The Unique Status of DIA To DeFi Applications

The blockchain industry has a load of solutions which different organizations, individuals and systems are applied to their day-to-day transactions in other to make things easy at every time. One of the major problems that need proper monitoring is Data. Yes, Data management is very important and even decentralized applications teams don't joke with this, that's why the Oracle application can not be ruled out in the discussion of DeFi apps.

DIA Solution

The launch of DIA (Decentralised Information Asset) in 2020 with the raise of $15m during its ICO validate the need for this token coupled with the use case of producing a little packet of data (Oracles) which is always used in smart contracts for DeFi apps.

As an open-source organization, its platform offers data for the smart contracts miners which they use in transaction processing.

A Case Study

When you have a transaction programmed to execute if only an “A” event occurs. Here, the smart contract will collect and collate data from oracles indicating the status of the event, whether or not the condition was met.

The oracle on the platform carries out the followings:

1. Acquires Data 2. Validates Data 3. Transmits Data

The above three functions are sent to the requesting parties, to allow the contract to continue processing transactions. The unique state of DIA is data management is in the solution of data gathering and evaluation which is exclusively carried out by stakeholders via crowdsourcing, in a comparable manner as that used by Wikipedia.

The above exercise shows that the DIA platform is a user-controlled system and users on the platform receive rewards which is in the form of a DIA token in exchange for their data-finding efforts. As a data provider on the DIA network, you get rewarded in the DIA coin.

Other use cases of the DIA coins

1. DIA coin as a payment

2. DIA coin tradable in the crypto market (Listed on Binance)

3. DIA coins can be used as a governance token for voting on project improvement.

How Do You Contribute To DIA's Development?

There are four ways recognized knowing that DIA is a multi-chain, end-to-end, open-source data and oracle platform for Web3. 

  1. Participate In The Governance of DIA 2. Contribute To The Development of DIA (There are different bounty programs) 3. Forum 4. Snapshot Overall, you can visit the DIA Portal for full information about how to contribute   Latest Information about DIA DIA partner NEOKingdom DAO and deployed a bespoke price oracle for the EUR and USDC assets on Evmos, powering the off-ramping of NEOKingdom DAO tokens. Full announcement   What Next? As the crypto market is still in the bear market and any project surviving this moment by continuous development has a tendency to grow awesomely in the next boom of the market. However, I am not a financial adviser, but DIA coin looks good for investment following the utility around it.  

For Further Research, check the official Website


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