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Over this Startup Weekend, APIEngine created an API service for developers that lets them easily connect multiple sources of data such as Twitter and Google Maps using one simply interface. More than just this, APIEngine uses an entirely new model to release this service as an "Open Source" project + at the same time, to monetize the use of this service with a token we call APIcoin.
This powerful new model lets anyone host the APIEngine service and offer it to the world in exchange for APIcoin. Thus there is demand for these tokens and whoever offers the API cheapest to developers gets their business. This serves developers by lowering prices for API calls and at the same time pays hosting providers to maintain and improve the application.
This is not a Startup or a traditional company. This is a Decentralized Application, which is total open source and all the monetization is done through its tokens. And this is a really profitable model too.