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The Maker project is an interesting one. Its main project is to provide a decentralised and sustainable stablecoin. The system is made up of two main cryptocurrencies, which include DAI and Maker. Each one of these coins cannot exist or function without the other.
They strongly depend on each other, and the smart contract where they both belong links them. The word DAI originates from a Mandarin phrase that means a loan. And it is a foundational element of the DAI/Maker system.
Both DAI and Maker are crypto products that operate on the Ethereum blockchain technology. While Maker falls into the governance token group, DAI is a stable coin, meaning the value of the tokens remains stable across a given period. This is a very important construct for the crypto ecosystem since many cryptocurrencies are highly volatile, and they fall and rise in value on a daily basis.
Due to the numerous benefits that DAI and other stable coins offer, including lower fees, speedy settlements, instant transfer and secure transactions, many industries support this crypto. One of these industries is online casino gambling and sports betting. Keep reading this DAI crypto review to discover more one of the massively upcoming crypto betting options in the world.
What is DAI Crypto? DAI Crypto ReviewDAI is a stablecoin crypto that aims to keep its value close to the United States Dollar through an automated platform of smart contracts on the ETH, Ethereum blockchain (read this – betting with Ethereum). MakerDAO, a decentralised autonomous organisation, maintains and regulates the crypto product. The decentralised autonomous organisation consists of the governance token MKR, which can vote on changes in the smart contract to ensure the stability of the stablecoin is achieved.
DAI cryptocurrency uses ETH blockchain and belongs to MakerDAO decentralised organisation that maintains and regulates this crypto product. DAI is a stablecoin so you don’t see this coin’s big value change, because the value will be close to US dollars.
DAI cryptocurrency is a stablecoin, so this means that DAI coin price always has the same value or close value to the United States Dollar.
DAI wallet lets you receive, store, send and earn from DAI stablecoin. Most popular DAI wallets are Coinbase, Binance, Uniswap.
Crypto loans are collateralized loans given to a borrower in exchange. A borrower obtains loand from lenders in crypto. Crypto loans working on DeFi lending platforms like Maker, Uniswap or SushiSwap.
❌ No, DAI mining is not possible.
If you want to get free DAI coins, you need to stake your DAI cryptocurrency in order to get more DAI crypto for free. You can stake on Celcius Network or Bitifinex platforms.
DAI utilises collateralised debt that is denominated in ETH, Ethereum cryptocurrency. If you are new to the world of cryptocurrency, collateralised loans provide a perfect way for a creditor to secure a loan using the assets they have. These loans usually have lower interest rates compared to unsecured ones, as they follow creditors to seize and auction it if the borrowers aren’t able to pay them back.
The Maker Protocol, together with the smart contracts that run on Ethereum, allow borrowers to lock Ethereum and other cryptocurrency assets, collateralising it, while generating fresh DAI tokens that come in the form of loans. In case the borrowers want to recover the locked Ethereum, they must return the DAI to the protocol and also pay a fee.
Due to DAI’s design, its supply cannot be affected or changed by any party. Rather, it’s maintained through a platform of smart contracts that are designed to respond to all the changes in the market price of all the assets in the contracts.
Who Invented DAI coin?Rune Christensen established DAI in 2014. In 2017, DAI launched officially on the Protocol Maker, a project whose main aim was to develop a credit system that would provide you with the opportunity to gain access to loans collateralised by cryptocurrency. The Maker Foundation later gave up the management of the software to a decentralised autonomous organisation known as MakerDAO that currently governs the entire protocol.
What Makes DAI Stablecoin Unique from Other Stablecoins?Dai provides the digital asset with something very unique. It gives users a still-obscure-asset-class the opportunity to leverage its value. Many people are not crypto rich but money poor. However, that may change as soon as the sector matures. When Ethereum transitions successfully to a POS consensus model, the ether tokens will enable you to get a passive income by keeping the platform safe.
Some traders might be not willing to sell their ether tokens or coins, even if they need some capital for their current situations. With Dai, you can use some of your ether coins to secure dollar-valued loans. Shares and stocks have been accepted for long as securities-based loans. This cryptocurrency option would provide the same opportunity but only for crypto backed loans.
Another thing that makes DAI stablecoin a unique crypto option is that it offers a great tool for avoiding extreme volatility of other cryptocurrencies that the open market determines their prices. Additionally, this cryptocurrency can be able to remove transaction costs as well as delays that impair the execution of trade within the digital currencies market when utilising traditional government currencies that may be transferred between bank accounts, delaying optimum execution (read this – betting sites that accept credit cards).
On top of all these things, DAI provides its users with the ability to access loans in ways that may offer lots of advantages when compared to existing options. Once the players decide to pay back the loan, they’ll only need to pay a small extra fee.
Advantages of Using DAI CryptocurrencyThere’re numerous advantages that Dai cryptocurrency provides over its close competitors. And here are the main ones of this DAI crypto review:
✔️ Use for Cash Transfers: Since the value is pegged at a single dollar, it’s a perfect crypto option to use for cash transfers. Because DAI is a stable coin, the amount of cash you transfer stays the same by the time it reaches the receiver. DAI also provides a good option to transfer money between cryptocurrency exchanges since a lot of exchanges support it.
✔️ Secure: it is a safe, integrated DAI wallet. It achieves this by having many tools that help boost security. Some of these tools are routine authentication and two-factor authentication. Also, MakerDAO creators verify all the smart contracts on the blockchain to make sure network viability and liquidity viability are a guarantee to the users.
✔️ Stability: Many assets back DAI, helping it to reduce the potential risks linked to cryptocurrencies, such as instant transfers and secure transfers across the universe. You should keep in mind that Dai stablecoin price also fluctuates.
How to Bet with Crypto DAI?Betting with crypto DAI is one of the simplest things that you can do in this world. Before you can start anything else, you need to pick one of the recommended online casinos. After that, follow the link to access the official gambling website. When you land on the official website, you’ll see a sign-up/register now button. Pressing this button will allow you to access the account creation form that you will need to fill.
Once you have an account, you will have to log in to it, navigate to the cashier section and then pick DAI as your deposit option. Enter the number of DAI coins that you want to play with and then confirm your transaction. The coins should be available in your casino account within minutes. You can then use DAI coin to place real money bets on games.
DAI Crypto Review ConclusionOverall we can say in this DAI crypto review that it is a great crypto. It’s one of the currencies that you can use from anywhere and at any time. On top of that, it offers huge amounts of stability, utility and flexibility, especially to gamblers. So if you love sports betting and playing real money casino games, then you should try out DAI online casinos and betting sites. These sites will allow you to enjoy instant deposits, quick withdrawals and generous promotions.
On top of all these things, you can be able to make transactions anytime, anywhere on your favourite mobile device. Create your DAI wallet today, and get some coins to get started today. We are sure that you will enjoy all the benefits that DAI cryptocurrency provides not only in the gambling sector but also in other industries.