DIMO Data Credits and DIMO Nodes: DIMO Ignite Grant Recipients October 2023
The DIMO Ignite program funds developers who are contributing key infrastructure to support the DIMO Protocol. $2M are available. This post shares some information about some of the first recipients of these funds.
DIMO Data Credits
The first recipient is Matt English, a software engineer with experience across ConsenSys, Gemini, and Upshot working on novel DeFi primitives, smart contracts, and other protocol engineering. He’s building a smart contract that will convert the $DIMO token to stable DIMO Credits via oracle services.
The ability to convert the $DIMO token into a stable DIMO Credit lays the groundwork for potential data consumers and developers to pay for access to user data (assuming the user grants them this access).
If developers hold $DIMO tokens, they are able to mint DC anytime, or they can simply pay in $DIMO, where conversion to DC and payment is combined into one step that happens in real-time.
This is beneficial for developers who are not yet ready to make the leap into crypto or accept the volatility that comes with it. Rather, they can use a custodial solution or smart contract wallet to hold a simple and stable credit, providing a very similar experience to other products like AWS and their credits and Infura and their compute units.
It’s important to note that this work is somewhat exploratory: core team members have outlined a possible path forward for DIMO Nodes and DIMO Credits here, but this has not been formally voted on.
Second recipient of this announcement is Phil Hutchins, an engineering leader with extensive experience including as the former CTO at Storj Labs, a decentralized cloud storage platform and currently CTO of Proof of Impact.
This project will provide the Foundation tools that will in the future make it easier to run DIMO Nodes. As noted above and in this document (DIMO Nodes and DIMO Credits), the path to DIMO Nodes has not been firmly established in governance, or from a technical perspective. Despite that, this project wraps the creation of all of the open source automation tools and scripts necessary to deploy and manage a DIMO Node. Additionally, documentation will be created throughout the process and made available to everyone.
Specifics include creating a repository which holds the recipes for node environment creation, working with DIMO to deploy to GDPR compliant locations, and research around getting automation listed in various cloud marketplaces.
These efforts are a large step towards democratizing ad the ability for people and businesses worldwide to run their own DIMO Node, which will decentralize the network as a whole.