The API economy continues to grow but one impediment to this growth is the friction involved when trying to pay for API access. Smoothing this friction may require a change in the handling of API monetization, something the open-source API Network looks to solve through the use of cryptocurrency.
Kraken has announced the release of a new websockets public API, providing faster access to market data on the company’s cryptocurrency exchange. The new API is still under wraps, with the company expecting to release globally by the end of January, while noting that the release could be delayed.
This article looks at the advantages of cryptocurrency that can be applied to the API space by creating a decentralized API marketplace that removes many existing barriers. The API Network is modeled after bitcoin and hopes to remove the friction between API providers and consumers.