DAI stablecoin What is it?

MakerDAO is the governance community for the Maker Protocol, which develops and maintains the DAI stablecoin.

If you’re not familiar, a decentralized autonomous organization (DAO) is a community with common interests that typically uses blockchain and cryptocurrency to govern itself. MakerDAO, for example, is made up of holders of its MKR token around the world and enables governance of the DAO and continued development of the Maker Protocol in accordance with community guidelines.

The Maker Protocol represents a collection of smart contracts created on the Ethereum blockchain that enable the creation of DAI. Users can deposit crypto into Maker Vaults to borrow DAI and return the borrowed DAI to get their locked crypto back. These smart contracts also employ various methods to help DAI maintain its peg to the US dollar.

The main use of MKR is to facilitate voting in MakerDAO on changes that affect the protocol and the MakerDAO community. However, the Maker Protocol also uses it in various ways to maintain DAI pegging, dynamically managing its supply to accommodate fluctuations in DAI’s own supply and price.

How was MakerDAO developed?.

MakerDAO was founded in 2014 by Danish entrepreneur Rune Christensen together with Wouter Kampmann, and the two were eventually joined by smart contract developer and investor Mariano Conti.

The idea of the Dai stablecoin was originally explained in a 2015 Christensen blog post in which he referred to his stablecoin concept as the “eDollar.” In the same post, he referred to Maker as the “gatekeeper” of this stablecoin.

In 2017, MakerDAO launched the Maker Protocol and its single collateral stablecoin (meaning borrowers could only deposit one cryptocurrency, ETH, to mint DAI), which was originally called Sai. The stablecoin became “Dai” when the DAO changed the Maker Protocol to allow collateral using cryptocurrencies other than ETH in November 2019.

MakerDAO has been supported by multiple rounds of funding since its inception. In 2017, venture capital firms Andreesen Horowitz, Polychain Capital, and others bought approximately $12 million of MKR from the MakerDAO development fund. Subsequently, in September 2018, Andreesen Horowitz purchased another 6% of the total MKR supply for $15 million, valuing the project at approximately $250 million. Other VCs have also been involved over the years, contributing to the development of the Maker Protocol by investing millions of dollars in this first DeFi application.

How do Maker Protocol and MakerDAO work?

Manufacturer protocol

Users who wish to generate DAI must deposit cryptocurrency as collateral in Maker Vaults. Vaults are non-custodial digital holdings of collateral in excess of the equivalent value of Dai generated. In other words, the system is over-collateralized to ensure the stability of its $1 peg, even with fluctuations in the cryptocurrency market.

By depositing ETH, BAT, or other crypto into a vault, users can generate DAI tokens through Maker smart contracts. If a user wants to recover the collateral from it, they must pay the debt using DAI. For this service, a small stability fee is accrued in the Vault, which is added to the loan the user has. All of these activities are automated by smart contracts and transparently recorded on the Ethereum blockchain.

When the crypto economy is relatively stable, this system maintains a stable price of DAI tokens through specific users called Keepers who buy DAI when it is below its dollar parity and sell DAI when it is above its dollar parity, also known as arbitration. They also participate in three types of auctions that act as feedback mechanisms ensuring the stability of the ecosystem:

Surplus Auctions – When there is a surplus of funds generated from stability fees, the protocol offers excess DAI that users can purchase for MKR. MKR tokens are subsequently burned, reducing the total supply.
Collateral auctions: When a user’s vault does not contain enough collateral to back their DAI loan (for example, because their crypto decreased in value due to market conditions), the available collateral is liquidated. These funds are offered to other users of the system, less a penalty, to cover the borrowed funds.
Debt Auctions – When collateral auctions cannot cover the debt generated by a liquidated user, others can bid on the opportunity to repay a loan and receive MKR newly issued by the protocol.

Vote on MakerDAO

MKR token holders have the ability to vote on proposals that change the functions of the Maker Protocol. Simply put, to vote on proposals, owners must lock their MKR tokens in a voting contract, and the proposals that get the most MKR are more likely to be successful and executed.

There are two main types of votes. Governance polls, more commonly known as opinion polls, are weekly surveys sent out to the community to gauge sentiment for certain changes to the Maker Protocol. Executive votes, on the other hand, propose a set of technical changes to the protocol that, once approved, go into effect.

