DIA AMA Recap

DIA AMA Recap


CryptoDiffer team

Hello, everyone!๐Ÿ˜

We are glad to meet here 

Paul Claudius (Co-founder, Association member) @paulclaudius 

Samuel Brack (Technical lead) @samuelbrack

COO at DIA, Samuel Brack

Hi everyone, great to be your guests!

Co-Founder of DIA, Samuel Brack

Super happy to be here @NickCryptoDiffer ! THX for having us!

CryptoDiffer team

Let`s start with introduction questions

Q1: What are the major milestones DIA achieved so far & what’s in the pipeline?

COO at DIA, Samuel Brack

The most significant milestones we achieved with DIA are

– the setup of a completely scalable tech stack for scraping, cleaning, aggregating and delivering financial data both to an API and an Ethereum oracle system,

– the setup of a governance token system where the community decides and votes about data quality instead of a central committee,

– and the integration of DIA with regulated benchmark providers.

We have on our roadmap for the next months to

– transform the association into a DAO, so that it is owned by the community,

– build a yield generating Defi product on top of our financial data,

– and to extend auditability with a hashing-bases system where proofs of database immutation can be downloaded and replicated, ensuring that our data processing is free from manipulations.

CryptoDiffer team

Q2: What are the strengthens of DIA that make it different from its competitors? Why should someone consider getting involved in DIA?

CEO at PlutusDeFi, Arnie Hill

DIA is all about open data, transparency, and community integration. We are not another data silo with difficult pricing models, instead we focus on a Wikipedia-style approach where everyone can participate and assess the work of the community for the community. We provide incentives to data providers and to members of the community diving into data sources by our governance token. With DIA, the age of closed financial data sources restricting access to few customers comes to an end, our vision is to be part of a sustainable bottom-up financial system.

CryptoDiffer team

Q3: How does the public offering of DIA on the 3rd of August work? Can you share some relevant links for people to bookmark?

COO at DIA, Samuel Brack

Our offering starts on 3rd of August, 3pm CEST. You can read this article to learn how to participate in the sale: https://medium.com/dia-insights/how-to-get-dia-tokens-f0ffbd0a7d50

CryptoDiffer team

Ok, thanks for such detailed and interesting answers!

Let’s move to the Telegram community questions part.

Cryptodiffer Community

I would like to know more about your Oracle solutions. How effective can your Oracle solutions be for those platforms that lack efficient financial information?

COO at DIA, Samuel Brack

Our oracles are fed by our database system where we collect, aggregate, and clean data from various sources. By having everything open source and currently developing a system where the integrity of the database is provably secured by a public hash, there is always an audit trail for oracle users to follow. By that, the community can validate the oracle data continuously

Cryptodiffer Community

I understand that DIA aims to create financial dApps..

what requirements must developers meet to create these dApps and what benefits can be obtained around this?

Co-Founder of DIA, Samuel Brack

Thank you @Billycarupano for the question! I want to highlight, that DIA is providing ORacles for DApps and is not creating DApps. DIA makes it extrely easy for DApp developpers to use our oracles. They can use the existing data or create a request for new datat sources. This is especially interesting becausde we believe the DApps of the future will require data pointzs that are currently not easily accessible. DIA is built to deliver these new sources efficently.

Cryptodiffer Community

Why did DIA go for a bonding curve sale instead of an IEO or ICO? what are the advantages that comes with a bonding curve function ?

Co-Founder of DIA, Samuel Brack

THX! We believe a price shall be determined by supply and demand. Traditional ICOs set a fixed price that is set in most cases by the team. Once acquired at at a predefined price the token can not be sold back. A bonding curve, especially with a wide spread enables through gradual price increases and the possibility to sell back to determine a fair market price, reducing the risk for the investor.

Cryptodiffer Community

Blockchain has many Disadvantages as well, 

How do you plan to merge Blockchain as well as existing Technology to make it more Secure?

COO at DIA, Samuel Brack

Thanks for this excellent question! Blockchains are designed for a trust-less environment where computations are conducted completely distributed and without having to know the other participants. The disadvantage of blockchains is a lack of efficiency for computations.

