The DAI is among the most famous stablecoin that was released in 2017. This digital asset was created by the Maker and is known to be backed by the Collateralized Security Debt that is believed to run without any intervention of any central authority. It has always been the aim of DAI to transform the financial industry into something bigger through enriching businesses as well as individuals in the digital space.
Their aim is to make the market realized the several advantages of using DAI as a stablecoin without having to experience any volatility just like those which are experienced by the non-stable coins like Bitcoin, Ethereum, and a lot more.
Having said that DAI is one of the stablecoin, this digital asset is still different from the rest considering that it is decentralized. This is one critical idea about DAI as it can never be shut down and there is also no trust in a central authority that is being required. This simply means that there is no way for the Maker to still your funds and there would be no human error that will compromise with your DAI assets.
5 Best DAI Wallets and Its Feature
If you are among those DAI holders in the market, looking for the best and safest wallet must be the next thing to consider. It’s time to take a look at the most updated DAI wallet for the year 2019. Check out its distinctive features and compatibility by reading the list below.
- Ledger Nano S – This wallet is one of the most popular hardware wallets ever existed and launched in the crypto space. This wallet is known to enable users to make many kinds of transactions aside from just storing a digital asset. In just one simple click, you can already manage your digital assets with the help of one secure PIN and can also be backed up through the help of the paraphrase. All you need to do is to connect it with your system and use it just as how a USB drive is being used. Apart from being a popular wallet, the Ledger Nano S also comes with enhanced security features and safety precautions to ensure that your assets are secured.
- Trezor – Just like the Ledger Nano S, the Trezor is yet another wallet that is best for DAI holders. This wallet can store no more than 500 cryptocurrencies in the digital market. Apparently, DAI is among those tokens since it is one of the most popular stablecoins existed in the digital market today. Similarly, the Trezor works just like a USB and has to be connected into your device for it to work. This wallet helps users to store, send, and receive DAI and other crypto coins at the same time. Your assets are believed to be safe since it is protected by a PIN for its security. Trezor is very easy to set up and beginners are likely to use it with many conveniences.
- Ethos Universal Wallet – This wallet is not only best for the MKR token but as well as with the DAI. This is known for being a secured multi-token wallet that lets users access their assets safely and easily. All users, both beginners, and experts can surely access this wallet anywhere and without any cost. Accordingly, this is one of the best DAI wallets ever existed this year that can both work for Android and iOS devices.
- MyEther Wallet – Having known as the official wallet for the ERC20 tokens, it is good to know that this is also considered as one of the best storages for DAI. It is known for being one of the most secured wallets online that enables users to store, send and receive digital token transactions. Specifically, it is an ERC20 web-based wallet that allows users to create their distinctive wallet online. Apparently, accessing the MyEther wallet requires you to use an internet connection.
- Metamask – Apart from being a wallet, this Metamask is better known as an extension to browsers like Chrome, Google Chrome, and Brave browser to name a few. Accordingly, the Metamask is considered to be one of the most favorable wallets for ERC20 tokens, and the DAI as well. All you need to do is to add the extension to your browser and have your transactions run right away!
Facts about DAI as a Stablecoin
The DAI, apart from being known as a stablecoin, is nothing more than a loan against the Ethereum token. This simply means that any investors who have ETH and the ability to access any decentralized application has also the ability to create a DAI.
DAI is just like a fiat currency; however, users need not know how DAI is created since they won’t also need to create their own. Apparently, most users will only buy DAI on any exchange for as long as it holds the value of $1.
How to Select the Best DAI Wallet
Being an investor in the crypto space, one of your main concerns is keeping your digital asset safely. Having all these wallets mentioned in the list, it might as well be hard for investors like you to choose the best choice. Hence, the only thing that you need to consider is the compatibility of the digital wallet to your device and the ease of use as to the transactions you make every day. As you keep these factors in mind, selecting for the best DAI wallet will never be hard. Always make sure to choose the DAI wallet that suits your need best.
DAI has already proven its worth in the market since its inception back in December 2017. As the price remains successfully pegged at $1, the Maker has the huge faith that users of the said token will also increase leading to greater usage of this stablecoin across the market.