Some of the changes voted on in MakerDAO include changing the protocol from a single collateral system to a multi-collateral one (including which ERC-20 tokens can be accepted as collateral), stability fee adjustments, and what the penalty fee is. for settlement.

Visit other articles about BITCOIN, CARDANO, MONEYFI, to continue learning.

What is Litecoin Cryptocurrency? (LTC)

Litecoin (LTC) is a peer-to-peer cryptocurrency based on blockchain technology. As with other cryptocurrencies, it allows anyone to send fast payments anywhere in the world without the need for intermediaries. This is facilitated through its decentralized global payment network.

For some years it has been acclaimed and with significant increases in value. I am an important alternative to Bitcoin or Ethereum. Currently there are cryptocurrencies like Fantom that seek to dethrone him.

Litecoin does not rely on a single authority to ensure that payments are sent and received as agreed. This means that there are no banks involved. Instead, it uses a network of thousands of nodes to verify transactions.

Litecoin was started in 2011 by Charlie Lee, a former Google engineer. It is based on the original Bitcoin Core client. For this reason, the two currencies share many basic functionalities.

Litecoin Key Features

The Litecoin network is based on blockchain technology. The blockchain is stored as a distributed ledger containing the complete history of Litecoin transactions. This technology makes Litecoin:

Safe: It is almost impossible to hack a blockchain;
Peer-to-peer: Litecoin is sent directly from one user to another;
Immutable: Once a transaction is committed, it can no longer be undone;
Transparent: anyone can see all the transaction history;
Private: Although the transactions are public, the actors remain pseudonymous.
Litecoin shares all these features with Bitcoin. They are the basic premises on which these cryptocurrencies were built. But the two currencies differ in a few key ways.

Litecoin vs Bitcoin

Litecoin was created with the intention of covering transactions that were too small to be economically viable in Bitcoin. The biggest difference between the two coins is the block creation time, or simply the block time. The average time it takes to create a new block is 2.5 minutes for Litecoin and 10 minutes for Bitcoin.

Blocks are data containers that are linked in the blockchain. Think of them as secure digital safe deposit boxes. Once the information is deposited inside and added to the blockchain, it can no longer be changed. With cryptocurrencies like Litecoin, the blocks contain data about transactions on the network.

When you send LTC to another address, it is recorded on the blockchain as a transaction. The blockchain contains a complete list of transactions, from the first to the last. New blocks are generated through a cryptographic method called mining.

This is another key difference between Litecoin and Bitcoin. Litecoin uses a different algorithm to create new blocks. Litecoin’s algorithm is called Scrypt, while Bitcoin uses SHA-256. This difference is relevant for miners, but not for merchants and end users of the system.

More important to traders is the difference in the total supply of coins. New Litecoin is constantly being mined. However, the total number of coins is fixed, just like with Bitcoin. The difference is in the number. The maximum volume of LTC is 84 million, while BTC is limited to 21 million coins. The price of these cryptocurrencies is based on supply and demand. Therefore, the total possible offer plays a factor for the traders.

But having a limited supply doesn’t mean we run out of Litecoin. The currency can be divided and transferred in units as small as 0.00000001 LTC. Therefore, it is highly unlikely that the world could face a shortage of Litecoin.

Learn more about What is Fantom? (FTM)

Logo Fantom

Fantom is a smart contract platform that uses a directed acyclic graph (DAG) instead of a blockchain to support a network aimed at maximizing speed and scalability. One of the wonders of the last year in Blockchain technology.

In the last summer of 2020, multiple crypto projects emerged that responded to the demands for decentralized finance (DeFi) from crypto users around the world. However, the Fantom team found that certain aspects of blockchain technology limited the functionality of many decentralized financial protocols, including high transaction fees and significant times to confirm transactions. As we will already know, ETH has too high gas costs to be profitable for a project.

Fantom seeks to improve these shortcomings by using a type of distributed ledger technology called a directed acyclic graph (DAG), rather than a blockchain, along with a new proof-of-stake consensus mechanism, Lachesis.

Together, the team hopes these solutions will address the frustrations of cryptocurrency enthusiasts and increase access to DeFi.

