Today, we're proud to announce our partnership with Maker DAO as we officially launch the Dai stablecoin integration on the instars.com platform. Starting now, users all over the world can now participate in market research such as surveys or uploading receipts and receive Dai as payment.
To start, we're offering an exclusive referral bonus for USA users which pays 5 Dai ($5 worth) for each friend you refer that completes KYC and uploads three receipts. Users earning Dai for receipt upload will receive between .1-.3 Dai with more significant paying survey opportunities sponsored by Maker DAO coming soon!
The reason we decided to partner with Maker DAO and debut the Dai stablecoin on instars.com for our users is due to the fact that, while providing a stable value to the token holders, unlike other "stablecoins", Dai is a truly decentralized cryptocurrency powered by collateralized smart contracts on the Ethereum Network (rather than a simple $USD stablecoin in a bank vault somewhere). Dai is a representation of true innovation and decentralized finance using blockchain technology.
Powering Global Financial Inclusion
Projects like Dai bring hope to the unbanked people around the world. According to the World Bank, there are about 1.7 billion unbanked individuals in the world who do not have access to a financial institution. This makes it nearly impossible for these individuals to participate in the global economy. With a product like Dai, these individuals can now place their monetary value into cryptocurrencies and take advantage of competitive solutions to earn interest on their savings using Maker's newest smart contract feature, titled "Multi-Collateral Dai (MCD)".
Cutting Edge Blockchain Technology
The new Multi-Collateral DAI feature allows Dai holders everywhere to better power their journeys to financial inclusion by taking advantage of a new feature implemented directly in the Maker Protocol: the Dai Savings Rate (DSR). The DSR will allow all Dai holders to earn savings automatically and natively by locking their Dai into the DSR smart contract. DSR also presents new opportunities to cryptocurrency traders, startups, and established businesses to increase the return on their DAI holdings and operating DAI capital. As Dai holders increasingly take advantage of DSR’s potential, it will secure the DSR’s critical role within the underlying infrastructure of the entire decentralized finance (DeFi) space. A graphic provided by Maker provides an easy to understand visual description of how the maker savings rate works.
To learn more about Maker technology, you can read their announcement of the multi-collateral product launch here: https://blog.makerdao.com/why-the-dai-savings-rate-is-a-game-changer-for-the-defi-ecosystem-and-beyond/.
Above all, we have a shared mission here at Instars.com to fuel the mass adoption of cryptocurrencies. Maker is just one of the obvious blockchain use cases that provides immediate value to those in need around the world. Finding a bank that pays even above 0.1% interest on deposits is nearly impossible in 2020. Even worse, a negative interest rate trend is emerging, with major banks such as ING threatening their customers with negative interest rates that actually charge customers to store their money with the bank.
Similar to Maker, Instars.com and the INSTAR blockchain are the first use case in our specific market research / big data industry that actually uses real smart contracts and blockchain technology to power the network. Conceptually, there are many projects talking about building Defi products, or blockchain based data exchanges, but it's Maker and Instars who are delivering the products and on-boarding the users – fueling the mass adoption of cryptocurrencies that will change the world over the course of this decade.