DIA price

What is DIA (DIA)?

DIA (Decentralised Information Asset) is a platform that aims to be an ecosystem for open financial data in a financial smart contract ecosystem, connecting data analysts, data providers and data users to source, supply, and share trustworthy data. DIA provides a reliable and verifiable bridge between off-chain data from various sources and on-chain smart contracts that can be used to build a variety of financial DApps. Moreover, DIA is the governance token of the platform, currently based on ERC-20 Ethereum protocol. The project was founded in 2018, and the token supply was made available to the public during the bonding curve sale from Aug 3 through Aug 17, 2020, where 10.2 million tokens were sold.

How does DIA (DIA) Work?

DIA claims to source all types of traditional currencies and fix rates to DeFi protocols as well as digital asset prices. The platform apparently sources data from multiple trusted sources and provides customized data feeds with tailor-made methodologies and sources. The data feeds from DIA can apparently be used by any application on any network.

According to their website, DIA provides a platform that focuses on network agnostic operability, which means that a blockchain like Ethereum or BSC can simply integrate data into many on-chain and off-chain applications. They also claim that the data feeds provided by DIA are open-source, completely transparent, and meet typical financial application compliance criteria. Michael Weber is the CEO and cofounder of DIANetwork, who has worked as a data analyst for organizations like Lehman Brothers and Bloomberg.

What makes DIA (DIA) Unique?

DIA is working towards becoming a reliable source of financial data, similar to Wikipedia. The platform aims to address the challenge of accessing outdated, unverified, or hard-to-find data in the world of finance and crypto, particularly in DeFi. DIA proposes to resolve this issue by offering financial incentives to users who provide open-source, verified data streams to the oracles. According to DIA, the current design of oracles is non-transparent, not easily scalable, and prone to attacks.

To fund data collection, data validation, and governance decisions, as well as to incentivize platform development, the DIA governance token will be employed. Users can stake DIA tokens to encourage new data to be added to the platform, while access to historical data on DIA is free.

How is the DIA Network Secured?

The DIA token operates on the Ethereum network, utilizing its strengths and weaknesses. As an ERC-20 token, it follows a set of rules for functionality. Ethereum's decentralization makes it one of the largest and strongest networks, but it also has its downsides. Congestion on the network can cause delays, abnormally high transaction fees, and impact all participants, which is a noticeable drawback. The Ethash proof-of-work function protects all transactions on the Ethereum network.