This is why we designed the DIA tech stack to be a hybrid of off-chain and on-chain components. Computationally intensive tasks (e.g. databases, scrapers) are hosted off-chain, but we put in a reference of the system state into the blockchain, to ensure its immutability and validity. With this, anyone can confirm that our system processes data correctly without being slowed down by the blockchain.

Cryptodiffer Community

Transparent data also implies that it will be publicly accessible to everyone? How to access data of my interest within DIAdata?

COO at DIA, Samuel Brack

You can go to https://docs.diadata.org for documentation about the API and how to use it, to our github https://github.com/diadata-org/diadata to see the code and to our oracle smart contract (linked in the documentation) to see the oracle live in action.

Cryptodiffer Community

Could You talk about the most promising market sectors. Obviously Defi is growing. But where else do you see growth coming from?

Co-Founder of DIA, Samuel Brack

DIA has the clear ambition to deliver transparent trustworthy price information to all stakeholders. This includes traditional entities such as financial intermediaries and decentralised applications. Apart from using oracles as data sources you can use the DIA API for traditional web applications. We for example provide data to regulated custiodians and benchmark providers.

Cryptodiffer Community

For any Data owner, Data Confidentiality is most Important! So, How  DIAdata System Provides Data Security Guarantee???

COO at DIA, Samuel Brack

Data confidentiality is important for personal data. However, we handle public financial data (e.g. crypto prices, currency exchange rates, defi locked asset values,…), this data is not confidential.

Instead, it is public by its sources and we aggregate, clean and redistribute it.

Our data security can be audited by going through our open-source code and with our system for a hashing-based verification mechanism for the integrity of our databases (currently in development). In this system, we combine mathematical proofs of our database integrity with the immutability of a smart contract on the blockchain. Everyone will be able to download proofs of our database integrity and compare it with the actual database behind our API.

Cryptodiffer Community

On the spectrum of centralization and decentralization, where does DIA stand and can Blockchain work efficiently in a complete decentralized manner?

Co-Founder of DIA, Samuel Brack

DIA is often referred to as the decentralised oracle provider. I agree with this title. We are decentralised on a governance and aproduct level. 

Governance: We work on transitioning DIA into a DAO. With the legal foundation off an association this is ideal. 

Product: DIA does not curate, source and validate data internally but through its stakeholders. This design results in increased transparency (if external actors are providing data you need to provide the complete transparency on the data) and scaleability (we currently have around 40 contributors and grow every day).

Cryptodiffer Community

How will the hybrid model effectively address the scalability and centralization threat?

COO at DIA, Samuel Brack

The hybrid system allows us to only perform expensive blockchain tasks in cases where we absolutely need them. One such an example are the oracles, where we need to work on-chain.

The entire data collection system is off-chain (with chain.reading components, e.g., an Ethereum node) to be scalable.

This combination allows us to post verification proofs and single datapoints on-chain while everything computationally intensive is done off-chain.

Cryptodiffer Community

DIA as an open-source data platform, do you consider that this can be a security disadvantage? How Secure are you considering that many DeFi protocols have been victims of hacks?

COO at DIA, Samuel Brack

We believe open-source software is more secure than closed source. The main idea is that the community will find bugs first and might report them, instead of only attackers being able to find busg and exploiting them. Also, audits and code reviews help to keep a high code qualits.

Our system security is based on state-of-the-art server infrastructure, a close monitoring system reporting any hiccups and a great tech team constantly improving the system.

Cryptodiffer Community

Some exchanges resort to wash trading, repurchases and many other manipulations, can DIAdata distinguish between good and bad exchanges, if data is available?

Co-Founder of DIA, Samuel Brack

DIA is designed to provide the data point that is relevant to the stakeho9lder. There are i.e. different Bitcoin prices, depending on region, FX, liquidity depth. This all depends onthe methodology you are using to arrive at acertain price point. Exactly this is what DIA differentiates. It provides thetrue price based on a transparent methodology. To answer your question in particular. If the methodology excludes certain trade types wash trading can be excluded. The important elemnt though is that you know what trade types have been included to dewrive at the price point.

