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Dai is a stablecoin that is pegged to the value of the US dollar moreDai is a stablecoin that is pegged to the value of the US dollar. This means that the price of Dai should remain relatively stable compared to other cryptocurrencies, and should not experience the same volatility.
The benefits of Dai include:
1. Stability: Dai's value is not subject to the same price swings that other cryptocurrencies are, which could make it more attractive for people looking for a more stable store of value.
2. Decentralization: Dai is created and managed by a smart contract system on the Ethereum blockchain, which means that there is no centralized entity controlling it.
3. Transparency: The smart contracts that back Dai are open and transparent, which means that anyone can view them at any time to ensure that they are working as intended.
4. Accessibility: Dai can be used by anyone with an internet connection and an Ethereum wallet. There are no geographical barriers to using Dai.
The role of the DAI token is primarily to be used as collateral to generate new Dai. When someone wants to create new Dai, they must put up a certain amount of Ethereum as collateral. This Ethereum is held in a smart contract, and when the Dai is paid back, the Ethereum is returned.
Sources:
- "What is Dai?" (MakerDAO)
- "Dai: Completely Explained." (Blockonomi)
- "Stablecoins Explained: What They Are and How They Work." (Coindesk) (AI generated summary)
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