DAI For Beginners Explained - A Step by Step Guide
DAI 🚀 for beginners is an explainer video for newcomers where we touch insightful points around:
What is DAI?
How to buy DAI?
How it works?
How to get involved?
Everything you need to know about DAI for beginners, we delve into all the information you will need to get started.
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Learn more about DAI:
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Read our video script:
DAI is an ERC20 stablecoin that is pegged to the US dollar for the purpose of reducing its volatility and to enable decentralized finance (DeFi) features - such as lending, borrowing, or trading. What makes this stablecoin unique is the Maker Protocol, which is a that allows anyone to produce this coin by using other cryptocurrencies as collateral. The DAI stablecoin was created specifically for the Ethereum blockchain and buy purchasing or borrowing this coin, you will be able to use hundreds of Ethereum-based applications, including games, decentralized finance apps, and NFTs.
Rune Christensen is the co-founder and CEO of MakerDAO, the company that issues Dai and launched the coin in 2017. Rune was also the co-founder of Try China, an international recruiting company, and he has been involved with Bitcoin since 2011. He was inspired to create the DAI stablecoin in response to the volatility of cryptocurrencies, when he realized how it prevented the broader adoption of coins into economies and society.
DAI offers two unique passive-income programs for users.
The first is the DAI Savings Rate (DSR) where interest is earned by “locking up” idle DAI tokens for a specified period of time. The second option is where the DAI owner deposits the tokens directly into a MakerDAO smart contract, which is then programmed to automatically add interest to the account, and earnings can be withdrawn anytime. DAI investors can enjoy the freedom of unrestricted access to funds, as there are no intermediaries, approvals, or credit checks - and the system is entirely permission less and transparent. The MakerDAO platform undergoes routine audits, and investors have the option to use DAI's secure integrated wallet with two-factor authentication and enhanced security measures, instead of using third-party wallets.
DAI is created when a loan is taken out on MakerDAO, and it is the currency users borrow and pay back. This is an Ethereum-based stablecoin that is maintained and governed by a decentralized autonomous Organization (DAO), and its price is monitored and controlled through a system of smart contracts. DAI has a steady value of one US dollar and dollar and it is a requirement for using the MakerDAO lending system that allows users to lend and borrow cryptocurrencies without approval from intermediaries.
The MakerDAO Maker Protocol is responsible for producing DAI stablecoins, but these coins can also be bought directly from most popular exchanges using fiat money. If you would like to purchase DAI from a centralized exchange, we recommend using Coinbase or Kraken. Alternatively, DAI can be purchased from decentralized exchanges, such as Uniswap and ByBit. You would need to open an account with your preferred exchange and fund the account so that you can purchase coins and transfer them to your secure wallet.
The DAI stablecoin is a low-risk investment that offers high utility. You can freely spend and use it as a currency within DAI friendly ecosystems, and it offers a new way of obtaining and exchanging cryptocurrencies by allowing your to lend and borrow coins. DAI is a great addition to your investing portfolio because of its utility and stability, and by hedging with this coin, you can trade volatile cryptocurrencies for DAI coins and trade them back when the markets stabilize. The purpose of DAI is to eventually become a borderless, powerful global currency that remains stable regardless of changes in economies around the world - unlike fiat currencies and some cryptocurrencies, which tend to be volatile.
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