Cryptodiffer Community

Does the system of checking the integrity of your entire database work in a smart contract?

COO at DIA, Samuel Brack

The database integrity hash will be published by an oracle that writes the hash values into a smart contract. To be able to verify such a proof, users will have to download a file from our API servers so that they can compare the current database state with the one secured by the hash.

Cryptodiffer Community

There are already projects similar to DIA, why is DIA better than the competition? What characterizes DIA?

Co-Founder of DIA, Samuel Brack

DIA has been founded out of a need we had. When we started DIA there were few trustworthy data source, for sure not easily accessible and inexpensive. We were building smart contracts that need precise asset prices to calculate NAV and rebalance. Back than we wanted data provided by an independent entity. Ideally run and operated by the ecosystem. Similar for example all banks in Switzerland are shareholdes of the exchange that performs functions that are relevant for all stakeholders.

DIA is an association, with the clear goal to be owned and operated by the ecosystem. This can be done with our governance tokens.

Apart from the governance perspective we differentiate by the design. We believe in not only decentralized governance but also product. We donโ€™t centrally add new data points and decide what is the right eth price or circulating supply. We have a community that is incentivded to add new data sources, validate them.

If you decentralize the process of data gathering, methodology and provision you need to be transparent by design. You donโ€™t know the actors involved, so you need everything defined out in the open.

Cryptodiffer Community

What is the DIA’s protection against technical errors and against receiving inaccurate data received from members of the community?

COO at DIA, Samuel Brack

We have several mechanisms to protect against such errors. First, we have an outlier detection algorithm that tells us if any values we collect are too distant from the rest of the values (from previous times and other similar sources). Second, we can detect error states by our data deliverers and ignore their data streams until the error is fixed.

But this only helps against honest mistakes. An attacker that deliberately provides wrong data will have to open-source their code to become part of the accepted scrapers. Then the community has the ability to do a check and a vote about inclusion of this new scraper using the DIA governance tokens.

By that, we ensure that the community can detect and remove wrong scrapers using the voting system in our token.

Cryptodiffer Community

What’s the strategy for getting the attention of DeFi project owners? Which DIA features will they get the most out of?

Co-Founder of DIA, Samuel Brack

During the past week I was very happy that lots of people realised we are doing a sale not because they heard of the sale but they were looking for a oracle solution for their DApp. We have been building DIA for quiet some time. The ETH Dev community looking for oracles knows that we are working on providing an open and accessible solution. Especially the Gitcoin ecosystem is close to DIA. We are happy that the attention of the sale though also helped us to get more visability in the larger ecosyastem. Apart from that our network, including i.e. investors such Outlier Ventures is recomending us too their portfolio and the new emerging projects. Also we are part of industrybodies such as MAMA, the multi asset manager association.

Cryptodiffer Community

The DIA features are builded with ETHEREUM, but Which kind of Programing Languages Can i use as developer? Just solidity?

The Defi space have a very HARD RIVALS like Compound and Maker, so what are the advantages of DIA into the DeFi, and what are your projections ? You wanna beat them or just work with them?

COO at DIA, Samuel Brack

Our backend is mostly written in Go. Our database stack includes influxdb for time series, kafka as a stream processor for high-frequency data, redis as a key-value-store and mysql for SQL access.

Cryptodiffer Community

Does the DIA plan to launch its own blockchain nodes for independent data collection?

COO at DIA, Samuel Brack

Yes, we already have nodes running to collect data about circulating supply, token sales, and many more. These nodes are full nodes for the major chains (e.g. Bitcoin, Ethereum, NEO, …) and are used as data sources in our backend.

Cryptodiffer Community

What is the mechanism by which voting confidentiality is achieved in the management of the DIA chain?

Regulation in different countries is a problem for decentralized finance. How does DIA plan to achieve mass adoption worldwide?

COO at DIA, Samuel Brack

Voting confidentiality on a public blockchain can be achieved by a commit-reveal-scheme. Voters commit a hash of their vote before the vote deadline, then after the deadline they reveal how they voted by publishing the value producing the hash. This leads to a voting where it is not possible to see intermediate results, but only the actual result in the end.

