RAI (cryptocurrency)
| RAI | |
|---|---|
| File:Rai-logo.png | |
| Denominations | |
| Plural | RAI |
| Symbol | ⧎ |
| Ticker symbol | RAI |
| Precision | 10−18 |
| Development | |
| White paper | github |
| Initial release | February 17, 2021 |
| Code repository | github |
| Written in | Solidity |
| Operating system | Ethereum |
| Developer(s) | Reflexer Labs |
| Source model | Open source |
| Website | reflexer |
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RAI is a stablecoin cryptocurrency that is not pegged to fiat or other external asset. The name RAI comes from Rai stones, an early form of money used on the island of Yap.
RAI aims to keep its market value as close as possible to a target price that is constantly fluctuating in response to market forces. Currently, RAI's target price is denominated in United States dollars. The RAI protocol uses a PID controller in order to adjust the interest rates associated with minting or destroying RAI and thus keep itself stable. RAI can only be created by someone willing to back it with ETH. It is developed and maintained by Reflexer Labs.[1]
RAI's design is heavily inspired by the original proposal for Dai (cryptocurrency), which made use of algorithms for setting certain parameters in its system rather than relying on human governance. RAI is an example of a decentralized finance application and one of the first instances of a stablecoin that does not resemble a pegged asset.[2] [3]
References[edit]
- ↑ Mapperson, Joshua (2021). "Stablecoin RAI launches, a pure, decentralized alternative for DeFi". Coin Telegraph. Retrieved 6 October 2021.
- ↑ "Learn about the stablecoin RAI that works like a spring in 5 minutes". Blockcast. Retrieved 6 October 2021.
- ↑ Zargham, Michael; Bernardineli, Danilo; Clark, Andrew; Shorish, Jamsheed; Emmett, Jeff; Ionescu, Stefan; Soleimani, Ameen. "Summoning the Money God". Medium. Reflexer Labs. Retrieved 6 October 2021.
External links[edit]
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