The Open API Initiative (OAI) was created by a consortium of forward-looking industry experts who recognize the immense value of standardizing on how REST APIs are described. As an open governance structure under the Linux Foundation, the OAI is focused on creating, evolving and promoting a vendor neutral description format. SmartBear Software is donating the Swagger Specification directly to the OAI as the basis of this Open Specification.
APIs form the connecting glue between modern applications. Nearly every application uses APIs to connect with corporate data sources, third party data services or other applications. Creating an open description format for API services that is vendor neutral, portable and open is critical to accelerating the vision of a truly connected world.
TLDR : Standardize a standard for describing RESTful API