Blockchain and Cryptocurrency Basic - Functionalities and Real-Life Applications of DIA
Functionalities and real-life applications of DIA
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.
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.
