Stability is what the cryptocurrency world needs right now, says Rune Christensen, founder of MakerDAO.
That’s why his company’s Dai token has attracted major backers like venture capital firm Andreessen Horowitz.
“A stable cryptocurrency really is one of those really fundamental building blocks that every other application needs [in order] to function,” says Christensen.
The Dai, which launched in December 2017 and is the first decentralized cryptocurrency on the Ethereum blockchain, gets rid of volatility by pegging itself to the U.S. dollar. That means one Dai is always worth $1. It is also backed by centralized assets.
Unlike other cryptocurrencies, the Dai isn’t for speculative investments. Holders can easily convert it into fiat currency and send it to each other.
For the full interview, [click here](https://cheddar.com/videos/the-no-volatility-cryptocurrency).
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A federal judge has struck down hundreds of lawsuits filed against the makers of Tylenol and generic acetaminophen.
California regulators are preparing to vote on new rules for turning recycled wastewater into drinking water.
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A pair of sneakers that were made for director Spike Lee sold for more than $50,000 at auction.
Union members for Anheuser-Busch are looking for a better deal and they are willing to go on strike.
