Swiss association DIA launches Wiki-style site for free blockchain financial data - The EE

Swiss association DIA launches Wiki-style site for free blockchain financial data

Decentralised Information Asset (DIA,) the open-source data and oracle platform for the DeFi (Decentralised Finance) ecosystem, has reportedly taken the first step to decentralise its governance by public distribution of its governance token on Monday, August 3rd, 2020. The event aims to give participants the opportunity to acquire DIA’s Governance Token (DIA).

Founded in 2018 as a Swiss Association, DIA’s mission is to democratise financial data, similar to what Wikipedia has done in the broader information space with regards to a central encyclopedia.

Rather than sourcing and providing data itself, DIA’s platform uses DIA governance tokens to allow its community to participate in the collection and validation of data, vote on association relevant decisions, and democratise ownership of DIA as an organisation.

As a transparent and community-owned platform, DIA’s proponents say it will incentivise market participants to build what will become oracles for use by financial institutions, traders, information providers, and regulatory and financial authorities.

The current need of more resilient data solutions in financial markets

Financial data is the critical foundation of any financial market. Both in traditional and digital asset markets the cost of bad data has become tragically apparent in the wake of scandals surrounding manipulation and a lack of transparency, causing severe loss of funds and calling for more trustworthy and transparent solutions.

In 2019 alone, over $32 billion (€27 billion) was spent globally on financial markets data. The legacy system has few safeguards in place to ensure data is accurate and reliable, not to mention is controlled by a few major players. This makes data expensive and inaccessible for most small and medium-sized businesses.

Michael Weber

The concept of decentralised governance helps align incentives and ownership to provide the highest quality data and make it accessible to all market actors. This is the infrastructure that DIA will provide for traditional financial markets and digital assets.

DIA’s co-founder and the association president, Michael Weber explains, “We believe that data needs to be transparent, trustable and accessible for everyone. The DIA Association leverages the power of decentralisation and the blockchain to build a community aligned around exactly this goal. We are here to create a level playing field for everyone.”

DIA team’s experience in blockchain and finance

DIA is run by a team of experienced blockchain founders and financial market experts and is backed by notable venture capital funds, including Outlier Ventures (OV), Continue Capital, and TRG Capital as well as angel investors from the traditional financial space.

As one of the star performers to emerge from OV’s Base Camp Accelerator, DIA has received praise as one of the most promising upcoming decentralised finance projects, dedicated to the democratisation of data and company transparency.

Jamie Burke, founder of Outlier Ventures, explains, “DIA’s unique proposition is to democratise the provision, access, and usage of financial information by leveraging the wisdom and power of the crowd.

Their mission is to make financial data standardised, open-source and accessible to everyone and under the same terms. We believe that decentralised finance will be a multi-billion dollar industry and that DIA are leading the innovation that will secure a solid and fair foundation for this industry.”

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