Blockchain technology has spread throughout the e-commerce industry. Cryptocurrency payments are a required feature today. Despite some skepticism about this new technology, the blockchain ecosystem is growing. New technologies and appealing areas of application appear every month. So, old blockchain implementations become more and more popular. Blockchain is an appellation for cryptocurrencies. Although, cryptocurrencies like Bitcoin are based on blockchain technologies and are not the same. Blockchain technology is known to be a ledger. However, what differentiates it from the simple accounting method is that the data remains spread among all users & is encrypted. There is no single accountant that makes them independent from any centralized body. Some of the leading blockchain development tools are Geth, Remix IDE, Mist, GanacheCLI and Solium. Blockchain platforms are the ones that allow the advancement of blockchain-based applications. Well, technically, a blockchain professional is an expert who has these extraordinary skills in the blockchain.
So while cryptocurrencies are still the main thrust, there are many other applications of this unique technology. As you can imagine, there are many other decentralized and secure online ledger applications. They facilitate online contracts, logistics networks or banking operations. Blockchain is also ideally suited for some governance-related uses. Any sensitive information related to voting or medical records can be accounted for securely on the blockchain. Competition in these industries is strongly encouraged by the blockchain community as a whole. Many competing services are needed to build a solid decentralized economy around the blockchain. Developing software to support cryptocurrencies is a big deal. Fortunately, blockchain APIs can eliminate the need to create a complete cryptocurrency system. APIs are widely used in software development today, especially for mobile and web applications. Blockchain API is an interface that interacts with a blockchain node or client network directly or through a different service.
API technology is essential for cryptocurrencies. Much of its value comes from its use as a private and secure online transaction method. So, in turn, it relies primarily on the privacy and security provided by the API. Another factor is the ease of use. No one will use a transaction method that involves a long and laborious transaction completion process for daily operations. Another influential area is cryptocurrency trading. The reason being Bitcoin and other currencies get treated as a stock market title or commodity. So, to make a good profit from trading, the maximum amount of information is needed. Most crypto exchanges have their APIs. Many data aggregators collect information from such trades and pass it on to users via their API. Also, there are crowdfunding and investment platforms or ICOs that also provide an API to their customers.
After interpreting many blockchain APIs, we found these 6 APIs to be very beneficial and worth mentioning:
Factom offers an innovative solution called Harmony Connect. It provides data storage services. It is useful when you need to record tamper-proof data for a long duration. Its API has superior synthesis with the existing software. It can also execute smart contracts. You can create tokens that represent real-world assets and trade them on the network. Factom looks like a solution that could be very successful shortly.
The Factom API has few benefits –
- No speed limitation;
- Tamper-proof data storage;
- Integration with existing software; and
- Smart contacts.
- Infura Ethereum API
Infura is one of the largest blockchain service providers today. It offers a robust and scalable solution for a customer’s infrastructure on the Ethereum network. It is convenient for decentralized applications and has other uses as well. Infura also provides a backnd API to connect applications over HTTP and WebSockets to the IPFS storage of the Ethereum network.
Infura is responsible for providing Ethereum access to around 60% of all applications, including popular Cryptokitties.
Some of the main features of the Infura Ethereum API are –
- It works on Amazon servers and is always online;
- It is easy to use;
- You have the proper documentation and support;
- It has a developer panel; and
- It’s free for less than 100,000 applications per day.
- Web3.js Ethereum API
It is the main API of the Ethereum network; however, to use it, you would have to run your Ethereum client. You can also use Infura hosting. It has wallet support and automatically generates smart-contract wrappers from native Java code. It supports ERC20 and ERC721 token standards.
Nomics is a business data aggregation platform with free API. It provides greater data accuracy, especially from less reliable crypto exchanges. The main feature of Nomics is the use of raw business data. It also helps detect some forms of business data administration. This data aggregator collects orders and exchanges data from 13 different crypto exchanges.
It is a source for all developers. Their prices can seem expensive to the typical developer looking for a cheap or free crypto API. However, they are a highly respected API in the cryptocurrency industry.
Tierion provides a unique solution called Chainpoint. This API allows you to create unmatched timestamps on the blockchain linked to a file you have. This timestamp cannot be removed or changed. It can be convenient for legal reasons, such as to prove intellectual property or flag an investigation. Many applications get developed using this API. This technology is new. But there are already cases of successful use of the blockchain anchor as evidence in court. It also provides its users with a novel feature that is the running of the validation node.
- ICObench Data API
ICObench is an essential ICO platform. This platform has its API available for premium customers. It allows customers to get ICO lists, statistical evaluations and some other data directly from the platform itself. However, it is only available for premium customers. The data itself can get used for notifications or to perform analysis.
In this article, we have listed one of the most famous and honoured blockchain APIs, out of which some offer excellent performance, while others focus on providing higher security. Ultimately, the choice of blockchain technology should be according to your specifications, needs and projected scale.