May 29, 2023
1 min read
An API describes a set of tools, routines, and protocols used in building software applications. It is a software intermediary that allows two different software or applications to communicate or talk to each other. Regardless of the respective implementations of applications, it allows different applications to work and interact without comprising each other’s interface. Also, a good API allows easier development of programs by offering building blocks. When software developers are creating codes, they usually do not start from scratch. Therefore, APIs allow developers to make repetitive but sophisticated processes easier and reusable through little bits of code. Also, APIs allow software developers to develop apps using lower amounts of time. It has allowed developers to become more productive because they do not have to write code from scratch. APIs have allowed developers not to reinvent the wheel every time they want to develop new apps or programs.
Notably, APIs allowed a faster development of cryptocurrencies because altcoins used a similar interface to Bitcoin. In addition, they allowed abstraction of functions between systems. Also, API act as interfaces between different currencies and allows exchange between cryptocurrencies. Furthermore, a person may want to purchase a cryptocurrency. The seller may be in a foreign country. Various apps act as API interfaces that allow interactions between buyers and sellers. Ultimately, service providers are given enhanced flexibility regarding service delivery. For instance, infrastructure within API consists of physical servers in data centers, and the service providers can easily switch to different virtual servers in the cloud. It allows systems to change easily, similar to plugging to a socket.
Staking fundamentally involves committing your cryptocurrency assets to a specific blockchain system in order to earn rewards in return.
In this article we will take a look at the similarities and differences between XLM and XRP and figure out which one's better for you.