Steemit Crypto Academy Week 6 - Stable Coins @yohan2on @eulalia1202
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Stable currencies are virtual currencies with the value of an asset in the market so that it does not lose value due to devaluation, currently, there are many stable currencies whose main asset is the dollar, yuan, gold, silver, properties, and assets that want to be stably defined in the market. These types of currencies are not volatile like today's decentralized cryptocurrencies like Bitcoin. This gives the person reliability and carefree when it comes to having savings in this type of currencies. Today many of them are being observed as a form of payment in many cities of the world to pay for goods and services since they have the stable value of some predominant currencies of the world.
DAI
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DAI founded in 2017 is a decentralized stable currency based on ethereum, it has been created as an ERC20 token whose value is anchored to the US dollar, currently there are more than 400 applications that have registered the DAI as a form of payment, defi platforms such as curve, instadapp, ren, uniswap, 1inch and online games and wallets for their great security, independence, reliability and speed to carry out their operations. Dai is not subject to a centralized network like many other stablecoins, as it is hosted on the ethereum blockchain network. Each token is backed by contracts that you can view publicly, to give customers confidence.
Who creates the DAI
It is created under the maker protocol designed by makerdao, all DAI is backed and there will always be less DAI in circulation because most of it is in safekeeping as a form of savings account, a DAI token is created when a user deposits an asset to support each generated token . For this reason every DAI token is openly endorsed.
DAI and applications like PEY.cash wallet.
There are several applications today to mobilize your DAI tokens around the world, PEY.cash you pay a monthly rent for its use and all your transactions are free, this application works to pay in establishments just by scanning your QR code.
In many countries of the world with devaluation of their currencies and a hyperinflation that embraces them every day, the use of stable currencies is very important since they provide ease of use and management in the environment, you only need a wallet and the use of Internet.
Where to buy DAI
As DAI is based on the ethereum protocol, you can trade it through any digital wallet, you must have a balance in maker protocol currencies, currently those that are accepted are Basic Attention Token (BAT), KNC, ZRX, MANA, ETHER, USDC, WBTC, TUSD and through various platforms of your choice such as binance, coinbase, kraken with great ease.
Advantages of using DAI
- It is decentralized which means it does not depend on banks like USDT.
- ease of use as a currency of exchange in world defi.
- It generates trust among investors due to its long history in the market and because of your transparency in its transactions.
- is one of the currencies most used today for service payments.
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Thanks a lot
@yohan2on
@steemcurator01
@steemcurator02
Hi @aulalia202
Thanks for attending the 6th- Crypto course and for your effort in doing the given homework task
Feedback
This is good work. Well done with the research on DAI.
It's interesting to learn that Maker protocol (MakerDAO) is responsible for the creation and management of DAI being issued out.
Homework task
7
I already put homework 6 again teacher @yohan2on , remember you told me to post it again
https://steemit.com/hive-108451/@eulalia1202/steemit-crypto-academy-week-6-stable-coins-yohan2on-eulalia1202
@yohan2on Good morning teacher, I mention reposting my assignment 6 to be curated, is everything okay?
@yohan2on check here please.
I already put homework 6 again teacher @yohan2on , remember you told me to post it again
https://steemit.com/hive-108451/@eulalia1202/steemit-crypto-academy-week-6-stable-coins-yohan2on-eulalia1202