Steemit Crypto Academy – Season 3 - Week 7 - Post for @allbert
Question 1 - History and Description. Does it have any token or cryptocurrency associated? Explain
History and Description of DIA
DIA which is the short form Decentralized Information Asset, is a very popular and one of the top blockchain oracle projects in the crypto space at the moment. The DIA project was founded 4 years ago in 2018. The project was co-founded the association leaders Paul Claudius, Michael Weber and Samuel Brack and a host of other co-founders. The DIA project was created as an open source oracle platform that allows other parties in the market to share trustable data.
The DIA project is an ecosystem of its own, providing the link between offchain data from various sources and onchain smart contracts data that can be used for the development of DeFi applications and other financial DApps. One of the main aims of the DIA project is to become the Wikipedia of financial data. DIA provides solutions to the issue of difficult to access data in most especially the world of DeFi. The main usecases of DIA are; DeFi interest rates, crypto volatility index, farming pool data.
The main mission of the DIA is to eliminate exploitation and manipulation and provide trustable and scalable data feeds that can be used to build DeFi applications. DIA is one of the growing blockchain protocol projects in the crypto space at the moment with a lot of popularity and use cases. DIA has a pretty decent size community, with over 34k followers on twitter and over 9k members in the telegram group. DIA also have community on other social channels like youtube, medium, Linkedin.
Features of DIA
- Ability to source any on-chain and off-chain data
- Customization
- Delivery
- Accessibility
- Open-Source
- Community-Verified Data
DIA Token
DIA token is the governance token of the DIA ecosystem, it is an ERC-20 token on the ethereum blockchain. The main usecase of the DIA toke is to be used as a governance token, used to vote on decisions on the DIA ecosystem and also provide incentive for the DIA platform development. Access to DIA is free since it is an open source platform, however, DIA token holders can stake their DIA tokens so as to incentivize new data on the platform. The DIA token is also used to access live data streams and specific APIs, and also used to validate data through staking.
DIA Token Statistics
Market capitalization - $76,679,165
Fully Diluted Market Cap - $370,125,942
Circulating Supply - 41,430,434.00 DIA
Total supply - 200,000,000 DAI
Max Supply - 200,000,000 DAI
Current Price - $1.85
DIA Exchanges
DIA token is currently listed on a variety of the top exchanges such as Binance, Kucoin, Okex, Hotbit, Uniswap, Gate, Poloniex and a number of other exchanges.
Question 2 - Functionalities and real-life applications
DeFi platforms
The DIA oracle has many functionalities and real-life applications. DeFi platforms such as Synthetix, MakerDao and a host of other DeFi platforms that are created as financial protocols to provide financial needs, are usually exposed to vulnerability. This is where DIA can be beneficial as it can provide transparent and auditable solutions that can ensure sustainability.
Financial authorities
DIA platform can help provide reliable data for financial authorities that depend on these reliable and trustworthy data for their activities and operations.
Traders
DIA can provide traders with open source and reliable on-chain and off-chain data to utilize in any trading activity. This can become beneficial as it can help traders make better trading decisions.
Reliable Information
The DIA platform can help provide reliable and trustworthy data to anyone, project, institution who are looking to provide information on digital assets such as cryptocurrencies that are accurate. This information can be valuable for market research, data platforms, news site and more.
Question 3 - Pros and Cons of DIA
Pros of DIA
Governance - This is one of the main pros of the DIA ecosystem as it allows for governance where DIA holders can vote on decisions on the DIA ecosystem and also incentivize the development of the DIA platform.
Transparency - Transparency is also another pros of the DIA platform. Data sources and methodology is transparent and can be easily verifiable and retrievable.
Operational - This is also another pros of DIA. DIA is operation as it is update often and also provide reliable and trustworthy data.
Cons of DIA
High gas fee on the ethereum blockchain. Since DIA is built on the ethereum blockchain and the DIA token is an ERC-20 token, it means that the high gas fees on the ethereum blockchain becomes an issue when making use of the DIA token.
Staking the DIA token is for governance, access live data streams and used to validate data through. It does not ensure any data accuracy or oracle service reliability.
Question 4 - Future developments and new projects
The DIA project would develop DAO inclusion on tokenomics, and also provide strategic decisions and data feed governance.
DIA would produce legally binding DAO votes on governance, and other strategic decisions
DIA would aim to achieve a DAO infrastructure that allows the DIA token holders to make decisions that are legally binding under Swiss law.
Delivering both off-chain and cross-chain data to decentralized finance products and smart contracts via the DIA oracles and also allow the DIA users have access to the Elrond blockchain data.
Collaborating with top Web3 infrastructure platforms to decentralize primary sourced data collection.
Enabling Hedget which is A decentralized finance option trading platform to utilize the DIA price oracle infrastructure in their platform.
Providing price oracles to Polkastarter so as to allow for decentralized finance trading
DAO implementation
Legacy data providers
More exchange listing
Providing over one thousand asset prices
Providing the largest oracle suite
Fully distributed token governance
New projects
DIA Autonomous Rights Tokens - DIA is creating a new project known as the DIA Autonomous Rights Tokens that enables a new system to manage and track data usage rights that takes advantage of decentralization to produce an autonomous market infrastructure using the Autonomous Rights Tokens.
Connectivity Layer Between DeFI and NFTs - This is another new project of DIA as it is building the connection layer between decentralized finance and non-fungible tokens.
Conclusion
In the blockchain and cryptocurrency space, oracle projects have become very popular and offering a lot of benefits. Smart contracts which is a key aspect of many blockchains and DeFi cannot have access to data that is outside the network, this is where oracles becomes beneficial. A link between off-chain and on-chain data is provided by oracles. This is very useful in the blockchain and DeFi space because it helps expand the capabilities of smart contracts. At the moment, there are a number of blockchain oracle projects, however, the project I will be discussing in this post is DIA which is one of the top blockchain oracle projects.
Hello, @chimzycash Thank you for participating in Steemit Crypto Academy season 3 week 7.