The world changed forever in 2008 when a group of people hid behind the Satoshi Nakamoto name and created bitcoin. This peer-to-peer distributed currency was based on the concept of the blockchain. Things haven’t been the same since. Everyone is looking for the lion’s share of the digital currency market. This great for developers because, while it has made a massive impact, the blockchain ecosystem is still in its infancy. There’s still a big window of opportunity to take advantage of, and APIs like Coinlayer make it possible for anyone to get a head start.
While the blockchain is decentralized by design, the ecosystem itself is built around communities and nodes. There has been an almost endless array of communities, nodes, and tools released for the blockchain since 2011. I myself have played with some of them and was a member of several different communities because of my belief that the blockchain is an incredible concept that has the power to change lives.
Coinlayer, the Cryptocurrency Exchange API
Coinlayer has become my choice for everything cryptocurrency related. I’ve used the API in several projects, including a popular Android app I developed. Of course, I’d already put together a neat stash of bitcoins by the time I discovered the Coinlayer API and had built up a good knowledge of cryptocurrencies. Unfortunately, I discovered it before the boom so there was no private island waiting for me.
Well anyway, Coinlayer offers actual crypto rates for over 385 cryptocurrencies. The exchange rates provided are based on data taken from the top 25 exchange markets. That means that the rates are guaranteed to be accurate. On top of this, the coinlayer API is built on a cloud infrastructure that delivers this accurate data in a matter of milliseconds.
Supported Coins
Coinlayer has support for every popular digital currency. What makes coinlayer so great is though is that it also supports lesser-known coins. This makes it a versatile tool to meet the needs of any user. The portfolio of supported coins includes cryptocurrencies like Unobtainium (UBO), Po.et (POE), and Status Network Token (SNT). It also offers exchange rates on currencies like President Trump (PRES) and PutinCoin (PUT). Talk about decentralized politics!
The basic idea is that the API of coinlayer supports just about every digital currency with some degree of value. It also offers valuable historical data on the supported cryptocurrencies, so you can use how they performed to estimate how they are going to perform.
Available Target Currencies
The API supports converting cryptocurrencies into 166 world currencies. Unlike other APIs where you have to make adjustments, coinlayer works right out of the box for marked specific projects. Off-shore enthusiasts will be delighted to know the API also supports Seychellois Rupees (SCR). Okay, joking aside, the coinlayer API has support for every relevant financial market.
Getting Started with Coinlayer
One thing I really love about the Coinlayer API is that it’s so simple to use. It’s something you can just plug in and play with. It’s an API that doesn’t require you to spend hours looking through documents and scouring Google for solutions. Even when an error does happen, the error report is as detailed as it is informative. Coinlayer also comes with a Quickstart tool for newcomers to get started. This tool showcases all the main features of the API and how to use them.
After you go through the simple sign-up process, you’ll receive a perpetual free API key. That is more than enough to let you test out the API and should be enough for basic usage.
After logging into your account, you are given a box to test out the API. Running a base query returns data for available currencies in JSON format. Users can use endpoints to extend these search results. To keep things simple, the required query parameters are marked orange, while optional parameters are marked blue.
The basic structure of the API is made up of the URL, the endpoint (live, convert, list, etc.), your API access key, any endpoint specific parameters, and the optional parameters. The API returns the status of the query, links to pages on the privacy policy and terms and conditions of the API, particular endpoint attributes, specific endpoint datasets, and the target currency. Coinlayer has support for JSON Callbacks, meaning that the end result can be wrapped in a function using the optional callback GET parameter.
Use Case Scenarios
Coinlayer is a great place to start for anything cryptocurrency related. For example, a developer could use coinlayer to add cryptocurrency exchange functionality to their website or mobile app for digital currency trading and financial services. Coinlayer is the best choice for finding reliable exchange rates for cryptocurrencies in real time. It provides the latest and most accurate information. Basically, anyone that wants to integrate live reference prices into a project should consider using the coinlayer API.
Coinlayer can also be integrated into a number of chatbot frameworks including Microsoft Bot Framework. The API adds a layer of interactivity to a chatbot and increases their lead over competitors. Of course, we know chatbots aren’t as popular as it was antipicated they would, but as AI routines get more and more polished, chatbots are going to become key elements of the automation process; particularly in volatile environments such as finance.
Coinlayer offers much more than a simple API for apps and services. When combined with charting libraries and machine learning, coinlayer can be used to build analytic apps that offer valuable real-time information and insights on the current state of the blockchain. Considering that the API has extensive capabilities when it comes to historical cryptocurrency datasets, developers can make use of coinlayer to create a predictive model on the future of the blockchain.
Pricing
As mentioned before, coinlayer comes with a free tier for those looking to see what the API can do. The free tier allows for up to 500 requests each month. While it does support every cryptographic coin, it only supports US dollars when it comes to regular currencies. It also has the historical endpoint, making it ideal for personal and private use.
The Professional tier starts out at $9.99 a month, which allows for up to 5,000 requests a month and access to the extended results parameter discussed above. If you need even more requests per month, extra endpoints, and faster currency updates, the Professional and Professional Plus tiers offer the extra endpoints and faster exchange rates updates you need.
No matter what tier of membership you choose, coinlayer guarantees to offer excellent support, responsive times as fast as 20 milliseconds, and extensive and interactive API documentation. This is something the competition always falls short on.
The Future is in the Blockchain
Make no mistake about it; the blockchain is here and it’s here to stay. Major players the world over have already adopted the spirit of the blockchain and made it part of their operations. Cryptocurrencies are mined and traded by people around the world. Researchers and innovators continued feeding the crypto monster with hashes and data. Everyone can start from the exact same position when it comes to the blockchain race.
Coinlayer allows you to get a headstart on the competition. If you’ve got any more questions about coinlayer or the blockchain, feel free to leave a comment below. If you’ve got any alternative tools, then you’ve definitely caught my attention. If you’re looking to share any projects built with coinlayer, or any other kind of tool, then you’ve definitely caught my attention.
