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DAI is a decentralized and collateral-backed cryptocurrency. It seeks to maintain a consistent 1:1 value with the US dollar.The Maker Protocol and the MakerDAO decentralized autonomous organization govern the issue and development of DAI, an Ethereum-based stablecoin. DAI is the product of an open-source program called the Maker Protocol, a decentralized application operating on top of the Ethereum blockchain, unlike other asset-backed cryptocurrencies that may be issued by for-profit organizations.As a result, DAI maintains its value by employing collateralized debt priced in Ether (ETH), Ethereum's cryptocurrency, rather than being backed by U.S. dollars held by a corporation.