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In short, Dai is a decentralized stablecoin created by MakerDAO (MKR).
One Dai equals one US dollar (1:1 ratio)
and will always remain so until the token is taken out of the circulation.
Dai maintains stable value without centralized trust in a clever and interesting way.
It shifts following market changes and thus keeps a steady price against other cryptocurrencies.
The process is facilitated by the Maker platform along with the MKR token, CDP smart contracts,
and several other stabilization mechanisms.
There is no need for a centralized authority that oversees fiat-collateralized stablecoins like Tether (USDT),
nor any traditional bank backs it.
What Is Maker (MKR) ?
Maker (MKR) is a decentralized autonomous organization (DAO) built on the Ethereum blockchain.
Also, it's a cryptocurrency and a governance token.
It's in charge of two tokens - Makercoin (MKR) and Dai (DAI)
Both of them are issued on the Ethereum according to the ERC-20 standard.
For more information on Maker and Dai