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DAI stablecoin launched as a result of the need to create a cryptocurrency with a stable value independent from the traditional market. The guide provides details on its functioning and use cases.
DAI is a stablecoin crypto-asset that keeps a 1:1 value with the US Dollar through an automated system of smart contracts on the Ethereum (ETH) blockchain. DAI is the world’s first stablecoin that launched on Ethereum. MakerDAO, a non-profit foundation that focuses on bringing stability to the cryptocurrency economy, maintains and regulates it.
Creation and Issuance of DAI Stablecoin
The initial development of DAI started in 2015 by Rune Christensen. Before entering the world of crypto, he founded a business that recruited Westerners to teach English in China. After discovering Bitcoin in 2011, he eventually sold the business to invest in the asset. However, when Mt. Gox collapsed in 2014, Christensen turned to the idea of stablecoins. This is how MakerDAO appeared.