AllianceBlock Partner With API3 To Develop Cutting-Edge Decentralized Identity Solutions and Airnode deployment for enterprise grade API
Moving closer towards our goal of creating a bridge between traditional finance and decentralized finance, we are proud to announce a strategic partnership with API3.
API3 aims to tackle the strict decentralization requirements of Web 3.0 without employing third-party intermediaries, through the utilisation of first-party oracles. By combining these first-party oracles, API3 builds decentrally governed and quantifiably secure data feeds that foster the development of powerful decentralized applications and secure data feeds.
The strategic partnership, which will be geared towards deploying an Airnode to an enterprise API, will also explore opportunities for additional enterprise deployments for the future. In addition, API3 will work in conjunction with AllianceBlock to develop and build a proof-of-concept (PoC) for a decentralized identity solution — a crucial component in our quest to bridge the gap between the blockchain world and traditional finance. The PoC aims to offer users a permissionless KYC product, allowing users to prove who they are in a trustless manner. The ability for Airnode to work as a first-party oracle is key to preventing third-parties from having access to the data.
Rachid Ajaja, CEO and Founder of AllianceBlock, said, “Today’s announcement is another step forward towards achieving our mission of bridging the gap between traditional and decentralized finance — a vision shared by API3. We are excited to be working with API3 and to open the doors to crossover collaborations. This landmark partnership will be geared towards enabling API3 with access to all traditional financial data, ensuring transparency, data quality, and independence of data sources. Our partnership with API3 will also enable developers to build applications by leveraging data from both worlds, facilitating even more innovation in this fascinating space that is changing the way we engage with finance.”
Heikki Vänttinen, Co-Founder of API3, said, “We are very excited to collaborate with AllianceBlock and to explore the opportunities that removing the need to trust third parties with data can create. Trustless KYC in particular showcases this strength of Airnode and we are looking forward to working on this with the AllianceBlock team.”
This latest partnership follows a spate of recent announcements from AllianceBlock including a collaboration with Ocean Protocol, the leading developer of powerful Web3 apps for the emerging data economy. This will result in a data tunnel that will enable providers to publish and monetize data in a significantly easier fashion. Thanks to our strategic partnership with API3, this tunnel will also act as an API gateway between API3 and Ocean Protocol, thus increasing the adoption and revenue streams of network participants, enabling a wide range of new possibilities for decentralized applications in spaces such as open banking data.
Businesses offer a wide variety of services over APIs, ranging from providing asset price data to executing traditional financial transactions. It is critical for decentralized applications to be able to access the kind of services that APIs offer in order to interact with the real world, yet these APIs are not natively compatible with decentralized applications.
With API3, we aim for the concept of an API to take the next evolutionary step to meet the inevitably strict decentralization requirements of Web 3.0 without employing third-party intermediaries. This will be achieved by dAPIs — fully decentralized and blockchain-native APIs — which will be set up, managed, insured, and monetized at scale by the API3 DAO. Read our full whitepaper here.
AllianceBlock is building the first globally compliant decentralized capital market. The AllianceBlock Protocol is a decentralized, blockchain-agnostic layer 2 that automates the process of converting any digital or crypto asset into a bankable product.
Incubated by three of Europe’s most prestigious incubators: Station F, L39, and Kickstart Innovation in Zurich, and led by a heavily experienced team of ex-JP Morgan, Barclays, BNP Paribas, Goldman Sachs investment bankers, and quants, AllianceBlock is on the path to disrupt the $100 trillion securities market with its state-of-the-art and globally compliant decentralized capital market.