Request Network teams up with MakerDAO to increase stability in crypto-finance

Request Network believes that the future of cryptocurrency payments is with stablecoins. The Request Network Foundation team is very proud to announce a strategic partnership with MakerDAO, the team behind the creation of the decentralized Dai stablecoin system. Through this partnership financial dApps built on top of the Request Network can soon use the Dai stablecoin to provide price stability against the value of the U.S. Dollar. Dai will be one of the first five ERC20 tokens supported on the Request Network when ERC20 support officially hits mainnet this month.

At the Request Network Foundation we promote the adoption of blockchain by providing a framework which allows everyone to develop their own decentralized financial application based on the Request Network technology. The Maker team is a perfect fit to partner with, as they are carrying out the same vision by first addressing price stability on the blockchain through the launch of the decentralized stablecoin, Dai. Allowing developers to incorporate Dai into their products will make sure the next generation of financial applications offer stability towards merchants and businesses that adopt blockchain technology. By using the Dai stablecoin as a payment option on the Request Network, anyone can send and receive invoices without ever having to worry about the high degree of volatility in the cryptocurrency market.

With Dai, anyone, anywhere has the freedom to choose a money they can place their confidence in. A money that maintains its purchasing power.

Maker’s mission, beginning with Dai, is to unlock the power of the blockchain to create economic empowerment. Businesses and individuals require a stable medium of exchange, and current cryptocurrencies are too volatile to use as cash. Enter Dai.

Dai is the first completely resilient, decentralized stablecoin on the Ethereum blockchain. Unlike BTC or ETH, the DAI price is pegged to the US dollar with smart contracts, keeping the price stable.

MakerDAO’s Smart Contract Collateralized Debt Position (CDP) allows anyone to lock ETH (and in the future a variety of assets) as collateral and issue Dai against them. The issued Dai tokens are on 1:1 peg with US dollar. Dai’s price is stabilized through collateralized reserve pool, automated feedback mechanisms, and appropriate external incentives.

For a visual breakdown of the process, watch the video below:

DAI is supported as one of the first five ERC20 tokens within the Request Network when ERC20 support launches on mainnet in May 2018.

Learn more about MakerDAO:

We believe in a future that leverages the power of decentralization for trustless transactions.

With Maker, we are carrying out our vision of creating a decentralized stablecoin that will unlock the unique benefits of a complete financial ecosystem on the blockchain. Join us!

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Learn more about Request Network:

The Request Network Foundation’s mission is to re-invent how we experience payments, rebuild trust and integrity in the financial industry and be at the forefront of financial inclusion.

We inspire and educate companies, developers and entrepreneurs to use the Request Network protocol and build an ecosystem of financial applications together that is open source, seamless and interoperable in a more global economy. Join the movement!

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