Cryptodiffer Community

What is the involvement of community members in DIA? Can a member query and add data sources?

COO at DIA, Samuel Brack

Community members can request data sources, add data scrapers as developers, and vote on disputes concerning submitted data scrapers.

Cryptodiffer Community

DiaData primarily focuses on Blockchain as open financial data in a financial smart contract , what is the need for a off-chain since Enterprises would want to keep their data private and confidential from its competitors and hackers?

COO at DIA, Samuel Brack

We focus on open data in general. We also offer data on currency exchange rates, lending rates by central banks and so on. Also, some data is theoretically open but hard to parse and get (e.g. corporate actions for registered companies), we are working on systems to get this data into DIA as well.

Cryptodiffer Community

What is the main difference and advantage of DIA oracles from Chainlink or Band?

Co-Founder of DIA, Samuel Brack

It might sound counterintuitiv but we are very happy to have great projecs such as Chainlink and Band in the orcale ecosystem. Not only do they provide a great solution catering to specific needs of their integrated partners, also in the longrun I hope the oracle space becomes even more hetrogenous. A leraning we can take from the traditional financial market and regulation is that for products that have a certain risk embedded more than one data source is needed. I am very excited that we create with these alternative solutions an overall more secure and resilient infrastructure for DApps that will make flash attacks i.e. more difficult. Referring to us ddifferentiating is for sure our decentralised governance and product structure that is transparentby design and can meet the scalability criteria of a market that will require not only a few data popints as of today but a large universe of on- and offchain data points.

Cryptodiffer Community

Is there the need of standardization of DiaData databases for handling Big Data?

can you explain more detail about Transparent, verified and openly accessible data ?

COO at DIA, Samuel Brack

Our data is pretty diverse already. We have a data model for slotting in differnet kinds of data into our system, if you look at the API endpoints in https://docs.diadata.org you can see that we have lots of different sources.

The transparency system is based on Merkle-trees that are used to hash every database change. These tress are collected and a meta-tree is constructed, whose root will be published regularly in our smart contract. We are currently implementing it, details will be announced when we have a working system.

Cryptodiffer Community

Why did you design different mechanisms (Proof of Truth, Proof of Use) to distribute your Governance Token, DIA?

Co-Founder of DIA, Samuel Brack

We want to encourace a diverse community of both users and source providers to be part of DIA. This is why our distribution mechanisms are designed in this way.

Cryptodiffer Community

How will the DIA ensure the accuracy of the data obtained at the collection and methodological level?

COO at DIA, Samuel Brack

For most data points we have a collection of sources (e.g. several exchanges and DEXes for crypto asset prices), so we can perform outlier detection and other data cleaning algorithms.

Cryptodiffer Community

What are the criteria for choosing data sources and interesting assets for Defi?

COO at DIA, Samuel Brack

This leads a bit back to decentralisation of DIA. We don’t define what data is needed or not. It is driven by the demand. So only data is beeing added that brings value to soeone and isused. We don’t believe we shall curate and envision whatpeople wantto built. We providethemwith the underlying stack that makes it easy for them do i.e. built a derrivative that needs the proce point of a crypto asset or the price of oil or copper at a defined exchange.

Cryptodiffer Community

Interested in the issue of scalability in DIA. Is the DIA capable of processing large amounts of data, since the Operations in the chain are expensive and computationally limited?

COO at DIA, Samuel Brack

We built a hybrid system where only the absolutely necessary operations are done on-chain via oracles. Our data processing happens off-chain with our cluster of servers. To get the data back on-chain we run oracles that are demand-driven and can provide anyone with the desired data.

Cryptodiffer Community

What are the criteria for choosing data sources and interesting assets for Defi?

Co-Founder of DIA, Samuel Brack

This leads a bit back to decentralisation of DIA. We don’t define what data is needed or not. It is driven by the demand. So only data is beeing added that brings value to someone and isused. We don’t believe we shall curate and envision whatpeople wantto built. We providethemwith the underlying stack that makes it easy for them do i.e. built a derrivative that needs the proce point of a crypto asset or the price of oil or copper at a defined exchange.