The FTM coin is Fantom’s native utility token. It is used to secure the network, process and validate transactions, and power the DeFi suite that developers have built using the ecosystem. In addition, FTM is the marketing GAS when operating.

How did Fantom develop?

Fantom was founded by Ahn Byung Ik in 2018. Ahn earned his PhD in computer science from Yonsei University and is otherwise best known for founding the successful restaurant review/recommendation platform Siksin in 2010. He initially served as director executive, but stepped down in 2019, leaving the company in the hands of Michael Kong, a software developer with experience creating Ethereum-based smart contracts.

Another prominent member of Fantom’s early development was yearn.finance founder Andre Cronje. As an advisor to the team, he brought extensive knowledge of the inner workings of DeFi to the ecosystem prior to his departure from the project in March 2022.

Fantom launched its mainnet in December 2019. In January 2022, daily transactions on Fantom (1.2 million) surpassed those of Ethereum for the first time, driven mainly by newer DeFi products promising high-yield returns and their partnerships with crypto giants like Chainlink, The Graph, and Ren.

The team obtained financial backing from multiple sources of venture capital. He raised $40 million to support his efforts in 2018 and received an additional $15 million from HyperChain Capital in 2021.

How does the Fantom Blockchain work?

Directed Acyclic Graph

A directed acyclic graph (DAG) allows a tokenized digital currency to function similar to one based on a blockchain. A DAG, like a blockchain, is simply a type of distributed ledger, that is, it is a decentralized public record of transactions on a network.

In a DAG, computers process transactions simultaneously and gossip, or share, their findings with random sets of neighboring nodes to validate them. While many blockchains are limited by a single node leading the production of new blocks, DAG nodes can work in parallel, making the system more efficient.

Lachesis consensus mechanism

Networks like Fantom require a way for the network to reach consensus. In other words, nodes on the network must be able to accept that the interactions and transactions it supports are valid before finalizing them on the DAG’s distributed ledger.

Fantom uses its own asynchronous proof-of-stake (PoS) consensus mechanism called Lachesis that seeks to solve the blockchain trilemma of security, decentralization, and scalability. This applies to your DAG to record transactions on a distributed ledger which is intended to be uninhibited by some of the limitations of blockchain technology.

In developing Lachesis, Fantom sought to prioritize four aspects of transaction processing, ensuring that its consensus mechanism was:

Leaderless – The network does not rely on a leader to guide the validation of each transaction, but on a system of nodes that always keep each other informed.
Asynchronous: Nodes reach consensus independently and process commands (such as transactions) at different times.
Byzantine Fault Tolerance (BFT): Only two-thirds of Fantom’s nodes are needed to validate a transaction, meaning its network tolerates up to one-third of faulty nodes, promising faster processing and definitive decisions.
Final : the system reaches the confirmation of the transaction in less than 2 seconds.

What is Ethereum today?

When we talk about Ethereum, we are talking about a Software platform that allows developers to take advantage of the power of the Blockchain in incredible ways. While it also functions as a ledger for ether, its native cryptocurrency ETH, the main purpose is to store, execute smart contracts, incorporate improvements to the Blockchain, integrate coded transactional programs into the Ethereum blockchain. Among great news that surely, are about to land.

Datium, from the beginning, remained active in creating its MDCx cryptocurrency in ETHEREUM but all the staff contacted QG AUDITS and they jointly agreed to the assignment of working on the Binance network. Why? For gas costs between operations. Ethereum maintains high transaction values.

Ethereum allows all users to run smart contracts, work on Ethereum-based decentralized applications, also called dapps, and create new cryptographic tokens. With time and constant work, Ethereum has become a widely endowed and adapted platform for launching so-called Initial Coin Offerings or ICOs.

If you want to know Ethereum in depth, you will need to meet Vitalik Buterin, creator of Ethereum. He first proposed his blockchain idea in 2013, successfully launching in 2014.

Smart Contracts on Ethereum

The term smart contract can be confusing, especially since smart contracts are so much more than traditional contracts. In fact, smart contracts can be agreements between two parties that are recorded on the blockchain, but they can also be used to decentralize medical information databases, establish online notaries, or entire virtual worlds, to give just a few examples.

