Decentralized API

We will be designing and developing a proprietary decentralized API product that would allow the seamless integration of Feed3 technology with Blockchain Games, Video Games, and Metaverse Projects.

Feed3 intends to establish alliances with a few renowned games and metaverse projects that participate in the Play-to-Earn (P2E) economy in order to assist web 3.0 gaming users in leveraging the concept of the FB2E model.

To enable the smooth integration of Feed3 technology with Blockchain Games, Video Games, and Metaverse Projects, Feed3 will be building a proprietary decentralized API solution with API3. The use cases for the Blockchain will be expanded while maintaining decentralization thanks to API3, which will link decentralized apps with the wealth of information and services provided by conventional Web APIs.

Decentralized APIs or dAPIs in brief, are networks of decentralized first-party oracles run by API providers. Decentralized interoperability solutions, in contrast, are dictated by a centralized body and comprise of an oracle network of 3rd-party intermediates, which is required by their vaguely defined issue specification.

Interoperability is a vital objective to achieve in the fragmented environment that Web3 is now in. Web3 is, in principle, all about decentralization, it may be highly concentrated in actuality. Hence, this API3 initiative aims to link the FB2E model to the outside world by removing the barrier of interoperability and connectivity.

Why not Oracles? Below listed are some reasons why we have not decided to proceed with Oracles to establish connectivity.

Operation Limitation

Decentralization offers resilience against assaults and censorship because it enables participants to work together without needing confidence or a reliable third party. Smart contract platform routers must perform the calculation locally after each contract invocation to ensure that the result is valid to enforce consensus requirements. The phrase "Oracle problem" refers to this situation and an idealized agent that can provide the Blockchain with a piece of truth that may be defined in any way.

Lack of Transparency

Suppose a price feed provided by 5 oracles does not represent 5 distinct data points. We might not even know that all oracles deliver data from the same API provider. Hence, there's a lack of clarity and transparency in this situation as, despite what suppliers of such feeds may imply, the number of oracles supplying data feeds doesn't always indicate higher quality or more reliable data.

Vulnerability

A decentralized oracle network combines the oracle findings into a single response using an aggregation algorithm. Since this function is a consensus method, it's vulnerable to a certain proportion of dishonest players, like other consensus algorithms.

This implies that a gang of nefarious oracles can work together to influence the outcome and possibly take absolute control. A single actor can also create many oracle node operators' identities and establish a good track history of reliable operations to carry out the same kinds of assaults solely on their own, called a Sybil attack.