Dai is a type of cryptocurrency known as a stablecoin developed by MakerDAO. Dai is a collateral-backed cryptocurrency with the value worth $1 USD. Dai achieves price stability by being backed by a diversified portfolio of other assets of value. MakerDAO is transparent about their collateral backing Dai, and anyone can view information about the locked collateral backing Dai through the companies website, as well as its safety profile.
The Dai cryptocurrency offers a stable store of value within the cryptocurrency marketplace, and also can be used for purchases of other cryptocurrencies or merchants accepting cryptocurrencies at the point of sale. Businesses can use Dai to make loans that have low volatility, are stable, and predictable. Dai also allows business to reduces costs of fees associated with their supply chains and international trades due to low fees associated with using the Dai cryptocurrency.
Soren Peter Nielsen
The Dai Stablecoin is a Game Changer for Ethereum and the Entire Cryptocurrency Ecosystem
The Dai Stablecoin System
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- CryptocurrencyA cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.
- EthereumEthereum is an open-source, public, distributed blockchain computing platform featuring smart contract (scripting) functionality, which facilitates online contractual agreements.