A smart contract is a piece of code that can only be executed once certain essential conditions are met. Let’s give a simple example, an Ethereum contract can be initiated when the particular Ethereum account that will perform the action has been funded with an amount or portion of the Ethereum token. Since smart contracts run on a decentralized system of nodes instead of a central server, no computer runs the code. Instead, the work is shared by thousands of participants. When the code is used for a transaction a gas is determined. This gas is portions of Ethereum that are paid to carry out the action.

What is the ETHER? (ETH)

Ether is a cryptographic currency that is currently one of the most demanded by all crypto businesses. It works very similar to Bitcoin in that it has a set price, which is determined by supply and demand.

This makes ether an investable asset. Many will think that the main purpose of Ether is to be used as a digital currency. It is true that it shares a similarity with other cryptocurrencies, its distinctive feature is that it serves as an internal payment method for the Ethereum network. Ether directly compensates cryptominers for adding data to the blockchain. The amount of processing power you need from the network corresponds directly to the price you have to pay for the service. Also called GAS. Therefore, Ether is the natural fuel of Ethereum.

Unlike Bitcoin which has a maximum supply of 21 million BTC, Ether does not have a set maximum supply. This may end up causing a big problem in the long run by dethroning Ethereum from the throne.

MoneyFi Technologies – The future of digital medical information

We are facing a software company specialized in Blockchain technology and the use of cryptoactives. In recent months they have been developing a unique private data processing project using block technology called Datium.

Datium is a digital platform that interacts directly with users, allowing them, through state-of-the-art AI technology, to obtain prizes based on cryptocurrencies for sharing their most relevant medical information.

Currently, the native Datium token called MDCx, which is an acronym for Medicalx, is delivered to users’ wallets.

When we talk about MoneyFi, we must go into depth within its multiple functions to highlight one in particular, the “Collective Knowledge Protocol”. An organic exponential growth database creation located in your Datium project.

The main objective of Datium, together with its MDCx currency, is to apply this protocol mainly in the health sector. Without ruling out future expansions.

Active services of the Datium project

We found a project that seeks to become the main intelligent database of medical information worldwide. Its greatest peculiarity is the prominence that users, patients, health professionals and institutions of the medical industry take immediately.

Undoubtedly, its main objective is to achieve free information on the part of all groups, being awarded MDCx for collaborating with each other.

The information collected will seek to be reliable, transparent and complete for use in taking different public or private actions, decision making, drug testing, among other multifunctional functions of the health and medicine sector.

What reason to create the Datium project and the MDCx cryptocurrency?

Datium was born at the beginning of March 2020 in the midst of the coronavirus pandemic in the great city of London. Finding ourselves in those moments with so little information about the disease in progress and the misinformation from the media, a visceral response to the mismanagement of information was sought. It could be said that the true objective of the Datium project is to answer such simple questions, but at the same time complex, that help to solve problems in the short, medium and long term.

Within the Datium project we can find totally innovative clinical simulators, used as a continuous training tool for professionals based on real clinical cases and information processed directly from the Datium database.

The constant work and the formalization of a team has been the main pillar of the project that has given rise to all the development that the project currently has. A team that includes specialists in the field of medicine, economists, doctors, psychologists, programmers, mathematicians and even experts in Blockchain technology such as Jose Stiven from the Quieroganar Audits Academy team.

During the formalization process, meetings and workflow and ideas, the Datium project realized what was really important, the end user. The latter being the one who should have the highest authority of their data.

Female medical doctor looking at x-rays in a hospital.

MDCx as a bargaining chip in Datium technology

Technology advances by gigantic steps and that is why Datium thinks about the immediate future so that society has a greater acceptance of participating in such an innovative project. And it is that, at present, Blockchain technology is marking a worthy path to follow for new projects for all the benefits that international projects such as Datium acquire. For this reason, MDCx was born, a token that fulfills different functions within the ecosystem. MDCx is used as a rewards system where users and professionals are rewarded for their participation. An internal means of payment with a complex economy and becomes a new and updated investment vehicle.

MDCx aspires to become the only payment currency for health services. Closing a circle that has long been damaged by misinformation.

How do MDCx Rewards work for sharing medical information?

