Hello Crypto Prof @allbert!
I am Highly Excited to jion the class this week , i was abit busy with exams in school but i told my self i have to atleast read one crypto academy post , at the end of the day i have also put much effort to provide my homewrok task for you as shown belkow :
1- History and Description. Does it have any token or cryptocurrency associated? Explain.
As the crypto Prof @albert narrated the word oracle simply means the link between the spiritual world and our world, the google dictionary will say oracle stand for a priest or a priestess through whom advices were sought from the Gods because it is believed that human cannot talk directly to the world.
When we come to blockchain are usually known to work effectively together with Smart contracts but what we have to know is that this two lack the ability to access data that are off-chain, hence they require a system or a link to do so, and this leads us to the Blockchain Oracle Reign.
Blockchain Oracle provides smart contract to blockchain that can provide them with external information and without them blockchain would have been limited to only to data only available within the network in which they operate.
In understanding how blockchain oracle work , we have to not that understand that they do not provide the external data themselves but they serve as a link through which blockchain can access data for off chain networks some also can send information back to the off chain networks
Depending on how the oracle get the information to the blockchain they are grouped in three groups which are:
SOURCE: This group oracles base on where they obtain their data either from a Software or a Hardware.
Base on two cases either the information is Inbounded or Out bounded the data Oracles provides are categorized under Direction of Information
Lastly since Blockchain Is a decentralized platform Oracle Data can also be categorized as Decentralize or Centralize
DIA simply means Decentralized Information Assets , which clearly defines what it does , this can be categorized under the Decentralized Oracle at the same time a software Oracle , it is the number one source where the DeFi platform rely on to be reliable it serve them as an oracle with open-source information , and date that builds up the DeFi platforms.
Decentralized Financial platform are known for lending , Crypto Framing , Margin Trading and Loans given , this call for a high time Oracle that will provide them with correct , secure and trusted data to run the affairs if not they will record so much debt.
DIA on the other hand can be used as a Chain-link, a Band or Tellor, in the DeFi world it is popularly known to be a data source that can be safely used for validations.
The uniqueness of DIA is the fact it aiming at becoming the Wikipedia of all financial data.
DIA has a native token of the Decentralized Information Assets, owners or those who possess this coin empower the community to manage and govern all the affairs of the DIA community.
There are over 200 million coin of DIA minted from genesis and below is actually how these coins where distributed and how some were burnt as well :
How Many DIA (DIA) Tokens Are There in Circulation?
The total DIA token supply is limited with 200 million coins minted. 10 million tokens were initially sold at a private sale, 19.5 million are with early investors and advisors, Outlier Ventures being the largest. 30 million coins were offered for a bonding curve sale in August 2020, out of which 10.2 million were sold to the public, and the remaining 19.8 million burned. Another 24 million tokens are allocated to founders and team with a 29 month vesting period, and 25 million locked for the future use for the development of the DIA ecosystem. Finally, 91.5 million DIA tokens are in the company's reserve to be unlocked in equal parts over 10 years every December. Out of the first unlocked part, half of the tokens were burned in an instant, after the community vote makes the decision.
SOURCE
When you owe this token you have the following Rights on the DIA platform:
Involves in the governance of the DIA community affairs including Voting Power.
The right to verify when the token is staked to earn so much rewards.
The token can be used to access live stream data and some other features.
Below is a coinmarketcap information about the DIA TOKEN :
The live DIA price today is $1.97 USD with a 24-hour trading volume of $29,748,852 USD. DIA is up 0.13% in the last 24 hours. The current CoinMarketCap ranking is #409, with a live market cap of $81,412,037 USD. It has a circulating supply of 41,430,434 DIA coins and a max. supply of 200,000,000 DIA coins.
Functionalities and real-life applications.
LET LOOK HOW THE DIA ORACLE WORKS
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- When a requested data is not available on the platform what happen is that a ticket will be submitted to the platform , after the data is delivered the requester will have to pay with DIA .
- Data requested are been delivered through APIs and On-Chain platforms .
- Data is been validated through staking to ensure it is a correct source , if there is a problem with any data users of DIA token can challenge by staking DIA.
- The Data that is validate is immutable , and open source stored on the DIA platform.
SOME REAL LIFE USES OF DIA ORACLE
- DIA serves as a transparent and accurate price data to DeFi platforms like, Synthetix, MakerDao which depends on oracle for external information always.
- It make reliability on DeFi platform great since this platforms manage ,funds and investment of traders , there we can say individual which are customers of the DeFi industry benefit from DAI.
- DIA provides information that one can highly count on, talking of information on digital assets and financial market.
- Organizations that regulate financial platform and tax them, get accurate and firm Data from the DAI platform before they take decisions.
Pros and Cons.
PROS OF DIA
It is fully Decentralized
Users of DIA token can participate in the governance of the DIA Oracle Platforms
The DIA token can be staked by users to get more rewards ,by validating data linked by existing oracles
Data stored on the DIA platform are highly Immutable
Is an Open Source platform with trusted DATA that DeFi system rely on
DIA is important to both Traditional and the DeFi system
CONS OF DIA ORACLE
Only DIA token are accepted from a user who want to have access to live price and some other APIs.
IT is an ERC-290 token that requires Ethereum to function hence it is limited.
The DIA token has a lower ranking on coin market cap which 409
Future developments and new projects
The Main target of the DIA platform is to bring together all players of Data in the industry such the Data Analyst, Data providers and even the Data user.
The future plan of DIA is to become the Wikipedia of financial data where blockchain DeFi and even traditional systems can rely on open source Data for successful governance of their systems.
Another key feature Aim of DIA is the eradication of the bunch unverified data available in the crypto and Finance world.
DIA has a project with DAO where users in the staking platform can earn DAO as well.
Below is a copy of some project and business continuity after the 2020 DIA updates :
Business Continuity & Security UpdateWith the onboarding of DIA ERC-20 into more established custody providers like Coinbase, DIA token operations will focus on an even more rigid and thorough business continuity planning, covering multiple contingency cases of potential fallout-, and security scenarios.Alongside our increased security measures announced in Dec-2020, and in the context of increasingly sophisticated hacking attempts on DIA infrastructure and core management personnel, we are implementing additional security measures. These rigid planning scenarios will be used for a variety of company,- and team allocated wallets and token holdings, using enforced security and fallback provisions by Coinbase. This will entail the ongoing segregation and ring-fencing of company and team token assets into a range of cold and hot storage wallet distributions. The core aim of these security measures is to guarantee business continuity and rigid asset access security.
Finally let me sieze the oportunity to thank the entire steemit team for helping us acquire new knowledge every week on cryptocurrency , i will also extend my greetings to the crypto prof who work hard in brnging us lesson each week to read especially @allbert.
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