Review on Dai by Douglas Cachazo

Name: Dai
Item: Dai
Rating: 4

October 31, 2020

Dai DAI: Largest Decentralized Application on the Ethereum Blockchain

In my country and in general in many countries worldwide, there is a large majority of people who do not have access to traditional banking and that is due to bureaucratic procedures in the endless requirements that they request to have their personal account. This project aims to eliminate that barrier and that there are no excluded in this new financial world of Blockchain technology, anyone in the world where it can participate and have access, not only that, you will also be able to be with your vote for decision-making, so that you will stop being an excluded to be a member of the board of directors with voting rights, that's the idea basically. 

This Danish project created in 2015 by the Maker foundation is technically based on the ethereum blockchain and operates with ERC-20 type smart contracts in which anyone can acquire Dai tokens which are equivalent to 1 dollar, for this the protocol creates smart contracts and the buyer must have assets for collateral and so they will remain in the smart contract. The token will be backed by those coratelar assets that will give the value of 1 dollar to the currency, this process is fully automated by the Maker protocol, the registration is totally anonymous and does not ask for personal data for it, anyone anywhere in the world can acquiring the currency is literally like carrying a bank in your briefcase. The extensive application is developed in open source in which a huge community has participated.
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Pros