{"id":9639,"date":"2023-01-05T12:18:53","date_gmt":"2023-01-05T12:18:53","guid":{"rendered":"https:\/\/www.bitnovo.com\/blog\/?p=9639"},"modified":"2025-05-15T16:35:29","modified_gmt":"2025-05-15T16:35:29","slug":"what-is-dai-the-complete-guide","status":"publish","type":"post","link":"https:\/\/www.bitnovo.com\/blog\/en\/what-is-dai-the-complete-guide","title":{"rendered":"What is DAI? | The Complete Guide"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Alternar tabla de contenidos\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-dai-the-complete-guide\/#history_of_dai\" >History of DAI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-dai-the-complete-guide\/#how_does_it_work\" >How Does it Work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-dai-the-complete-guide\/#dai_wallet\" >DAI wallet<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-dai-the-complete-guide\/#dai_vs_tether\" >DAI vs Tether<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-dai-the-complete-guide\/#buying_dai\" >Buying DAI<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 3<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span><p>You may have heard of stablecoins, or also called stable coins. One of these cryptocurrencies is\u00a0<b>DAI that maintains its value 1:1<\/b>\u00a0against the US dollar. This means that\u00a0<b>1 DAI is worth 1 dollar<\/b>.<\/p>\n<p>This stablecoin differs from others such as Tether (USDT) since there is no financial entity that issues it. It is a decentralized stablecoin that maintains a stable value in addition to offering great transparency. Thanks to this, it represents\u00a0<b>one of the most important projects of Decentralized Finance<\/b>.<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"history_of_dai\"><\/span><b>History of DAI<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The currency and its operation\u00a0<b>were designed by MakerDAO<\/b>, a project known for its decentralization, transparency and efficiency. For these reasons it is a stablecoin without the need for fiat backing.<\/p>\n<p>The origin dates\u00a0<b>back to 2014<\/b>\u00a0with the creation of the MakerDAO project. The goal was to create a stable DAO (Decentralized Autonomous Organization) within the Ethereum network. As a similar project had never been built before, it took time and it was\u00a0<b>not until 2017 that the first version of DAI known as SAI was made public<\/b>. At first, the control of SAI was governed by smart contracts.<\/p>\n<p>In November 2019, the UPS update came out changing the way we generate ICDs within the system, as previously we could only issue it by depositing Ether in a collateralised debt (CDP) position contract.<\/p>\n<p>Thanks to the creation of DAI,\u00a0decentralized finance<\/a>\u00a0received a great boost. Since then this stablecoin\u00a0<b>maintains the reputation of something large and transparent<\/b>, as it has been one of the most reliable projects of the cryptocurrency world.<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"how_does_it_work\"><\/span><b>How Does it Work?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The operation of this token is part of the Maker Vaults. When you deposit collateral in a vault, Maker issues the corresponding ICDs. Otherwise, when you sell them, you get back the saved collateral and Maker burns that DAI. This system is controlled by smart contracts.<\/p>\n<p><b>The price is based on its performance<\/b>.\u00a0 This token maintains a parity of 1:1 in US dollars.<\/p>\n<p>To obtain this stablecoin we must first deposit collateral assets within them. Once the deposit is made, the Maker Vault calculates the variants of our position according to the token that we have deposited. By accepting we will have blocked our tokens and we will receive DAI, however we can carry out the reverse process by sending DAI and receiving back the collateral asset saved.<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"dai_wallet\"><\/span><b>DAI wallet<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>To save this token you need a wallet enabled to that token. This is an ERC-20 token based on ethereum blockchain technology, so you will need an Ethereum wallet.<\/p>\n<p>Among the best wallets online you will find\u00a0<b>MyEtherWallet<\/b>\u00a0in which you can store any token ERC-20.<\/p>\n<p>Among the mobile wallets we recommend\u00a0<a href=\"https:\/\/www.exodus.io\/\"><b>Exodus<\/b><\/a>\u00a0and\u00a0<a href=\"https:\/\/www.coinomi.com\/en\/downloads\/\"><b>Coinomi<\/b><\/a>. In these wallets you can always take your cryptocurrencies with you.<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"dai_vs_tether\"><\/span><b>DAI vs Tether<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Both cryptocurrencies are\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/stablecoin-what-is\/\">stablecoins<\/a>, but they\u2019re not quite the same. Let\u2019s look at some differences.<\/p>\n<ul>\n<li>While\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-tether-usdt-the-complete-guide\/\">Tether<\/a>\u00a0is backed by\u00a0<b>FIAT money, DAI<\/b>\u00a0does not need to provide a FIAT collateral to ensure its operation.<\/li>\n<\/ul>\n<ul>\n<li>DAI is a\u00a0<b>chain-collateralized stablecoin<\/b>\u00a0while Tether is collateralized outside the chain.<\/li>\n<\/ul>\n<ul>\n<li><b>DAI can be obtained through Proof of Stake<\/b>\u00a0(POS), USDT can only be obtained by purchasing.<\/li>\n<\/ul>\n<p>USDT is centralized and not anonymous, however<b>\u00a0DAI is decentralized<\/b>\u00a0with greater anonymity.<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"buying_dai\"><\/span><b>Buying DAI<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you want to know how to buy this cryptocurrency or where to do it, we recommend the bitnovo website. It is really a fast and safe way to do it.<\/p>\n<div id=\"image_742593357\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-large size-large lazyloaded smush-detected-img smush-image-2\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2020\/11\/202011-fila-04-que-es-DAI-02.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2020\/11\/202011-fila-04-que-es-DAI-02.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2020\/11\/202011-fila-04-que-es-DAI-02-300x205.jpg 300w\" alt=\"que es DAI Bitnovo\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2020\/11\/202011-fila-04-que-es-DAI-02.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2020\/11\/202011-fila-04-que-es-DAI-02-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2020\/11\/202011-fila-04-que-es-DAI-02.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<p>Our goal as a company is to make it easy and fast for a person who just entered the crypto world to\u00a0<a href=\"https:\/\/www.bitnovo.com\/en\/buy\/bitcoin\/\">buy DAI<\/a>\u00a0and more than 20 other cryptocurrencies, without experiencing the mishaps that most crypto exchanges have.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 3<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span>You may have heard of stablecoins, or also called stable coins. One of these cryptocurrencies is\u00a0DAI that maintains its value 1:1\u00a0against the US dollar. This means that\u00a01 DAI is worth 1 dollar. This stablecoin differs from others such as Tether (USDT) since there is no financial entity that issues it. It is a decentralized stablecoin [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":7508,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[165],"tags":[],"class_list":["post-9639","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies"],"_links":{"self":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/9639","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/comments?post=9639"}],"version-history":[{"count":2,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/9639\/revisions"}],"predecessor-version":[{"id":22354,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/9639\/revisions\/22354"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media\/7508"}],"wp:attachment":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media?parent=9639"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/categories?post=9639"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/tags?post=9639"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}