everyone my name is Semirah Dolan and I do tech and lifestyle videos every weekday
and today I'm going to talk to you about MakerDAO and the reason I'm showing you
this is because I think we're doing something really cool with their stable
coin called DAI which stands for Lend in Chinese so here's a problem that we
have in the blockchain no no sorry in the cryptocurrency community we are not
able to have these cryptocurrencies have a mass adoption because they're very
inefficient for everyday use for example let's say you want to buy a cup of
coffee with your Bitcoin you can use point zero zero zero zero zero one
Bitcoin to buy your coffee and at that moment it may be worth three dollars but
in one month and one day or even in one second that Bitcoin could be worth two
thousand dollars or one dollar the value fluctuates and it's not stable at all
so in comes MakerDAO in the creation of their DAI they want to create a
stable coin that maintains the same value so MakerDAO created the DAI that
has plus or minus $1 USD it fluctuates anywhere between 97 cents to a dollar
and three cents but at any moment it's always going to be about a dollar
MakerDAO is a decentralized autonomous organization that developed the DAI
Stablecoin to deal with this problem that the problem with inefficient
everyday use in mass adoption of crypto currencies such as the Bitcoin and
Ether FUN fact the first DAI was actually released in 2017 oh you guys
may have heard a ton information about Maker DAO all over at the blockchain
industry you may see that they're doing work in creating on permissionless loan
system that's looking to have a low borr- borrowing rates as low as almost 1%
they're looking to do exchange integrations on their platform and
they're working on other DAI stability features and they also have a ton of
tooling for the blockchain system so if you're interested in developing smart
contracts or working ico space or what have you
MakerDAO is a great tool for that what I'm really going to point
you guys eye too is their permissionless loan system there are two types of people that
use MakerDAO or investment in DAI and here's one is a stable token
user and one is a risk-taker the stable people are just looking to invest in a
stable coin which is their DAI and if you're looking to do that all you need
to do is purchase the DAI and exchange it on really any platform. it's an ERC20
token so any Ethereum wallet will suffice so if that's the case you can
just go ahead and invest at your leisure the other audience the risk taker is
what MakerDAO is looking at because those are people that are going
to be using their loan system and the way that works is through a CPD it
collateralize debt position CDP that is that is represented
in the MakerDAO and in the MakerDAO smart contracts and what happened is
you can use and borrow DAI lock up collateral the way it works is that the
collateral on maker is pulled into a version of Ethereum called PETH and
and so what Maker DAO is working on now because right now they can only take
ethereum, they, in their beta the only collateral that MakerDAO can
use is ethereum so what they're doing right now
is they're creating new parameters and security measures so that they can
handle other crypto assets and then you can begin to secure other collateral or
what have you to use in the MakerDAO system but as you guys know if you're
already in the crypto space there's a ton of ICO---- so there's a ton of
digital assets that are really legitimate but then there's also a ton
that are not so legitimate and so it's create this stable ecosystem and
environment they have to really weed out which one is which and also to create a
safe exchange for their users when you're using maker and you to go and you
take out a loan, Maker actually generate new DAI but when you return loan Maker
actually burns those DAi which is very reflective of
the way of the u.s. currently creates and destroys the physical dollars that
we have in that we use um however the way that maker is different is that they
are decentralizing this process and giving the power of supply and demand
to the users which is really cool and I'm really curious to see how this plays out
the whole idea of a stable coin because generally thinking I think of the
concepts that would be a great idea for overall mass adoption and everyday
unused to purchase actual physical items using a cryptocurrency
I think diet would be a great contender for that it's more of just whether or
not they're able to create that security in those parameters to block out digital
assets that are good digital assets that are bad legitimate versus non
illegitimate and what have you for that but I will say that Mehcad Iowa is great
at creating smart contracts that have strong functions I'm so if you're
looking for a tooling in the blockchain space to create smart contracts
definitely look at Maker DAO because just looking at just looking at some of
the smart contracts that they use that they have it seemed really secure and
very well tested because there's a lot of mistakes you can make in the smart
contract space throughout development space I mean if you won't get some good
example it's definitely try it out make it out if you have any questions about
the tool I will be creating a part two to this video looking more at the actual
platform of MakerDAO on the website I'm so stay tuned for that and I'll see you
guys at tomorrow's blog bye guys
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