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Blockchain technology has permeated the entire e-commerce industry. Cryptocurrency payments are no longer a novelty, but rather a required feature. The blockchain ecosystem is expanding, despite some skepticism about this new technology. Every month, new and exciting technologies and application areas emerge. As a result, older blockchain implementations are becoming increasingly popular. Consider the rapidly expanding Bitcoin blockchain size.
What is API Used For?
An application programming interface, or API, is a link between various user applications. For example, an app that allows you to buy tickets online, book a hotel, hail a cab, or check the exchange rate most likely makes use of a specific API. An API sends the request to a server that stores the necessary data and returns the result to your phone.
APIs are widely used in software development today, particularly for mobile and web apps.
What is API in Cryptocurrency
APIs are used in a variety of cryptocurrency-related applications. APIs are available for transaction processing, market trading, account management, analytics, and security. The latter has become especially important since the popular cryptocurrency exchange Binance was hacked, with disastrous results. A total of $42 million was stolen in a single transaction.
Binance and other cryptocurrency companies took immediate precautions to protect their customers. However, the incident demonstrated how critical security is in today’s world. Security is critical when it comes to crypto APIs. When possible, defer using publicly available popular APIs to well-known developers.
The Top 5 Blockchain API Providers in 2022
We compiled this list by selecting the most productive, dependable, secure, and scalable products. The five API titans are listed below.
For quick and easy access to the most popular blockchains, NOWNodes provides full nodes and blockchain explorers. It is a blockchain-as-a-service solution with excellent API connectivity. More than 40 blockchains can be connected using the dependable and cost-effective infrastructure.
NOWNodes features include:
- All of your full nodes and explorers are in one place, so you don’t have to deal with multiple services;
- Quick access: a dependable connection at 1GB/sec;
- Guaranteed service quality.
The NOWNodes specialists perform round-the-clock monitoring of the nodes, and the nodes themselves are subject to persistent surveillance.
The Coinbase API is a powerful and safe tool. It supports Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Coinbase offers excellent wallet services, including constant transaction notifications. Node.js is used to power the API technology.
Coinbase is well-known for integrating cryptocurrency into existing applications. It enables you to incorporate crypto functionality into an existing app rather than scrapping it and starting from scratch.
The Coinbase tools are free to use, with a daily request limit of 10,000. A premium option with a more advanced API, CoinbasePro, is also available. It comes with a ton of cool features, including programmatic trading, among others.
To summarize, this API is about:
- Decent transaction support;
- Sufficient security;
- Integration with existing apps;
- Multiple cryptocurrency support.
Furthermore, because Bitcore is a full node, applications built with its API run on the P2P network. This translates to an outstanding performance (over 500 transactions per second). Bitcore’s productivity makes it one of the best blockchain APIs for project scaling. Its excellent performance potential makes it somewhat futureproof. It dispels any concerns about the need for significant redevelopment in the near future.
To summarize what Bitcore API is all about:
- Peer-to-peer network;
- Modular architecture;
- Insane performance level compared to similar APIs.
The Blockchain API is an excellent choice for implementing cryptocurrency payment functionality. The Blockchain API technology is the oldest and most popular, with a community of over 25,000 developers. APIs for wallets, payment processing, blockchain exploration, and simple text queries are available on blockchain. They also offer WebSockets and a market data API.
JSON format is used to store data on blocks and transactions in the Blockchain API. It has short timeouts and only works with wallets. This eliminates the need for extra cryptocurrency storage.
Overall, this Blockchain API is competitive due to:
- Vast developer community;
- Low timeouts;
- Accessible JSON data format;
- Access for operations via e-wallet accounts.
Factom is a company that provides a truly innovative solution under the brand name Harmony Connect. It provides data storage services on its Blockchain. This is useful when you need to record tamper-resistant data for extended periods of time.
Their API integrates well with existing software. Smart contracts can also be run on the Factom blockchain. Tokenization is another useful feature of their blockchain. Tokens representing real-world assets can be created and traded on the network. Factom appears to be a solution that will become very popular in the near future.
Factom API includes:
- No speed restrictions;
- Integration with existing software;
- Tamperproof timestamped data storage;
- Smart contacts;
- Secure Exchange.
Finding the best blockchain API can be difficult at times. Developers are perplexed by the variety of products available, as each API provides unique features and functionality. Different levels of performance, security, and support for multiple cryptocurrencies necessitate careful consideration.
We have listed the most popular and respected blockchain APIs in the modern FinTech world in this article. Some provide excellent performance, while others are focused on providing superior security. Finally, the blockchain technology you choose should be based on your specifications, demands, and planned scale.
Please don’t get us wrong. We do not require you to select an API from the list described above. These examples demonstrate the standards and requirements needed for high-quality APIs. Assess your options before making a decision, and you won’t have any problems with this responsible choice.
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of EGG Finance. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.