Crypto backed by crypto: Dai seeks to change 'stablecoin' game by tomwilson1983 Explore the future of money
LONDON - Some are backed by dollars. Others by gold. But this “stablecoin” isn’t tied to any major asset - it’s backed by another cryptocurrency.
But Dai, in a major divergence from others, uses a volatile digital currency - ethereum - to maintain a steady value. Dai, launched in 2017, seeks to dodge such concerns by giving up control of the ethereum coins its value is tied to, locking them instead in the blockchain contracts run by algorithms. That, supporters say, offers the benefits of stablecoins - instant transactions and steady value - while avoiding governance risks.
Reuters is tracking the emergence of contenders to bitcoin - the “altcoins” - as they attract increasing attention from investors, regulators, companies and individuals.Like bitcoin, Dai hopes to power a digital economy where people can bypass banks and other financial firms to transact directly with one another. Its workings are complex.
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