DAI Explained: Is it safe to use?

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13 August, 2020

By Bit2Me

DAI is a stable coin designed to be worth exactly $1. What’s special about it is that it’s not backed by a physical 1USD stored in an unknown location – instead, it’s backed by other cryptocurrencies such as Ethereum and BAT via MakerDAO. This makes the DAI much more transparent than other stablecoins such as the USDT / USDC. We also show the minting process for DAI via the Oasis App (MakerDAO).

Maker DAO: https://makerdao.com/
Use DAI on Oasis: https://oasis.app/

Special thanks to Nathan and Phil for Editing this Video. Check Nathan out at https://www.youtube.com/channel/UCFBMJMfA6WcmoIOIb81JE0g
#Ethereum #DAI #MakerDAO

00:00 Introduction
1:47 Unstoppable Domains
2:44 Why Stable Coins
3:38 Problem with USDT
4:15 DAI strengths and Weaknesses
5:59 Minting DAI

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I’m not a professional financial adviser and you should always do your own research. I may hold the cryptocurrencies talked about in the video.

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