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Hello guys, Ubong Ephraim here and welcome to a fresh episode Polygon spotlight with Ubong Ephraim. Polygon? lol, suprised right?
I bet you are! So Matic Network recently rebranded to Polygon. Hence the change of name of my series as well.
POLYGON
Polygon is a blockchain solution that provides scalable, secure and instant Ethereum transactions using Plasma side chains and a Proof-of-Stake network. Polygon has made an effort to resolve the issues of scalability and usability without making a compromise on decentralization.
It is an off/side chain scaling solution for existing platforms to provide scalability and superior user experience to DApps/user functionalities.
Polygon was created to solve the problem of scalability associated with most blockchains and also accelerate transaction speeds.
When developers seek to deploy their solutions using blockchain technology, speed and scalability are two utmost features they look out for. Polygon solves these problems very well while adding additional features such as a smooth user experience and security.
More than 70 dApps have been built on Polygon, ranging from DeFi protocols to games and prediction markets. With more validator nodes being onboarded on Polygon progressively, it is on the path to full decentralization and becoming the most sought after Layer 2 network in the blockchain ecosystem.
Today we’ll be talking about DIA. An open-source oracle platform that enables market actors to source, supply and share trustable data.
DIA
DIA stands for Decentralised Information Asset. It provides verified and transparent oracles for the DeFi Economy. Oracles are one of the essential building blocks for a DeFi ecosystem. With oracles, accurate and reliable financial market data can be easily retrieved.
DIA leverages crypto-economic incentives and the wisdom of the community to source, validate and deliver trusted financial data. Market actors can supply, share and use financial and digital asset data.
It does this in three unique processes :
- Sourcing
Bounties for data sourcing and data validation get funded with DIA tokens and are completed for reward. All data is pulled from primary sources to DIA servers. - Supply
The DIA database gets hashed on-chain, and all scraper code and documentation is hosted on Github. All data is accesible via API endpoints or Oracles. - Access
Lending platforms, index providers, prediction markets and other users can freely acces DIA’s open-source, validated data streams.
DIA has a number of distinct features which are transarency, validation and scalability.
Transparency
DIA’s data feeds are open-source and accessible.
Sources, methodologies, scraper code are hosted on Github and the database is hashed on-chain, for full auditability of historical data.
Validation
DIA data is verified by a whole community of stakeholders.
Market actors can submit requests for data and incentivise the validation of feeds. Continuously incentivised validation via token staking ensures effective QA
Scalability
Decentralised data sourcing enables easy scalability.
DeFi enables the design of financial products on highly diverse underlying assets and events. DIA provides a scalable infrastructure to meet the data needs.
DIA recently partnered with Polygon. This collaboration would see DIA providing data oracles for Matic ecosystem. DIA will be officially providing transparent, open-source data feeds to projects building on Polygon. With the move, DIA will fuel the development of applications on the efficiency geared Matic ecosystem. The collaboration will also see DIA Labs supporting Polygon’s build and earn program with micro-grants to help teams leverage transparent data feeds.
On the collaboration, Arjun Kalsy, Founder of Matic Network commented : “Integrating DIA as an official data provider for the Matic ecosystem is a great move forward. We are really happy to see that the teams developing on our network will have easy and direct access to this really transparent and open-source data backbone, not to mention that DIA Labs will be backing teams in our Build-n-Earn program that leverage DIA feeds.”
Paul Claudius, DIA’s Co-Founder who leads business and ecosystem development at DIA also remarked : “We are really excited to participate in Matic’s Build-n-Earn program and support the development of dApps with DIA data feeds“Supporting builders to develop dApps and thereby develop a project-native ecosystem is crucial during these early days of DeFi. Platforms like Gitcoin Grants as well as the Buid-n-Earn program are vital to this endeavour.”
MORE INFORMATION :
Learn more about Matic Network at : https://matic.network/
Build with Matic Network : https://matic.network/build-n-earn
DApps on Matic Network : https://matic.network/dapps
MaticNetwork wallet : https://wallet.matic.network/
Connect with me on telegram @ubongj