Presently, the adaption of technology is facing a great deal of friction due to the volatile nature of .
As an answer to this, some great minds came up with great ideas. Let’s explore!
If you are a enthusiast, you must have come across MakerDAO! Maker is a Decentralised Autonomous Organization (DAO) built on top of the . MakerDAO is one of the first -focused companies and has been working on the technology before came to be. The team is highly reputable in the crypto space and is backed by . It has its own : Makercoin. It is also in charge of another decentralized coin — Dai. Both comply with ERC-20 standards.
Dai is a stable coin pegged to the USD.
This means that its value will always be equal to 1 USD until the remains in circulation.
The above statement implies several things:
- 1 DAI is always equal to 1 USD.
- No government or other centralized authority can shut it down.
- No individual can control it.
- Like other cryptocurrencies, it can be exchanged directly bypassing all middlemen.
- It can be traded freely as any other ERC-20 token.
- It brings trustless stability to the volatile crypto ecosystem.
- Anyone from any place in the globe can receive and send it just by having an Ethereum .
This is how Dai brings stability in the Ethereum blockchain!
Stablecoins like Dai play a vital role in the ecosystem. Anyone who has Dai has a stable of value during rogue, volatile market periods. One of the best use cases for Dai can be global remittances and payments at a really low fee. Another use case would be to send uncensorable transactions to anyone with a and the internet connection. We have to agree that has brought about a wind which is blowing away the fire of censorship.
Democracy within Maker Ecosystem
People who hold MKR coins are in charge of —
✔︎Maker system’s risk management
✔︎Business logic
✔︎Payment of Dai loans or setting the debt ratio
✔︎Casting vote on important decisions related to the platform and DAI issuance. This includes risk parameters, target rates, price feed sensitivity, global settlement decisions, and more
Want to purchase Dai?
It is important to note that MKR coins can’t be mined. They can be purchased from in exchange for ETH. Dai can also be purchased from leading exchanges like Bitfinex, Ethfinex, Kyber Network, Bancor, etc.
Wondering 🤔 where is Dai stored?
Since Dai is built on top of , any device/software which is capable of storing can your Dai safely. You can checkout ERC-20 compliant wallets like Exodus, Mist, MetaMask, MyEtherWallet, etc. You can even purchase cold storage like Trezor, or Ledger.
If you want to be extra cautious, go for multi-sig wallets!
If you got a hang of the above-mentioned stuff, I am sure you’d get a hand of this too!
It is exciting to see how MakerDAO project was carefully thought of. The creation of Dai is a great deal as it allows users to transfer wealth across borders instantly without any fee or interference from banks! It’s bringing about a great revolution in the landscape of financial services.
So, let’s be our own bank! Welcome, Dai…
Published at Tue, 30 Apr 2019 04:21:04 +0000
