An introduction to Dai, a digital currency
Money is an essential part of our lives; it is a symbol of trust and holds value for exchange. It should just be there for you and worth the same amount each day. Instead, money has become something you cannot trust and cannot always control.
The internet made many things digital. It lowered the barriers to information, making things more accessible and transparent. But what the internet did to information, it did not initially do for currency.
Bitcoin introduced a new way to transact and store value, but its volatility made it more like an investment than cash. The internet needed a better, more stable currency. Dai is digital money for the digital age.
What is Dai?
Dai is digital currency
Dai is digital currency that’s value consistently tracks the US Dollar. This means that you can easily understand how much you have, or how much you are spending, and won’t suffer from the volatility associated with many cryptocurrencies.
Dai is reliable
Because Dai is closely pegged to the US Dollar, it has a reliable value. Whether you want to use it to buy something or borrow it to repay over time - you can be sure it's value will remain relatively stable. This is because, for every Dai that is in existence, it is backed by assets worth more than the Dai - much like how traditional money used to be backed by physical gold.
Dai is borderless
Before digital currency, where someone lived would dictate the value of their money. Where you live doesn't dictate the articles you can read or the music you can listen to, and it shouldn't dictate the currency you can access. Dai is global and borderless - you can think of it like email. If you have access to the internet, you have access to Dai.
Dai is control
With Dai, you - and only you - have access and control* over it. Dai uses blockchain technology to ensure the highest level of trust and transparency, and because of the way blockchain technology works, you ultimately get to decide just how secure you want it to be. This does ultimately mean you are your own security, so it is very important you keep access to your Dai and Oasis account secure.
*It is possible to delegate control and authorise certain apps, such as Oasis, to spend Dai on your behalf, but you will always have to authorise this, and you will get to set a limit on the amount. This authorisation can also be withdrawn at any time by you. You should never authorise a transaction you do not recognise.