Crypto Academy Week 6 - Homework Post for @Yohan2on

Hello every one welcome to another homework task post for @yohan2on one crypto professor, this is week 6 now which is one month and 2 weeks and i have learnt a lot by participating in this tasks and i hope you have too.

This week our professor @yohan2on wrote about every thing that has to do with stable coins and the task of this week about DAI which is a stable coin but if you want to read our professor article click this link any way let's dive into this week task.

Stable Coin

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This are coins that their esteem are settled which suggests they are pegged to resources like other cryptocurrency, Fiat money and indeed resources like Gold.

What is DAI?

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The stable coin known as DAI is the cryptocurrency which motives is to keep it's value as close to the United state dollar as possible through smart contracts on the ethereum blockchain.

It is created when a loan is taken out on MakerDAO, it's the crypto traders borrow and payback once DAI is created.

The History of DAI

It was founded in 2014 by Christensen Rune who is a danish, while on December 18 2017, DAI and it's smart contracts were launched on the ethereum main network calculating supply.

It's DAI a good stable coin?

Dai is used as a stable hedge against the volatility or many crypto assets such as bit coin and ethereum, The stable value of DAI means it is good for investors or traders who believe the market is about to have a dip.

How safe is DAI?

It is safe to hold even though they are tiny fluctuation in the market, it will always stay at $1 et here um collateral, The only way it breaks down is a bad event making ETH worthless.

What is the point DAI?

The point of Dai is to provide a stable cryptocurrency, if a crypto is stable it is what investors rely on to operate, and having Dai will allow them to accept and send stable token on our crypto networks.

What I can use DAI to do.

It is because Dai is stable that is why it can be used for repayment of any kind of debt, cross border transactions which means it will be cheap now in cross border transaction unlike the traditional way which costs a lot and Dai can be used for payments of goods and services.

How to get DAI

There are two legit ways to get Dai and they are firstly you can get Dai by purchasing it on exchanges like binance while secondly you can get Dai by opening a MakerDAO collateralized debt position (CDP).

Conclusion

Dai is one of the trusted stable coin in the cryptocurrency ecosystem even more than busd because it is in the main ethereum network any way I want to thank @steemitblog and @yohan2on because through this process of doing this homework it has pushed me into doing researches.

Best regards

Cc: @steemcurator01
Cc: @steemcurator02