Investing in The APIS
One of Sky Ventures’ recent investments is The APIS. We want to share the reasons that made us invest in The APIS.
The APIS offers a developer-friendly platform that serves as a turn key solution for indexing, read and write public toolkits.
Developers of decentralized applications require efficient and accurate API. Most of the indexing solutions at present are centralized. There is a lack of read and write public tool kits and also cross-chain capabilities. There are few shortcomings to be focussed on:
Bad Data prevention
Data can be returned for several competitive and non-malicious reasons, which results in downtime and higher fees for faster delivery. The Apis solves the issue by providing server infrastructure services, so users can focus on building their product.
The heavy requirement of Resources
Heavy hardware resources are required to build public tools and may still fail to provide adequate security and property for decentralization.
Lack of Cross-Chain Operability
Most of the API currently does not support reading data onto the Ethereum network or reads from other blockchains. The APIS platform intends to solve these issues by providing middleware for decentralized querying, indexing, and writing data to multiple blockchains. Bitcoin, Ethereum, Binance Smart Chain, and Solana are currently supported with plans to integrate new projects with help from our team and developer community.
High Barrier Of Entry
New DApps like TheGraph, while reading and writing information on Ethereum reliably, is prohibitively difficult for even intermediate users to use. An application like The Graph is not a Dapp but a tool that helps to receive Dapps platforms’ data.
Need for The APIS
Over 600 million dollars was spent on the blockchain query layer in 2020, and it will grow at a rapid pace as public ledgers capture more value from the traditional finance world.
Graph, Infura, and Alchemy are limited to specific blockchains, and tool kits have only read options.
In the Future, API needs to process multiple blockchains on-chain activity and require reading and writing functionality among different ledgers.
Key Events of The APIS
The Apis foundation engaged protocol security for The Apis smart token contract, which had zero Critical, High, Medium, Low issues with a score of 95.
The Apis joined Postman API Hackathon, which has more than 13 million users and 500000 organizations.
The Apis will be building with Polygon in providing solutions for real-time gaming and exchange experiences.
Token economics:
100 Million tokens minted at the Genesis event. 79 million tokens are for community, events and 21 percent tokens are reserved for the Core team.
APIS contractaddress: 0x16448014A29484b82E3A5A6cF254E5C563A28929
The initial two-year allocation is as follows:
- 43% to The APIS community members (43,000,000 API)
- 21% to team members and future employees with 2- year vesting (21,000,000 API)
- 19% to Community Treasury with 2- year vesting (19,000,000 API)
- 17% to DApp Partners with 2- year vesting (17,000,000 API)
Fundraising Details
The APIS successfully closed private round 1, raising 950k from leading VCs such as Blackdragon capital, Fairum Ventures, Insignius Capital, Exnetwork Capital.
Social Media Links:
Website:https://www.theapis.io/
Twitter:https://twitter.com/theapis_io
Whitepaper: The Apis whitepaper
Telegram:https://t.me/theapis
Sky Ventures Website:https://skyventuresvc.com/
