI, or decentralized API, is a secure and cost-efficient solution providing traditional API services to smart contracts in a decentralized manner. Unlike traditional oracle networks that rely on third-party intermediaries, dAPIs consist of first-party oracles operated directly by API providers. This direct connection eliminates the security risks and costs associated with middlemen, resulting in a more trustworthy and efficient system.

What is the API connectivity problem?
The API connectivity problem arises from the limitations of smart contracts in directly interacting with real-world data and events. While decentralized applications offer trustless and transparent execution, they require a reliable mechanism to access off-chain information and services, which are typically provided through Web APIs. Traditional oracle solutions attempt to bridge this gap but often introduce vulnerabilities and inefficiencies due to their reliance on third-party intermediaries.

Why are first-party oracles more secure than third-party oracles?
Third-party oracles introduce vulnerabilities as they act as intermediaries between data sources and smart contracts. This introduces an additional attack surface and increases the risk of data manipulation or compromise. First-party oracles, operated directly by API providers, eliminate this vulnerability as they allow API providers to sign their data with their private keys, ensuring data integrity and authenticity at the source.

What is Airnode, and how does it work?
Airnode is a serverless oracle node specifically designed for API providers to operate their own first-party oracles. By leveraging serverless technology, Airnode removes the need for API providers to have blockchain-specific expertise or invest heavily in infrastructure. It acts as a bridge between Web APIs and smart contracts, enabling secure and efficient data transfer without requiring cryptocurrency transactions from API providers.

How does the API3 DAO ensure the security and reliability of dAPIs?
The API3 DAO governs the API3 project and ensures the security and reliability of dAPIs through a transparent and incentivized system. API3 token holders can stake their tokens to participate in governance and earn rewards. These staked tokens act as collateral, making stakers financially liable for dAPI malfunctions. This accountability incentivizes responsible governance and promotes the development of secure and reliable dAPIs.

What is the role of service coverage in the API3 ecosystem?
Service coverage protects dAPI users by providing financial compensation in case of qualifying dAPI malfunctions. This insurance-like mechanism uses the staked API3 tokens as collateral, ensuring that users are protected from financial losses due to errors or malicious activities. The availability of service coverage also incentivizes the API3 DAO to maintain a high level of security and reliability to minimize the risk of payouts.

Why is quantifiable security important for dAPI users?
Quantifiable security provides dAPI users with a clear understanding of the level of risk associated with a specific dAPI. Unlike vague assurances, quantifiable security relies on data-driven risk assessments and transparent service coverage mechanisms. This transparency allows users to make informed decisions about using a dAPI based on their risk tolerance and the value at stake.

How does API3 address the challenges posed by blockchain scaling solutions?
While scaling solutions are crucial for addressing blockchain congestion and high transaction fees, they can introduce security implications for dAPI operations. API3 acknowledges these challenges and advocates for transparent and well-defined security models for any scaling solution used in conjunction with dAPIs. The API3 DAO will play a crucial role in evaluating and selecting scaling solutions that maintain the security and reliability of dAPIs.