Dai (DAI) is a decentralized digital token that is in the category of “Stablecoins” (stable currencies) that, due to the model of its smart contract, has a price that remains equivalent to 1 USD. Dai was created under the ERC20 standard whose issuance is anchored to a smart contract that is backed by ether (ETH) and Basic Attention Token (BAT) cryptocurrencies, which are cryptocurrencies that work within the Ethereum Blockchain.
The development of Dai tokens, as well as Maker (MKR) governance tokens, do not depend on a fiat currency like the dollar, instead thanks to the power and impartiality of smart contracts, their value will always be 1 dollar, which is responsible for building a stable system based on the economic incentives of MKR holders, which is the governance token of Maker Dao.
Dai is the first stable security token whose collateral is based solely on cryptocurrencies frozen in a smart contract, which makes it a more transparent alternative than many of its competitors whose backing is state money stored in banks (with the suitability difficulties that this entails) whose movements cannot be verified on a public blockchain.
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Stability 1:1 always: being a Stablecoin and through the use of smart contracts, its value always remains at 1 dollar.
Work with Smart Contracts: To maintain a 1:1 parity with the dollar, Dai makes use of smart contracts and is anchored to Ethereum and Basic Attention Token to protect its value.
Easy understanding of its value: Understanding the value of a Dai is very simple, you just have to think of 1 dollar, it is not necessary to carry out any type of complex conversion to know its value in dollars.
More possibilities: since Dai is worth the same as a dollar, many people use it as a currency for intercontinental remittances since its network commission is very low, and this type of shipment is more favourable than shipments through banks.
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Unlike other stablecoins that are pegged to the USD or euro, DAI is controlled by smart contracts that use a set of cryptocurrencies to control the price and always keep it equivalent to $1.
Of course. As a stable currency, DAI is very useful as a means of sending money, since no matter how long you keep the currency in possession it will always be worth 1 dollar. Also, its transaction costs are very low and compared to a regular means of sending remittances, it is much faster.
Of course, yes. As a stable currency, you can use DAI to protect yourself from falls in the prices of your favorite cryptocurrencies. Ccoins Flip can help you do this.