DAIis an Ethereum-based stablecoin (stable-price cryptocurrency) whose issuance and development is managed by the Maker Protocol and the MakerDAO decentralized autonomous organization. The price of DAI is soft-pegged to the U.S. dollar and is collateralized by a mix of other cryptocurrencies that are deposited into smart-contract vaults every time new DAI is minted. Dai is easy to generate, access, and use.
MakerDAO is a smart contract platform, built inside the Ethereum blockchain network. Marker allows ETH holders in their ecosystem to exchange private assets for DAI Stablecoins through smart contracts. In other words, users can mortgage assets in exchange for DAI. Others obtain Dai by buying it from brokers or exchanges, or simply by receiving it as a means of payment.DAI Stablecoin or DAI ecosystem includes DAI Stablecoin (DAI) and MakerDAO (MKR). This platform operates to create one stablecoin in MakerDAO & DAI ecosystem.
Every Dai in circulation is directly backed by excess collateral, meaning that the value of the collateral is higher than the value of the Dai debt, and all Dai transactions are publicly viewable on the Ethereum blockchain.
What is the project trying to achieve?
Dai as a Store of Value
A store of value is an asset that keeps its value without significant depreciation over time. Because Dai is a stablecoin, it is designed to function as a store of value even in a volatile market.
Dai as a Medium of Exchange
A medium of exchange is anything that represents a standard of value and is used to facilitate the sale, purchase, or exchange (trade) of goods or services. The Dai stablecoin is used around the world for all types of transactional purposes.
Dai as a Unit of Account
A unit of account is a standardized measurement of value used to price goods and services. Currently, Dai has a target price of 1USD (1 Dai = 1 USD). While Dai is not used as a standard measurement of value in the off-chain world, it functions as a unit of account within the Maker Protocol and some blockchain dapps, whereby Maker Protocol accounting or pricing of dapp services is in Dai rather than a fiat currency like USD.
Dai as a Standard of Deferred Payment
Dai is used to settle debts within the Maker Protocol (e.g., users use Dai to pay the stability fee and close their Vaults). This benefit separates Dai from other stablecoins.
Dai is generated, backed, and kept stable through collateral assets that are deposited into Maker Vaults on the Maker Protocol. A collateral asset is a digital asset that MKR holders have voted to accept into the Protocol.
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