Dai (DAI)

Last Updated: 02/09/2022

Official Website: https://makerdao.com/en/

What is Dai (DAI)?

“Dai is a stable, decentralized currency that does not discriminate. Any individual or business can realize the advantages of digital money.”

The Maker Protocol and the MakerDAO decentralized autonomous organization oversee the issue and development of DAI, an Ethereum-based stablecoin (stable-price cryptocurrency). When fresh DAI is issued, a variety of different cryptocurrencies are deposited into smart-contract vaults to serve as collateral, and the price of DAI is soft-pegged to the US dollar.

Multi-Collateral DAI was launched in November 2019.

Maker plans to employ prediction markets, as a point-of-sale payment method, and as an industry-native volatility protection for individuals. Based on its low volatility, Dai is intended to be utilized by businesses for financing as well as a global value transfer instrument that is more affordable and quick than current options.

The fact that DAI is run by a decentralized autonomous organization via a software protocol rather than a private firm is a fundamental advantage. As a result, all token issuance and burn events are controlled and publicly documented by self-enforcing smart contracts powered by Ethereum, increasing system transparency and reducing corruption risk.

Like Bitcoin (BTC) and Ethereum (ETH), new DAI tokens are not created by mining, and they are also not created by a private corporation in accordance with its own issuance policies, like Tether (USDT). Instead, anyone can create new DAI by using the Maker Protocol.

Team

The fact that DAI was not founded by a single person or a small group of co-founders is one of its distinguishing characteristics. Instead, the MakerDAO and Maker Protocol control the creation of the software that runs it as well as the creation of new tokens.

MakerDAO is a type of decentralized autonomous organization that manages itself independently through the use of smart contracts, which are self-enforcing contracts written in computer code and carried out on the Ethereum blockchain.

Holders of this organization's Maker (MKR) governance tokens, which function like a traditional company's stock and grant voting rights proportional to the number of Maker tokens they own, govern it democratically. MKR holders can vote on important issues affecting the development of MakerDAO, Maker Protocol, and DAI.

Rune Christensen, a businessman from Denmark, established MakerDAO in its initial form in 2015. Christensen started the international hiring company Try China and studied biochemistry and international business in Copenhagen before beginning work on the Maker ecosystem.

Roadmap

Addressable Market - a cryptocurrency with price stability serves as an important medium of exchange for many decentralized applications. As such, the potential market for Dai is at least as large as the entire decentralized blockchain industry. But the promise of Dai extends well beyond that into other industries.

Dai stablecoin immediate and current market:

Working capital, hedging, and collateralized leverage
Merchant receipts, cross-border transactions, and remittances
Charities and NGOs
Gaming
Prediction markets

Asset Expansion - in the event that MKR holders accept new assets as collateral, the assets will be governed by the same risk standards, limitations, and security measures as Dai (e.g., Liquidation Ratios, Stability Fees, Savings Rates, Debt Ceilings, etc.).

Evolving Oracles – the first initiative to use dependable Oracles on the Ethereum blockchain was MakerDAO. As a result, a lot of decentralized applications employ MakerDAO Oracles to protect their network security and deliver reliable, up-to-date price data. Due to Maker Governance's faith in MakerDAO and the Maker Protocol, the basic Oracle infrastructure service can be expanded to better meet the requirements of decentralized apps.

MakerDAO has emerged as the driving force behind the decentralized finance (DeFi) movement, with hundreds of partnerships and one of the most robust developer communities in the cryptocurrency field. To fulfill the promise of economic empowerment today, Maker is releasing the power of the blockchain.

Where to Store Dai (DAI)

Dai tokens are built on the Ethereum (ETH) network and can be stored in any wallet compatible with Ethereum-based ERC-20 tokens. All ERC-20 tokens including DAI token can be stored on the Ethereum blockchain using MyEtherWallet, allowing users to interact with the network without additional software.

If you are looking for a cold storage wallet to keep you Daitokens offline safe, we recommend using the leading hardware providers Trezor and Ledger.

Similarly, a user-friendly option to keep your $DAI secure can include MetaMask, a leading browser wallet extension popular amongst DeFi platforms and highly praised by developers. Users can integrate with the network’s Liquidity Mining pools by connecting your MetaMask wallet.

An alternative wallet provider for DAI token holders can be Trust Wallet – a multi-currency mobile wallet that enables users to simultaneously store a variety of digital assets in one place. Popular among traders and gamers, the beginner friendly mobile wallet may be appropriate for users looking for a convenience and accessible app, with trusted security and backup options.

Where to Buy and Sell Dai (DAI)

You can Buy & Sell Dai (DAI) here at BC Bitcoin.

You can Buy Dai by heading over to the Buy Coins page of our website. Dai(DAI) is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying Dai (DAI) has never been easier, simply place your order and provide your wallet address. Once your payment arrives, $DAI will be sent directly to your wallet.

If you choose to Sell Dai (DAI), you can send us the coins and receive a payment to your bank account. Details and a live valuation can be found on the Sell Coins page.

Dai (DAI) Resources

Website: https://makerdao.com/en/

Block Explorer: https://etherscan.io/

Twitter: https://twitter.com/MakerDAO

Forum: https://forum.makerdao.com/

Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.