DAI is a stablecoin created by MakerDAO (also known as Maker Protocol) that always maintains the same value as the US dollar. It is an ERC-20 token that operates on the Ethereum blockchain. DAI’s foundation, Maker Protocol, is a decentralized autonomous organization (DAO) governed by community votes. This means there is no central power structure or bias influencing DAI. Stablecoins such as DAI are mostly safe from the notorious volatility of Bitcoin, Ethereum, and other cryptocurrencies.
Zengo is a mobile keyless crypto wallet that makes it easy to buy, store, trade, and send DAI tokens securely. In addition to being keyless and non-custodial, Zengo uses cutting-edge facial recognition technology for safe accessibility and ownership verification. Managing your tokens with Zengo is as simple as tapping your phone.
Zengo is a unique crypto wallet designed especially for investors looking to trade on the go. But it’s more than just a wallet. With Zengo, you can analyze the market, trade cryptocurrencies, and buy, send or receive DAI wherever you are.
Here are just a few things you can do with your Zengo DAI Wallet:
No more confusing forums or portfolio trackers. The Zengo app allows you to view historical charts, your existing portfolio, and information about other cryptocurrencies that interest you in real-time.
Zengo is flexible by design. Send and receive DAI directly from your home screen by tapping the asset. DAI can be sent to another wallet by entering its address and clicking Send. On the receiving end, the wallet’s address can be found in the app, so share it with the sender. You’ll be notified when your coins arrive.
With Zengo, investing in crypto is only a couple of swipes away. DAI and many other coins are available to purchase from your phone using multiple payment options. With only a few easy steps, you can buy and secure your digital assets into your Zengo Wallet.
Using Zengo, in addition to exchanging your DAI for other cryptocurrencies, you can directly purchase DAI tokens safely using real fiat currencies such as Euros, US Dollars, and pound sterling.
Zengo offers several easy and convenient ways to buy DAI. You can use credit cards, SEPA, Swift transfer, and our trusted mobile payment apps. Bank transfers can be made from the EU and UK, but a minimum amount applies to this method. When you enter your desired amount, check your email for a message from Zengo to choose your payment method.
Sometimes you might want to hold (or HODL as it’s called) your DAI tokens for a long period of time. Zengo ensures that your coins are safe and waiting for you when you’re ready to trade again, regardless of whether you change phones or lose your device.
Investors, both new and veterans, can earn interest on Zengo’s savings service. However, this applies only to certain coins, and new ones are added regularly. So, stay tuned!
DAI is a groundbreaking and highly successful crypto stablecoin. Here are the essentials:
DAI is a stablecoin programmed to match the price of one US Dollar, regardless of market volatility. As opposed to other stablecoins backed by fiat currency, DAI is backed with crypto assets.
DAI exists as a stable asset that can be spent, traded, or lent without the oversight of centralized authority in a transparent and permissionless fashion. Rune Christensen has stated his vision is to create “an unbiased currency for the world.”
Christensen and his team began creating the Marker Protocol in 2014, a collaboration with the Maker Foundation, outside developers, and individuals. The Maker Protocol published their whitepaper in 2017 as a vision that has evolved into “multi collateral DAI” known today.
DAI cannot be mined, only minted by depositing collateral into DAI vaults. For example, ETH is deposited into a DAI vault, and a lesser amount of DAI is minted, always keeping DAIs debt ratio above 1:1. To retrieve collateral from a vault, the DAI tokens must be repaid plus a fee.
The constantly fluctuating amount of DAI in existence is best monitored on DAI stats. There is no set limit on how many DAI will ever be produced.
The Maker Protocol is built on the Ethereum blockchain. The protocol includes DAI stablecoin, collateral vaults for minting, oracle services providing data, and governance with the MKR token. DAI is an ERC-20 token, and transactions can be viewed via the Ethereum block explorer.
It doesn’t matter how many DAI are minted, as the value of DAI is tied to the value of the USD; only USD inflation will influence the value of DAI. DAI is “soft pegged” to the USD, meaning that it can fluctuate slightly. However, Maker Protocol is designed to correct this constantly.
The amount of DAI minted or burned technically changes the target price of DAI. However, “Keepers” of the Maker Protocol will buy or sell DAI to adjust the price back to the target of one USD. This is possible because arbitrage opportunities create profits for Keepers, who get higher incentives as the price of DAI fluctuates.
Using Zengo, you can handle all your cryptocurrency needs in one place. It has several unique features that make trading very simple, regardless of your level of experience.
It’s never been easier to access your crypto portfolio. When you need to buy, trade, or send DAI, you can do it quickly and conveniently with the Zengo app.
Enhance your security with Zengo’s 3-factor authentication and facial recognition. Using cutting-edge cryptography threshold key signatures (TSS), Zengo takes the protection of your assets to the next level.
Zengo does not believe in making crypto users jump through hoops just to access their own coins. You deserve to have control over your finances and management of your wealth. Buy, send, receive and trade DAI with a few swipes or clicks directly on the home screen. No hassle, just easy trading.
Lost your phone? No worries. Zengo is available 24/7 to ensure your crypto is secure, ensuring that you can always gain access to your portfolio. With biometrics instead of private keys, we guarantee recovery of your tokens, even if you can’t find your smartphone.
Why talk to a bot when you can talk to someone real? Zengo’s support team is available 24 hours a day, seven days a week, so you can ask any questions you may have. We’re always happy to help!
Do you still have questions about Zengo’s DAI wallet? Check out these answers to help you get started.
When you’re just getting started, cryptocurrency can seem intimidating. Zengo makes it easy. Just follow the simple steps in the app to get started! You can download the Zengo app from the App Store or Google Play. Simply follow the instructions. Once your identity and email have been verified, you can start buying crypto right from the home screen.
In order to store (hold) your DAI tokens, you will need a DAI dedicated crypto wallet. The Zengo wallet is an advanced safe way to store your crypto assets. Your Dai tokens are safe with Zengo, even if you lose or break your phone.
Despite the fact that your crypto is stored on the blockchain, you will need a crypto wallet. You can think of your wallet as proof of ownership. In order to access the coins, you need to verify their ownership, and you do that by using your Zengo wallet.
Zengo allows you to set up your DAI wallet in five simple steps:
Once you have your wallet set up, you can begin receiving and buying crypto immediately.
When you create a Zengo account, your DAI wallet address is automatically generated. Swipe right on the asset on your home screen. You’ll see a string of numbers and letters beneath a QR code – this is the address you will need to provide in order to receive DAI from others.
In the Zengo app, tap on the asset you want to send, then swipe left. You’ll need to enter their wallet address and amount. Click Send, and the coins will be sent to their wallet. If they do not have a crypto wallet, send them an invite to download Zengo!
From the home screen, touch and swipe left to access DAI. Then enter the address where you would like to send DAI, along with the amount. Press send and wait for confirmation. That’s all there is to it!
You can receive coins from anyone who knows your wallet address. By tapping the DAI asset and swiping right on your home screen, you’ll find your dedicated DAI address. Upon receiving the coins, you’ll receive a notification that the funds have been sent to your wallet.