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DIA Ensures Valid Data For DeFi and Traditional Finance Projects

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Decentralized Information Asset(DIA) is an open-source, financial data platform that appropriates Cryptocurrency commercial motivation to reference and verify data. Market participants provide, assign and manage financial and virtual asset data.  As a non-profit association based in Switzerland, DIA has the commission to make financial data accessible to everyone despite geographic jurisdiction. Its information authorizations and methodologies are transparent and publicly available to anyone. 

According to its website, DIA Labs is the sandbox concerning the Decentralized Finance (DeFi) sector. The drive requires obligatory DeFi market actors, startups, researchers and innovators of all kind to ask for a DIA token grant, providing them access to extraordinary quality digital and mainstream asset data.  The platform’s architecture features sectors like lending and margin trading, derivatives, prediction markets, insurance and benchmarks. The protocol assists these industries by offering credible data about them to the public.

DIA provides prizes (bounties) for data sourcing and data certification financed with DIA’s native tokens and performed for a reward. All data gets drawn from fundamental origins to DIA servers. When it comes to supply, the DIA database arranges hashed on-chain, with all scraper code and documentation hosted on the Github. Again, every data is obtainable through API Oracles or endpoints.

With access, lending entities, record providers, prediction markets and additional users freely obtain DIA’s open-source, verified information currents. The DIA system allows other entities to deploy their projects on it to provide services of their choice.

In a nutshell, it permits coalesced standards of reference rates, to relieve the differing influence of periodical market changes. The Cryptocurrency evaporation formula is measured based on bid/ask data derived from Crypto alternative markets. The system also avails overnight interest rates from banks, so borrowers and lender can be abreast with prevailing rates.

DIA’s Features

Three elements make up the DIA features: 

Transparency: DIA data supplies are open and readily available to every person irrespective of your location or nationality. It lives to its mission of democratizing data. Therefore, sources, methodologies and scraper code are on the Github, and the ledger is hashed on-chain making auditing of archival data possible.

Validation: The procedure is such that data goes through verification run by the entire DIA community and stakeholders. Also, Market players can tender applications for information and motivation for the validation of feeds.  There is a constant incentive so far as validation using DIA token is concerned. This process is via staking, which guarantees efficient Quality Assurance.

Scalability: With this feature, the idea is that decentralized data sourcing permits effortless scalability. Decentralized Finance facilitates the composition of financial services on extremely distinct beneath assets and functionalities. DIA implements a scalable base to meet the data requirements of the public.

How It Works

When a stakeholder needs specific information, the individual can submit a request and fund it with DIA tokens. The data comes with a bounty which is the fees the information seeker paid.

Motivated by the bounty, information or data providers will devise scrapers and join it to APIs or on-chain data to supply the demanded data. At this point, Validators will verify the presented code by a staking device.  In an instance where submitted data is distrusted, community members have the right to dispute the code via staking DIA tokens. The community ascertains the validity by a stake voting method, and whoever provides the accurate receives the reward.

Moreover, prizes for spotting glitches, bugs, fraudulent data, safety defects and promoting and developing the entire project composition and security are administered by the community. The validated information subsequently gets stored in a permanent, public database and published on the DIA platform. Data accessibility is through oracles, which is on-chain, and via APIs thus off-chain. 

Join DIA Community

If you are looking to join the DIA community to learn more about the project, here are their social media links:

To analyze the source code, here is the Github for your scrutiny and research. 

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