Portus Network, a soon-to-launch, revolutionary, decentralized API Gateway, has built a network that will streamline the data input process to dApps by cutting out expensive middlemen. A whitepaper for the project was released in May of 2021 and the platform’s native token will be used to provide liquidity for its operations.
Blockchains and the dApps that run on them are closed networks that rely upon data inputs to process information from the outside world. These data inputs are called oracles. The way oracles operate is not as sources of information, but as connectors between insular networks and data producers. It is thanks to oracles that blockchains are constantly updated with outside information.
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However, the way that oracles work and how the oracle industry has developed is contrary to the principle of decentralization. By introducing a middleman in the flow of data, the oracle adds another entity into the transaction, further complicating it. Additionally, there is a risk that a select group of oracle providers could be in control of API data flows for a majority of the industry. We are seeing that play out currently, as a few major oracle providers are monopolizing connection services to API Providers.
This is problematic philosophically, but also economically. By having to go through a third-party service, dApp Consumers and API Providers are spending more and losing out on profits. Portus API Gateway, called the Portkey node, was developed to solve the issue by connecting dApp Users directly with API Providers in an innovative way. By cutting out the middlemen, Portus will be able to simplify a process that has become overly complicated and make it less burdensome from a cost perspective. Portus Team already released a fully functional version of the API Gateway with documentation and tutorials on how to use it.
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At its essence, Portus is a decentralized network of API providers or DAPIs. DApps looking to integrate APIs into their network will be able to work directly with providers on Portus, rather than having to go through an oracle service. Payment towards API providers will be made in the platform’s native token. In addition to using it as a means of payment, users can stake their tokens in insurance pools correlated to specific API providers. Stakers will then be rewarded for contributing liquidity by payouts for each API call that is made.
Portus has planned a six-stage rollout of token distribution that will begin with a private sale and an exchange offering. While the first iteration of the Portus network will work exclusively with Ethereum blockchains, there are already plans in place to open the network to other chains, including the Binance Smart Chain.
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