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The Maker Protocol and the MakerDAO decentralized autonomous organization manage the issuance and development of DAI, an Ethereum-based stablecoin (stable-price cryptocurrency).
DAI’s price is soft-pegged to the US dollar and is collateralized by a mix of other cryptocurrencies, which are deposited into smart-contract vaults each time new DAI is minted.
It is important to distinguish Multi-Collateral DAI from Single-Collateral DAI (SAI), an earlier version of the token that could only be collateralized by a single cryptocurrency; SAI also does not support the DAI Savings Rate, which allows users to save money by holding DAI tokens.
In November 2019, the Multi-Collateral DAI was launched.
One of the distinguishing characteristics of DAI is that it was not founded by a single person or a small group of co-founders. Instead, the MakerDAO and Maker Protocol govern the development of the software that powers it, as well as the issuance of new tokens.
MakerDAO is a decentralized autonomous organization — a type of company that operates decentralizedly through the use of smart contracts, which are self-enforcing agreements expressed in software code and executed on the Ethereum blockchain.
This organization is managed democratically by the holders of its Maker (MKR) governance tokens, which function similarly to stock in a traditional company; MKR holders can vote on key decisions regarding the development of MakerDAO, Maker Protocol, and DAI, with their voting power proportional to the number of Maker tokens they own.
MakerDAO was founded in 2015 by a Danish entrepreneur named Rune Christensen. Christensen studied biochemistry and international business in Copenhagen before starting work on the Maker ecosystem. He also founded the international recruiting firm Try China.
If you’re wondering where to buy Dai at the moment, the top cryptocurrency exchanges for trading Dai stock right now are OKX, Deepcoin, Bybit, MEXC, and CoinW.
