DIA Insights
Published in

DIA Insights

Partnership with Elrond

DIA partners with Elrond to deliver off-chain & cross-chain data and information for DeFi products and smart contracts via DIA oracles and to make Elrond blockchain data available to DIA users.

With the two way integration, DIA will deliver existing data sets to Elrond smart contracts. Information about Elrond smart contracts status, tokens & transactions will also be available via DIA, for integration in non-native Elrond prediction markets as well as other use cases. This new data can be made available on request using a bounty-based system.

“DeFi and CeFi solutions depend on trustworthy data to reliably automate their processes and increase efficiency. We’re excited to complement the Elrond high throughput and inexpensive mainnet with the rich data sets provided by the DIA crowd-sourced oracle platforms” said Beniamin Mincu, Elrond CEO.

Elrond proposes a novel blockchain architecture that introduces a state sharding scheme with the goal of improving scalability and eliminating energy and computational waste while ensuring distributed fairness through a Secure Proof of Stake (SPoS) consensus. With a focus on security, Elrond’s network is aims for resilience to Sybil attacks and Nothing at Stake attacks among others.

“We are really happy to see the interest in transparent and crowd-verified data growing.” says Michael Weber, President of the DIA Association. ”The team at Elrond has really understood the value not only of using these transparent feeds, but also making their own data available transparently to the wider ecosystem. We are excited to work with innovative projects like these.”

The integration will enable new DeFi use-cases, either built on the Elrond mainnet or using Elrond assets on other platforms, enabling easy integration of highly fragmented and scalable data sets for a diverse range of products. This will accelerate DeFi growth on Elrond and increase demand for eGLD as an underlying asset.

About DIA

DIA (Decentralised Information Asset) is an open-source, financial information platform that utilises crypto economic incentives to source and validate data. Market actors can supply, share and use financial and digital asset data.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store