Its glide operation from the outset from a straightforward and simple point of view. In such a way that any user, whatever their level of studies, qualifications, or experience with technology, would achieve the objectives to be achieved to obtain their MDCx.

When a patient or professional registers with Datium, they will be able to answer questions generated by the AI. As a result, they are rewarded with an “x” unit of the MDCx cryptocurrency as payment for their knowledge and data validation. Thus, the Proof of Brain was born.

All users, once registered, become MDCx supporters and therefore miners from the moment they interact with the AI.

It must be understood that the PoB is a stage that goes beyond the Proof of Work (PoW) and the Proof of Stake (PoS) where a collective, real and efficient knowledge network is created, which works with the largest network of nodes ever imaginable. , the human being, with more than 7 thousand 600 million potential users.

It is clear that there is still a long process to go through and raise awareness among end users. For this reason, Datium, in agreement with MoneyFi Technologies, is constantly working on its media expansion.

What is CARDANO? (ADA)

We welcome you to DATIUM where we will gradually introduce you to the world of cryptocurrencies with general information on the different scenarios that you will find within the Crypto network.

We are pleased to thank you for participating with our platform and invite you to register in our medical information database where, although you may not believe it, you will earn MDCx, our token, for sharing different opinions, experiences and medical attitudes from your day to day. Do you dare to know Datium?

“Cardano is a Proof-of-Stake Blockchain platform that focuses on research-based development, efficiency, and scalability. In addition, recently, they have begun to incorporate smart contracts into their blockchain, so we expect a promising future for this Blockchain.”

CARDANO Blockchain The Future?

Cardano differentiates itself from other Layer 1 chains by emphasizing a methodical, research-based approach to developing its own blockchain. As of 2022, more than 100 peer-reviewed publications are published on its website describing its step-by-step technology.

One of the wonders of CARDANO and what makes it special is that it characterizes itself as a carbon-neutral blockchain. It has achieved this thanks to its low emission Proof-of-Stake (PoS) consensus mechanism called OUROBOROS. We can even highlight his CARDANO Foundation which claims to practice sustainable investing, which focuses on positive impact in the real world by applying the UN principles of responsible investment and the UN sustainable development goals.

As we already discussed in the previous paragraphs. They added smart contracts this past year, allowing developers to publish custom logic on the blockchain. With this update, it has positioned itself as a viable alternative to other Layer 1 blockchains by allowing the hosting of a wide range of tokens and decentralized applications (dapps).
Its native token, ADA, will allow holders to participate in the protocol through staking, rewarding them for participating in the network and giving them the power or ability to vote on changes to the network.

Who created Cardano and how does the cryptocurrency work?

Its first appearance was in 2017 at the hands of Charles Hoskinson, one of the original founders of Ethereum.

Charles Hoskinson had some personal problems with Vitalik Buterin about the future of Ethereum that ended in their separation. Vitalik was pursuing the idea of creating a non-profit identity while Charles considered that this technology should pursue a more commercial good..

After several negotiations between the entire Ethereum technical team, Charles left with several members of the team to found IOHK, the company focused on building Cardano.
Cardano was able to raise $62 million in its initial offering (ICO) alone. The protocol has never accepted venture capital investors, as Hoskinson believes that this would be a betrayal of the principles of decentralization.

Cardano coin

The Cardano Architecture

It consists of two distinct layers:

• The Cardano settlement layer which is used to facilitate the transfer of ADA and to validate and record transactions on the blockchain.

• The Cardano Computation Layer (CCL) which would host the Cardano smart contract along with two application building functions.

Having its network divided in this way into two different capacities allowed it to process up to a million transactions per second effectively and efficiently.

Native Assets

In addition to its smart contract capability, Cardano allows developers to create native assets on the platform to use for their decentralized applications. These have a peculiarity and that is that they can be treated in the same way as ADA.

Rather than building on the processes of other blockchain networks, Cardano relies on a research-based approach that enlists the help of top cryptographers from around the world to build its network from the ground up and ensure its progression. Unlike Bitcoin.

Through this process, the protocol that is created has moved through five distinct eras to the end of its current roadmap: Byron, Shelly, Goguen, Basho, Voltaire.
As of November 2022, Basho and Voltaire are currently in their development stages with no release date.

What are the most important qualities of ADA?

