Dai

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What is Dai ?

DAI is a decentralised cryptocurrency that is created and governed by MakerDAO. MakerDAO is a Decentralised Autonomous Organization. The Maker Protocol enables users to generate Dai by using collateral assets approved by the “Maker Governance.”

About Dai Coin

This digital money is open to everyone or any business and can offer its advantages. DAI is a cryptocurrency that is backed by fiat currency. The value of 1 Dai is equal to 1$. Thus it makes Dai a stable coin. By the mid of 2021, Dai had a circulating supply of about 5.5 billion units, which put it in fourth place among stable currencies.

Primary features of Dai

• Dai is developed on top of Ethereum as per the valuations of the US dollar.
• Value of Dai crypto is limited to 1 US dollar. That means they are following a 1 to 1 ratio.
• Smart contracts manage the issuance of tokens. They are permanently kept on the blockchain and can’t be changed.

Is Dai a promising cryptocurrency?

Dai is a stablecoin backed by the US dollar. When the price of Dai Coin goes below its assigned value of 1$, the Decentralized Autonomous Organization boosts interest rates on loans which encourages users to get rid of Dai and close their loans. When DAI costs more than $1, the organisation performs the opposite procedure and handles the situation.

How to use Dai?

The Dai platform ensures greater stability and usability. In the below section, we can see the uses of the Dai platform:

• Financial freedom with zero volatility: Generate Dai coins by depositing Ethereum-based assets as collateral. Moreover, it is a non-volatile cryptocurrency as the value is automatically rebalanced. 
• Decentralised governing system: A community of Dai token holders govern the Protocol of Decentralized Autonomous Organization.
• Better ecosystem: Presently, 400+ apps are integrated with Dai.

Pros & Cons of Dai

Pros

• DAI is a decentralised platform. Their smart contracts can interact with themselves.
• DAI is secured by the Ethereum blockchain resulting in better transparency.
• Transacting DAI coins does not require any KYC procedures. Thus, it provides a better privacy policy for users.

Cons

• Currently, DAI is listed in only a few exchanges. 
• DAI is very much in line with US Dollar price fluctuations as its assets are in Ethereum.

Trade Dai on CoinSwitch

• You can start investing and trading Dai with just Rs.100.
• Instantly withdraw and deposit directly to bank accounts 
• Carry out trade in Dai at zero fees.
• Carry out trade with CoinSwitch’s user friendly UI.
• Easily track your DAI transactions.

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Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.