Cambridge-based tech startup Fetch.ai has announced an open-source oracle platform that enables market actors to source, supply, and shares trustable data.
Fetch.ai has built an open access, tokenized, decentralized machine learning network to enable smart infrastructure built around a decentralized digital economy. Its network is based around an open-source technology that any user can run to connect to the network, giving access to the power of AI on a world-scale secure dataset, to carry out complex coordination tasks in the modern economy. One of the company’s key tools is a set of autonomous software agents that provide AI services, connecting suppliers and consumers of raw and processed data.
In a press release, the company said that it will be using DIA oracles to access a diverse set of accurate and reliable on-chain and off-chain financial data to expand the range of markets offered on Mettalex, the Fetch.ai-powered decentralized derivatives exchange.
DIA’s transparent data feeds will be used primarily to expand the range of markets that Mettalex will offer. DIA’s data feeds are open-sourced and accessible, with stakeholders verifying the decentralized data. DIA works by allowing stakeholders who seek datasets to submit a request, which once submitted, are voted on for validation. The validated data is stored in an immutable, open-source database and published on the DIA platform.
Some of the DIA feeds that Mettalex is looking to incorporate include the Crypto Volatility Index, DeFi lending and borrowing rates, trade volume for various assets, farming pool rates, and prices for newly launched tokens. The DIA-sourced data can then be used for launching unique markets that pair, for example, the volume of BTC and its price, the crypto volatility index and the price of Gold, or farming pool rates with the price of ETH.
“Our cooperation with the oracle professionals from DIA will enable the Fetch.ai and Mettalex ecosystems to incorporate reliable price feeds unavailable anywhere else in the DeFi space,” said Humayun Sheikh, CEO of Fetch.ai & Mettalex. “We are looking forward to implementing DIA’s open-source oracles into Mettalex to offer traders and physical commodity holders a wider range of markets to speculate or hedge on.”
At launch, DIA’s data feeds will be available on both Fetch.ai and the Mettalex DEX, in the future, its tools will be made available to all projects that integrate with the Fetch network.
“Fetch.ai’s technology has a great potential to optimize financial services through its AI/ML based infrastructure,” said Michael Weber, Co-Founder, and President of DIA Association. “We are very excited to launch this new partnership and support Mettalex by providing accurate and transparent data feeds and continue fostering the development of the DeFi ecosystem.”
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