ADA is primarily used to pay transaction fees and to validate transactions. ADA has a supply limit of 45 billion as opposed to BTC’s 21 million.

As of mid-2022 there is a circulating supply of around 32 million ADA tokens. So ADA has a long coming up and it is possible that we will see it fluctuate in price considerably.

With its Cardano research-based approach to the cryptocurrency industry, investors who believe in the bottom-up development process of the network might be interested in the ADA token.

Our MDCx token specializes in the security of patients’ medical information. This token being the means of payment for sharing said information with third parties associated with Datium.

What is Bitcoin in 2023? (BTC)

When we talk about Bitcoin, we are talking about the first cryptocurrency that is successfully built in a decentralized way. Unlike the rest of the traditional market currencies that are centralized.

Bitcoin (BTC) is completely digital and we cannot get it physically.
Without a doubt, among all its characteristics, the most notable is that it has conquered the world as there are no borders with bitcoin.

Bitcoin coins.

Bitcoin is the technology of the future

Unlike what we are used to with the Dollar, Euro, among other international currencies, Bitcoin is not issued by a central authority such as a bank or a government. We did not find a single entity that controls the supply of bitcoins and constantly validates its transactions. The bitcoin network is made up of a huge network of nodes and payments between users are made peer-to-peer (p2p).

We would then be talking about a completely digital currency, without a physical state, becoming a global phenomenon spreading like an echo on a mountain.

Since its launch it has generated multiple reactions. The most important to highlight is the formalization of a new industry in constant growth. We are talking about the creation of thousands of digital currencies a year, hundreds of projects and options yet to be exploited. Datium, within the field of medicine, launches its own digital currency called MDCx with the aim of rewarding users, patients and doctors for treating health information and sharing it with third parties for the common good. Improve healthcare.

Bitcoin is already accepted as a form of payment in thousands of online and even physical stores. Allows the creation of decentralized business models. Perhaps we are talking about the new digital era where the queens were the cryptocurrencies and the kings the users.

Man holding money and bitcoin. Focus on coin

Essential Points of Bitcoin today

We can find the following most notable points of Bitcoin:

Bitcoin is the first decentralized currency.
It is powered by a global peer-to-peer payment network.
Payments are irreversible.
You have a limited supply.
The price is determined based on supply and demand.
Powered by blockchain technology.

Bitcoin’s eternal rivalry against fiat currencies

If we stop short and observe the first difference between the two, it’s simple, when we talk about Bitcoin we talk about decentralization, when we talk about fiduciaries, we talk about centralized, governments, countries. But we are only scratching the surface of what we call Bitcoin. To understand it a little better, let’s take a closer look at a transaction in both scenarios.

When we are going to make a purchase online (for example), we will be using a credit card. The issuer of the credit card, your bank, will have the last power to decide whether to authorize the transaction or not. Therefore, we are talking about the credit company being a validation authority. This concludes that you will need to confirm that the transaction has been carried out or not. Otherwise, the person you are paying could claim that you did not pay the agreed price or that you never completed the transaction. All traditional currencies work this way, but bitcoin does not.

With BITCOIN, the card company paper is distributed to over a million nodes. These nodes are continuously verifying the transactions. If a node transmits invalid transactions, other nodes will be able to verify that something is wrong and not propagate the false information. If the node continues to transmit invalid transactions, eventually the network ignores it entirely. You must understand that Bitcoin transactions are irreversible, therefore they cannot be reversed or claimed. Unlike the transactions we know.

Once you send bitcoin to a certain address and the transaction is added to the blockchain, you can no longer change your mind. That is why you have to be very careful when shipping.

How many BTC are in circulation? How much can there be?

One of the main differences between traditional currencies and cryptocurrencies is that cryptocurrencies have a limited supply. In the case of BTC, there can only be 21 million Bitcoins. This protects the currency against inflation. At the same time it ensures that there are enough currency units for people to use. Each BTC can be divided into 100,000,000 negotiable units, called Satoshis (decimals). This means that we could be trading 2.1 quadrillion satoshis.

We encourage you to continue visiting the complete Datium page and not stop learning all the essentials of this new crypto world. Together we will travel a path full of emotions and sensations. And your medical information, together with us, will help improve healthcare worldwide.