Introduction
Developers are always after new methods of developing their applications to make them more secure and efficient. APIs are blockchain-based solutions that are decent to accomplish these objectives.
These application programming interfaces allow developers to communicate with blockchain networks without being forced to develop their infrastructure at all. The development teams can get access to blockchain data and functionality with the help of blockchain APIs and can save precious time and resources.
This will provide a safer development environment and help the growing blockchain ecosystem to scale and become more diverse.
Understanding the Blockchain Technology
Blockchain is a distributed digital register storing cryptocurrency trading on several computers. The system is continuously expanding with new blocks of transaction information being attached to the chain.
The block contains a hash of the last block encrypted with a cryptography algorithm, a timestamp and a transaction. This architecture assists Bitcoin nodes to differentiate between valid and malicious uses to spend already-used coins.
These APIs enable developers to develop different blockchain applications. They are able to:
- Create digital wallets to be used by the users
- Make transactions
- See the account balance
- Track the market trends
The APIs of the wallets in particular can be used to manage the history of transactions, transfer cryptocurrencies, and keep the wallet balance. These features will facilitate the creation of e-commerce platforms that also accept payment via cryptocurrency such as Bitcoin, Ethereum, Litecoin and Monero.
Blockchain APIs make the process of application development more streamlined and more easy to integrate with the existing systems.
There are various benefits of Blockchain APIs that can be utilized by the developers:
- Streamlined development process and easier integration with existing systems
- Safe and reliable data access from blockchains for cryptocurrency applications
- Cost reduction by removing the need for specific blockchain infrastructure
- Revenue generation opportunities through market data APIs providing real-time cryptocurrency information
Such APIs create a more liberal and accessible ecosystem of applications. Blockchain APIs can help to improve the interoperability of various systems because of their simplicity in access to information and functionality in other applications.
Best Blockchain APIs to Develop With
There are several blockchain APIs that can be found in the modern world, each with its own merits and demerits. A lot of them are REST APIs that are known to be easy and efficient.
BlockCypher API
BlockCypher is one of the most popular blockchain APIs today. It is easy to use and develop blockchain accessible to new entrants.
The API allows connecting with Bitcoin, Ethereum, Litecoin and Dogecoin on different platforms. Smart contracts allow developers to communicate with contract, and receive notices of unconfirmed transactions and generate multi-signature transactions.
Key features include:
- Address, transaction, block, and smart contract data access
- Transaction creation and decoding capabilities
- Contract interaction and deployment
- Transaction webhooks, block webhooks, double spend webhooks
- WebSocket connections for notifications
- Multisig, Segwit, and confidence functionality
Chain API
Chain API provides a wide range of features that would attract expert developers. It maintains a good documentation and is compatible with several programming languages.
Chain API has a simple user interface, which enables API oracle providers to configure first-party oracles simply. The interface assists API2 employees to do integrations on behalf of API providers and this has been known to enhance efficiency and accuracy.
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CoinBase API
Coinbase Pro provides an API which supports diverse operations such as real time sourcing of prices, safe digital currency storage, purchasing and selling of cryptocurrencies and processing of digital wallet.
Core functions include:
- Payment arrival notifications
- Buy, sell, or receive bitcoin cash, bitcoin, litecoin, and ethereum
- Address generation and wallet management
- Wallet as a Service
- Blockchain Data and Events
- Market Data access
The Node as a Service option allows developers to reach more than 100 endpoints on a single provider. Companies like Chainlink, Ledger, Nexo, and PayPal have already used this REST API.
Blockchain API
The Blockchain API aims to ensure payment integration using cryptocurrencies through its API. Their capabilities and services are of high quality thus integration is easy.
Blockchain API has been successfully integrated with more than 25,000 developers. It offers APIs customized for different customer requirements:
- Wallets management
- Payment processing
- Data querying
- Blockchain network exploration
- Crypto data analysis
Competitive advantages:
- Data storage in blockchain block format with JSON transactions
- Offline-first business model
- Large developing community
- Low timeouts and easy JSON data access
- E-wallet account integration
Block.io API
Block.io API has a simple interface that could be selected by a beginner in blockchain development. The API works with various programming languages hence it can be used by software writers who want to write in their preferred language.
Close application testing and secrecy of private keys are still imperative when using this platform.
BitPay API
BitPay API allows engaging with global digital assets using a standard-based REST API. This powerful interface enables application developers to easily interact with their BitPay accounts.
Key capabilities:
- Handle invoices and provide refunds
- View merchant records
- Perform important account tasks
- HTTPS API calls in any programming language
- Custom integration for unsupported languages
GetBlock API
GetBlock API promises easy access to blockchain energy, smart contracts and more. The service provides superfast running nodes and protected API access to blockchains such as Bitcoin and Binance Smart Chain.
Services offered:
- API and smart contract access
- Explorer data services
- Blockchain development program with raw data access
- Quick access to blocks, transactions, and contracts data
- Technical documentation and business-specific SLAs
Selection Criteria of Blockchain APIs
Developers and development teams have preferences regarding which programming language to use, architecture pattern, frameworks and libraries. The process of selecting blockchain API is no different.
Technology Considerations
API Selection Factors
| Factor | Consideration | Impact |
|---|---|---|
| Open-source code | Prevents errors and enhances security | Community testing and validation |
| Performance requirements | Load handling capabilities | Application scalability |
| Programming language support | Language compatibility | Development efficiency |
| Available features | Functionality breadth | Application capabilities |
Performance requirements vary significantly:
- Single applications may only need a few transactions per second
- High-volume applications require robust blockchain API support
- Microservices architecture may need different scaling approaches
Implementation Process
Once a blockchain API has been chosen, developers should:
- Create an account and receive an API key
- Begin application development
- Conduct adequate application testing prior to deployment
- Implement continuous blockchain monitoring for changes
The API call data may be accessed on the client side with browser SDK tools, creating reports on debugging and monitoring to ensure proper functionality.
Conclusion
The blockchain APIs in this guide present a wide set of features including the creation of digital currency wallets to communication with smart contracts on the Ethereum blockchain.
Although some APIs are still in development and might not be as reliable as others, they all hold great potential for the future of blockchain technology. Testing various APIs can assist in finding the best options for particular applications.
In API creation, adopting a comprehensive monitoring and analytics solution will be essential for tracking adoption and user experience. Features like API analytics, monitoring, and metered billing enhance API products and user satisfaction.
The blockchain API ecosystem is actively developing, providing developers with more advanced tools to create decentralized apps. The key to success lies in careful evaluation of choices based on technical needs, performance demands and integration with existing systems.
These APIs will become increasingly significant as blockchain technology reaches maturity and enables adoption and innovation across many industries.
