The project was created in 2017 (official site makerdao-com). When developing Ethereum, developers thought about the need for a stable currency in the market, the value of which would be tied to a real asset.
Dai is an open-source decentralized blockchain platform that addresses the issue of the high volatility of digital units. Dai is created on the MakerDAO platform and has an absolute binding of the exchange rate to the value of fiat cash.
The project is designed to eliminate several issues that make it difficult to promote electronic money around the world. Currently, there is the high volatility of many cryptocurrencies that function only on the trust of users.
The platform uses a rigid fixation of the exchange rate against the US dollar (+/-5%).
Using a stable currency in the financial sector gives you complete freedom, full transparency, and absolute anonymity of transactions that can be carried out around the world with minimal costs. Government institutions do not participate in the personal financial affairs of citizens. These advantages can ensure greater popularity of the platform, which will contribute to the network development.
Dai is an internal token based on the Ethereum blockchain, which allows each user to freely issue the required number of tokens, providing ETH as collateral. Traditional mining is not provided.
