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With the news Tether isn't *gasp* backed 1:1 with USD in a bank account, it seems like a good time to talk about Dai

For those that are unaware, Dai is a decentralized stable coin that lives 100% on-chain with no 3rd party custody. Unlike Tether you don't have to trust they are solvent, you don't have to trust them to not exit scam, you don't have to trust the local government not to freeze their account. Dai is not backed 1:1 with the USD, Dai is backed 1:1.5 with USD (in Ether). It basically works by someone locking up their Ether in a smart contract, and then you are able to draw Dai...

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Published By: Reddit - 14-03-2019