Since tether (USDT) bolstered the idea of a working stablecoin over the last few years, there’s been a variety of different types of stable cryptocurrencies that are usually pegged to the U.S. dollar. However, there’s one particular stablecoin that’s been a hot topic of discussion lately called dai, a coin that’s backed by ethereum locked into a smart contract.
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Maker and Dai
The following is an overview of how dais are created within a network called the Maker DAO and why some cryptocurrency enthusiasts seem to like the concept better than its fiat alternatives. But there’s also a slew of critics who dislike the Maker project for a multitude of reasons that could theoretically hurt a few individuals’ dreams of the perfect stablecoin backed by crypto assets.
The Ethereum network has a popular decentralized autonomous organization (DAO) called Maker, which is now well known for creating a cryptocurrency-backed stablecoin called dai….