News POA Network, MakerDAO Team Up On Dai Sidechain

POA Network, MakerDAO Team Up On Dai Sidechain


- Advertisment -

October 18, 2018 11:00 PM

The new network, xDai Chain, features Dai as its native cryptocurrency.

In collaboration with MakerDAO, the POA Network has launched an Ethereum-based proof-of-authority sidechain with Dai as the native currency. xDai Chain is, according to the POA team, “the first ever blockchain where the native currency of the chain is USD-stable.”

The crew said that the sidechain supports Ethereum tools like mobile and hardware wallets, block explorers, and EDCC (aka smart contract) libraries. The team went on to note that having Dai as the network’s native coin “open[s] unlimited new possibilities for many use cases” like micropayments and insurance.

Even though the sidechain relies on Dai, the coin is represented by XDAI on the network, as Dai itself is part of the Ethereum mainnet. However, POA offers a service called TokenBridge, which converts Ethereum-based Dai to XDAI on the xDai Chain.

POA sees its sidechain as a network with all the benefits of Ethereum-based blockchains but without “the concerning USD-volatility component.” Apparently, some developers have been concerned with “the inability to have a USD fixed value for” Dapp payments. Because Dapp users must make fluctuating Ether or ERC20 payments, POA maintains that what often results is a subpar user experience.

Igor Barinov, POA’s tech lead, expressed his enthusiasm for the new chain’s potential:

“xDai Chain provides an exciting and new platform for the community and DApp developers. The premise of a stable coin based blockchain opens up endless possibilities for developers and applications.”

CEO and co-founder of MakerDAO, Rune Christensen, agrees that the sidechain has potential. “xDai Chain creates an awesome opportunity for developers to launch DApps with Dai as the medium of exchange,” he said.

Daniel Putney is a full-time writer for ETHNews. He received his bachelor’s degree in English writing from the University of Nevada, Reno, where he also studied journalism and queer theory. In his free time, he writes poetry, plays the piano, and fangirls over fictional characters. He lives with his partner, three dogs, and two cats in the middle of nowhere, Nevada.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest DAO, MakerDAO or other Ethereum technology news.

Source link


Please enter your comment!
Please enter your name here

Latest news

GoCrypto presents truly contactless payments with a simple solution for merchants and buyers

7 April 2020 — The recent events have rapidly changed the way we live, including our shopping...

Bitcoin SV has found a new niche in the gaming industry

Gaming companies and online casinos are increasingly paying attention to cryptocurrencies as a possible payment tool. Several...

Why could GLBrain become a great solution to receive support during the crisis?

To support smaller and medium-sized businesses during the ongoing crisis, GLBrain offers services cost-free for all Austrians....

Make Fast and Secure Trades Using is a Cryptocurrency trading platform that allows users to buy and sell their Cryptocurrency in a...
- Advertisement -POA Network, MakerDAO Team Up On Dai Sidechain

Network Security Using Cryptography: Everything you need to know

This article will describe what is Network Security Using Cryptography and everything you need to know before...

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you