Dai (DAI)

DAI is an Ethereum-based stablecoin whose issuance and development are governed by the Maker Protocol and the MakerDAO decentralised autonomous organisation.

The price of DAI is soft-pegged to the US dollar and is collateralized by a mixture of other cryptocurrencies that are put into smart-contract vaults each time fresh DAI is produced. 

One of DAI's distinctive features is that it was not founded by a single individual or a small group of co-founders.

MakerDAO is a decentralised autonomous organisation – a type of business that operates in a decentralized way via the use of smart contracts, which are self-enforcing agreements encoded in software code and performed on the Ethereum blockchain.

This organisation is administered democratically by the holders of its Maker (MKR) governance tokens, which function similarly to stock in a typical firm. MKR holders may vote on major issues about the development of MakerDAO, Maker Protocol, and DAI, with their voting power corresponding to the number of Maker tokens they own.

This organisation is administered democratically by the holders of its Maker (MKR) governance tokens, which function similarly to stock in a typical firm. MKR holders may vote on major issues about the development of MakerDAO, Maker Protocol, and DAI, with their voting power corresponding to the number of Maker tokens they own.

Rune Christensen, an entrepreneur from Denmark, founded MakerDAO in 2015. Christensen studied biochemistry and international business in Copenhagen before founding the international recruiting firm Try China.

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