Crypto APIs Helps Enterprises and Developers Build Blockchain-based Products
Building blockchain-based products and services require considerable backend and technical resources, but Crypto APIs is making it easier for enterprises and developers with its unique set of tools.
A world which revolves around the allocation of scarce resources into satisfying our infinite desires
seems to be focusing on innovation that is oriented towards how this usage of resources is to be optimized, with data becoming indeed “the new oil”. As such, enterprises are noticeably embracing blockchain solutions, as the worldwide spending on them is expected to grow from 1.5 billion in 2018, up to 11.2 billion by 2022, according to Statista. Hence, it’s no wonder financial companies and other institutions are seeking out this form of structuring and distributing their data with no central authority that gets in their way. However, as with every emerging technology,
the constant challenge appears:
“Should I build it from scratch, or use available solutions?”
The answer is not definite, yet still related to resources: time and money in accordance with data. If they are both to be optimized for the best of the company’s interest, the quality of the product will thrive. This is especially true if you are a software developer with a vast interest in dApps.
The main problem developers and enterprises are encountering is having their platform implementation costs worth it, which if not leads to a costly R&D phase, the need of a blockchain developer, 5 years of work with worst-case scenario being they don’t even have a product ready yet, and the best-case: having plenty of debts and very little competitive advantage. Similarly, 10 years ago, setting up a software platform would require thousands of dollars at the very least for servers and maintenance, with not even a clear product on their hands to put to market. However, nowadays through AWS and other services,the process is hugely facilitated with just $100. Hence, history has proven infrastructure layers have revolutionized adoption to technologies. The same logic is applied into blockchain. Enterprises’ common intuition directs them towards different APIs providers for blockchain, crypto market data and exchanges protocol support. However, some exchanges provide only Rest API while others provide only WebSockets. Therefore, of course, developers will need at least two different API providers, pay two separate sets of bills and handle multiple interfaces for different exchanges. With the scalability challenge, the problem will only get worse over time.
Crypto APIs offers the convenient option which, as you may have guessed, consists of one single API provider through a simplified and unified model integration. A best-in-class solution that includes: Blockchain API, Crypto Market Data API and Trading API. It provides support for top cryptocurrency exchanges and 10+ blockchain protocols. The Blockchain API itself offers 600+ endpoints for its users. Not only is Crypto APIs robust and powerful, but it is extremely easy to be implemented with just a few lines of code during your cocktail hour. Their interoperable and coherent API provides methods for retrieving data from exchanges, wallets and various data sources protecting the integrity and security of the users. Crypto APIs regards this to be an important issue and it is considered a priority for all sensitive information private key and API password to be strongly encrypted and stored in this format only.
In addition, whether it is for building Crypto trading bots or for managing digital asset portfolio, the user will need to handle big data storage. Crypto APIs covers that functionality together with locally hosted nodes. The service can manage 5K+ Market Data Updates per second, while maintaining a constant Market Data collection non-stop all from the exchanges. Its multi-crypto seamless integration also supports multi-language SDKs. Moreover, a true proof of the company’s reliability is when it starts building its own innovative solutions on top of its own ecosystem. Examples would consist in, Kryptonize, the 0% commission Metamask competitor, with added support for multiple currencies, or BlockExplorer, the most advanced search engine for blockchain data, both offered to the public from Crypto APIs due to their unification of the top blockchains in one place.
To conclude, the future of blockchain is indeed backed up by evolving records, which is more of a reason for enterprises to choose the correct approach in their priorities. Nashwan Khatib, Crypto API’s CEO states: ”In 2020 every company is becoming a fintech company, in 2030 every company will be blockchain company with the help of infrastructure layer companies like Crypto APIs.” As follows, the essence of this product is noticeably driven by the desire to make programmers, traders, financial institutions, or any blockchain-enthusiast really, more likely to reach their goals and focus on their application logic. In that context, they become the epitome of the invisible hand on the blockchain economy, where Crypto APIs’ interest to sell their product complies with the interest of their customers’, truly achieving win-win situations.
Article Produced By
Cryptovest News Desk