The cryptocurrency world has been developing at a remarkable pace in recent years. With the concept of DeFi (Decentralized Finance), carrying out financial transactions in a decentralized and more transparent manner is almost on the agenda. This is exactly what DIA offers solutions to power the DeFi environment as a cross-chain data and oracle platform. So, what is the DIA project and its local cryptocurrency, DIA coin? In this article, you can find answers to these questions and take a closer look at the DIA project.
What is DIA Project?
DIA is an open source cross-chain data and oracle platform that incorporates key competencies in collecting and presenting customizable data streams both on-chain and off- chain. On the other hand, it provides data to the smart contracts that miners use when performing transactions.
This can be thought of like this: If a transaction is programmed to be executed only when event “X” occurs, the smart contract will need some data as to whether the condition is met or not. At this point, the database system receives this data, verifies it and forwards it to the requesting parties. This makes it possible for the contract to continue processing transactions.
DIA is the epicenter for financial data by creating an environment where data analysts, data providers and data users can come together. Thus, the data that may be needed in the creation of financial dApps becomes easily available .
Sharing and accessing financial data transparently can be quite difficult. DIA has made it its mission to create a reliable, transparent and accessible infrastructure by ensuring public participation . In other words, data is provided and evaluated by the masses . Considered this way, DIA can be considered a kind of Wikipedia . What DIA strives to do is to strengthen the economy with accurate and transparent financial data that is accessible to everyone through a solid and reliable infrastructure.
DIA’s architecture focuses all its attention on transparency, customizability and scalability. It directly aggregates billions of raw trade data from over 80 sources, including centralized exchanges (CEXs) and decentralized exchanges (DEXs), and supports any web3 or web2 use case, providing full transparency and customization control.
DIA brings together a range of assets of more than 20,000 . It can source any publicly shared data stream. This could put an end to reliance on data provided by third parties , the reliability of which is open to question. The data provided by DIA includes cryptocurrency prices, NFT floor prices, fair value streams for liquid tokens, and what can be considered standard values.
What is DIA Coin?
DIA coin is actually a token. This shows that it does not have a unique network. DIA token is developed on Ethereum. So, what does DIA token offer? DIA token holders essentially have the authority to manage the DIA platform and verify DIA’s crowdsourced data streams.
A person with DIA:
- It can bring up new ideas regarding product, technology, and DAO operations in the discussion channel of the DIA forum.
- If the ideas he puts forward really fill a gap and see value, this idea turns into a proposal.
- This proposal is put to a vote and DIA token holders can vote on whether to approve or reject this proposal.
Apart from all these, it should also be underlined that the DIA token will be used to reward data providers in the DIA network.
How Does DIA Work?
Let’s imagine that any person or institution needs transparent, affordable and reliable data. This person or institution sends a request notification on Github along with the reward offer it has determined. This request is published on the DIA platform. Data providers take action based on this reward and begin investigating the requested data. Once data providers reach a conclusion, there are two possible possibilities:
- The result obtained is considered correct by the community and the data provider is rewarded with DIA tokens.
- Another community member claims that the code sent by staking the DIA tokens he owns is incorrect and offers another solution as an alternative. Afterwards, a vote determines who provided the correct data and who will receive the reward in question.
The working principle of the DIA project works briefly like this. Of course, there is also the issue of how the data is stored and how this data can be accessed.
While the datasets are stored off-chain in the DIA database, the relevant hashes are stored on the Ethereum blockchain, taking precautions against manipulating the data. Data can be accessed through both oracles (on-chain) and APIs (off-chain). While historical financial data can be accessed for free, DIA tokens are required for access to live prices or certain APIs.
Who is the Founder of DIA?
The DIA project was created in 2018 by Michael Weber , Paul Claudius and Samuel Brack .
Michael Weber, who has a rich history in the crypto space and is the CEO of the DIA project, became known as the founder of Goodcoin, a blockchain-powered loyalty solution, in 2014. Claudius has previous experience with BNP Paribas and AXA Private Equity.
Paul Cladius, who can be described as an entrepreneur and financial markets expert, is the co-founder of the DIA project and also a board member. Prior to launching DIA, he served as European Director of the nu3 group, which transformed millions of e-commerce businesses into a vertically integrated brand. Paul, who began his career in corporate development at BNP Paribas and small cap acquisitions at AXA Private Equity, has advised and invested in numerous start-ups in health technology, IoT and e-commerce.
In addition to being a founding partner in the DIA project, Samuel Brack holds the position of Chief Technology Officer, that is, CTO. In this role, he is the technical officer of cyber security at DIA. A cryptocurrency and cybersecurity expert who researches privacy, digital currencies, and distributed systems, Brack is also a keynote speaker at leading computer networking conferences. Besides all this, he is an active member of the Berlin hackerspace Afra and the IEEE Computer Society in California.
From Which Exchange Can DIA Token Be Purchased?
DIA token is traded on many different centralized and decentralized cryptocurrency exchanges. ICRYPEX is known for its user-friendly interface and reliable service, allowing users to access DIA and hundreds of other various digital assets. ‘Buy and sell DIA‘ transactions can be carried out easily and quickly thanks to ICRYPEX, which is designed to meet the needs of everyone from experienced investors to beginners.