Cryptodiffer Community

Interested in the issue of scalability in DIA. Is the DIA capable of processing large amounts of data, since the Operations in the chain are expensive and computationally limited?

COO at DIA, Samuel Brack

We built a hybrid system where only the absolutely necessary operations are done on-chain via oracles. Our data processing happens off-chain with our cluster of servers. To get the data back on-chain we run oracles that are demand-driven and can provide anyone with the desired data.

Cryptodiffer Community

What are the criteria for choosing data sources and interesting assets for Defi?

COO at DIA, Samuel Brack

Data should be open and publicly accessible. Interesting assets are defined very broadly, essentially everything is interesting where a market exists. People could even build derivatives on weather data I guess, but for the more traditional financial data derivatives we will be happy to provide it 

Cryptodiffer Community

Why is a validation system based on hashes and Merkle trees the best solution for DIA?

COO at DIA, Samuel Brack

Because then users can generate a proof that the database has not been manipulated since the collected was written into it. This makes it also useful as a data provider for historical data, so that users receive a guarantee of data integrity.

Cryptodiffer Community

What are the steps and requirements to participate in the voting process in the DIA ecosystem?

COO at DIA, Samuel Brack

You will need to have DIA tokens to participate in the voting. Other than that, we will build a dApp for the votings so that anyone with an Internet connection can participate.

Cryptodiffer Community

As Defi’s blockchain. Do DIA think there are major problems with enterprise-level customer adoption? Because in some ways- “blockchain” and “utility” are two completely different issues ?

Co-Founder of DIA, Samuel Brack

We believe that in the not to distant future the differentiation between CeFi and DeFi will blur. We believe in products that provide value and are transparent to the investor. It does not really matter on what rails they are built as long as they can ensure these prerequisits. 

To enable i.e. issuers, building onchain fincnail products such as an derivative oracles are the right gateway. For products that work mostly offchain (i.e. the large exchanges) an API is needed. 

The important role Blockchain always provides irregardless of the gateway data is delivered through is the immutability on recording the data. This is something even the most traditional finacial institutions want to implememnt and is also very much desired by the regulator.

Cryptodiffer Community

can you explain Dia how  standard can work in the future? will this project be at any risk if 

uniswapโ€™s devs implement their own solution?

COO at DIA, Samuel Brack

We provide for a different market than Uniswap. We will not operate an exchange or a distribution system but financial data on another layer. Also, our strength is the community approach together with the fact that our team is working on this since 2018, giving us the advantage of having a working product platform already.

For the future, we plan on getting the community more involved also in the development process. We already started to do that by posting bounties on gitcoin, a platform for Ethereum-based bounties.

Cryptodiffer Community

what innovative ways are you thinking about to get adoption to Diadata?

Co-Founder of DIA, Samuel Brack

We implemented multiple mechanisms to facilitate adoption, mainly through distributing our governance token. One element I particularly believe will drive adoption on the consumer side is called proof of use. We believe that the consumer will ultimately decide what technology is used in a product stack as long it makes a difference for him. We believe that the proof of usemechanism will drive adoption as it delivers econoic incentives and will lead to more transparent data beeingusedin DApps and hence a higher adoption of DIA. Morre on that can be found here: https://medium.com/dia-insights/dias-governance-token-4664db4490e7

Co-Founder of DIA, Samuel Brack

Thank you all for having us. It was great fun to answer your questions and we are honored that we received so many of them.

Stay up to date on DIA’s developments, news, and releases:

Token Offering Overview: https://token.diadata.org/

Telegram: https://t.me/DIAdata_org 

Twitter: https://twitter.com/DIAdata_org

COO at DIA, Samuel Brack

This was so much fun! Thank you for the great questions and @NickCryptoDiffer to host us!

Cryptodiffer TEAM

Thanks for your time @paulclaudius @samuelbrack ๐Ÿ‘๐Ÿป

It was a pleasure to conduct an AMA with DIA!!!๐Ÿ”ฅ

Letโ€™s finish the AMA

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