Dai is a stablecoin on the Ethereum blockchain that attempts to maintain a stable value of 1:1 with the US dollar through a system of decentralized participants incentivized by smart contracts to perform maintenance and governance functions). Dai is maintained and regulated by MakerDAO, a decentralized autonomous organization (DAO) composed of the owners of its governance token, MKR, who may propose and vote on changes to certain parameters in its smart contracts to ensure the stability of Dai). Dai is created and destroyed through an overcollateralized loan and repayment process facilitated by MakerDAOs smart contracts in the form of a decentralized application). Users who deposit one of the accepted collateral types (such as Ether) are able to mint new DAI, as a loan, against the value of their collateral). Dai is unique in that it is collateralized by multiple stablecoins and cryptocurrencies, and it is the most widely-used stablecoin when it comes to integration of decentralized applications, or dApps. Dai is an ERC-20 token that can be bought through centralized and decentralized crypto exchanges, and it operates over a transparent, seamless, and permissionless blockchain network. Dai is expanding its use cases by partnering with many app developers and service providers.