Full description of Single Collateral DAI
Single Collateral DAI is a stable
Cryptocurrency (?) issued by the California-based project MakerDAO. On November 18th, 2019, MakerDAO released a new Multi-Collateral DAI
Token (?) minted in the new system supporting multi collaterals. The previous Single Collateral DAI received a new name SAI. Another change refers to MakreDAO’s Collateralized Debt Position (CDP) which was replaced with the new term “Vault” on the same day.
Up until the specified date, the stable
Coin (?) DAI issued by MakerDAO was backed only by ethers. On the date mentioned above, MakerDAO added BAT (Basic Attention Token) to the collateral and renamed its key product into Multi-Collateral DAI token. Also, the MakerDAO community is going to add other cryptocurrencies such as DigixDAO (DGD), Augur (REP), OmiseGo (OMG) and others into the basket. The older version under the ticker SAI (Single Collateral DAI) can be easily migrated to the new one on the project’s website.
MakerDAO aims to provide the cryptocurrency market with a solution to reduce the everchanging prices of digital assets. The platform issues stable cryptocurrencies with the value pegged to USD and backed by cryptocurrencies.
Although MakerDAO is not the first and the only one project to set such goals, it’s the only one to provide a solution that follows the key principles of
Blockchain (?) staying truly transparent and decentralized. Tether, one of the most popular stable coins that are represented in the market at the time of writing, has an opaque issuance model. It claims that for every US dollar that users send to the company’s vault, they issue 1 USDT and thus maintain the stable price of their currency. When currencies are changed backwards, USDT gets burned. But the company doesn’t reveal how they manage to cover the transaction fees leaving a lot of space for hiding the traces. In addition, Tether has been repeatedly accused of market manipulations in conjunction with Bitfinex, one of the biggest cryptocurrency
Exchange (or Cryptocurrency exchange) (?) platforms which doesn’t add points to its reputation.
Maker, on the contrary, builds its solution solely on the blockchain technologies, Ether as collateral and smart contracts which help them to conduct all transactions with the maximum transparency. The project has never been subject to any accusations and maintains its reputation in a pretty clean state.
The project is headed by Rune Christensen (CEO and Founder) and Steven Becker (the President and COO). Other team members include Wouter Kampmann, Jeremy Hollister, Coulter Mulligan and many more.
- Exchange symbol (?): SAI
- Cryptocurrency type (?): Token (?)
Single Collateral DAI for developers
Single Collateral DAI social sites
Source: NOMICS