Crypto Academy Week 6 - Homework Post For [@yohan2on]
Crypto Academy Week 6 - Homework Post for [@yohan2on]
How about my friends we arrived at the last week of the crypto acadamia course with many learnings and experiences, this week our favorite teacher, the one who answers and qualifies the tasks @ yohan2on leaves us a review about the most important stable coins for us already that all of us who use the steemit platform when it comes to the moment use the stable coin SBD or steem dollar, and to make various changes we use the USDT currency many times to exchange between USDT to local currency, and a few others use Dai to request loans Thanks to a pool where you back your Dai coins with another active crypto, I in particular, as I know little about Dai and how it works, decided that my task would be on this stable coin that runs under the ethereum blockchain.
Dai is a stable coin created for the ethereum blockchain network, and its value is equated 1: 1 to the US Dollar, well that was the main idea of the project, this token is issued through the MakerDao protocol which has already been discussed in Past classes., This process of creating the currency is fast, efficient and automated thanks to its decentralized nature, this means that there is no centralized entity such as a bank or something like that that regulates it directly. the stability of its price is given, by a loan system where the user deposits in a kind of digital bobeda the assets with which the currency is backed and of course the currency is generated to the holder of said assets, all this is achieved thanks to to ethereum smart contracts.
Although dai is 100% a cryptocurrency, it does not have the classic problems that they present such as price volatility since it has a self-regulation system that makes it impossible for it to be a speculative instrument. This stable coin allows you to use stable currencies such as the United States dollar without restrictions because it is a decentralized currency, I personally live in Venezuela and due to the economic sanctions that the country has by the government, this would be a great solution to be able to have a stable currency, since our local currency suffers a super devaluation from time to time, Venezuelans who want to use this currency should only use the PEY.cash wallet where we could easily use it to send money and receive it quickly, reliably and safe.
Un Poco de historia.
A little history.
The Dai cryptocurrency was created in 2017 with the MakerDao protocol, being this a decentralized and autonomous organization, it is one of the few currencies that has a backing for each issued currency, being a powerful tool to avoid price volatility, having an insignificant cost per transaction, as well as a partial elimination of their delays, all of this make it one of the best options in loan protocols with cryptocurrency guarantees.
Ventajas y desventajas
Llegado a este punto es importante cuales son sus principales ventajas y desventajas, las que mas me llamaron la atención de las que investigue fueron las siguientes:
Es una Stablecoin segura y tiene un amplio historia que lo avala
Es decentralizada, por lo tanto nada puede regularla o clausurar su uso en ningun momento, claro siempre el exchange donde se use , tenga una reputación impecable.
Cream contratos inteligentes que se usan como prestamos, son seguros y eficientes.
Su programación hace que sea un sistema estable en cualquier momento, incluso si el valor del ehter cae.
Por ser un protocolo muy seguro, muchas exchanges lo usan y la convierte en unas de las monedas mas usadas.
Las personas con bajos conocimientos en comercio decentralizado le cuesta entender su filosfia y funcionamiento, personalmente yo que tengo algo de conocimientos me costo entender su funcionamiento y para que puede ser provechoso.
Tiene una variedad limitada de monedas colateral que se pueden usar en el sistema, esto es algo increíble ya que tokens como compount no son aceptado como colateral y monedas de menor calidad como Mana si son aceptadas.
Se puede obtener ,mejores recompensas con el apalanca miento, pero el potencial de pérdida también se incrementa.
Advantages and disadvantages
At this point it is important which are its main advantages and disadvantages, the ones that most caught my attention of those I investigated were the following:
- It is a safe stablecoin and has a long history that supports it
- It is decentralized, therefore nothing can regulate or close its use at any time, of course always the exchange where it is used, has an impeccable reputation.
- Cream smart contracts that are used as loans, they are safe and efficient.
- Its programming makes it a stable system at any time, even if the value of the ehter falls.
- Because it is a very secure protocol, many exchanges use it and it makes it one of the most used currencies.
- People with low knowledge in decentralized commerce find it difficult to understand its philosophy and operation, personally I, who have some knowledge, cost me to understand its operation and for what it can be profitable.
- It has a limited variety of collateral coins that can be used in the system, this is something incredible since tokens like compount are not accepted as collateral and lower quality coins like Mana if they are accepted.
- Better rewards can be obtained with leverage, but the potential for loss also increases.