RT @MakerDAO: Say hello to the first ever USD-stable blockchain, xDai Chain from our partners @poanetwork! Using #Dai as the native currency of the network, it opens the door to numerous possibilities and use cases. Learn more: https://t.co/CQ23nuPo0v
Then there could be a walkthrough with the Kovan or Rinkeby faucets, converting to DAI, bridging to xDai, paying and exiting.
I think of a walkthrough similar to @maratp/how-to-use-poa-network-crosschain-bridge-with-trustwallet-8d67957b5823">this, just with MetaMask and DAI, as MM as more widely used (though trustwallet looks neat).
Great for MKR/Dai! What I don't understand is how 60 tx/s for POA is considered scalable. I mean, if the solution is meant to support microtransactions, there are likely to be a lot of them. Or am I missing something here?
So its kinda both, lol. A PoA chain is based off the ethereum virtual machine, the only difference being the consensus mechanism. This means PoA chains can run smart contracts just like ethereum does. In a PoA chain, tokens can be "bridged" from one chain to another meaning that when tokens on the ethereum chain are deposited to a certain contract, a contract on the PoA chain mints "bridged tokens" on the PoA chain to the owner. So in a way, they are their own self sufficient blockchain that can be bridged to the ethereum main chain like a sidechain would. Its actually a really cool project, and when combined with DAI it will serve some really cool use cases.
I am not affiliated with either project btw, however I have been using a PoA chain in my project and will be using DAI(and probably xDAI) when the project gets further along.
I’ve been thinking a lot where this is going. I think There will be many blockchain, they will act as regulatory frameworks with different characteristics. I’m sure we’ll see a sidechain with backed in kyc soon.
Just saw [this](https://medium.com/@maratp/how-to-use-poa-network-crosschain-bridge-with-trustwallet-8d67957b5823), that's very similar to what I want to write, just with MetaMask and DAI, as MM as more widely used (though trustwallet looks neat).
It's definitely not the first ever USD-stable blockchain..... People from the MakerDAO community were being advised by people in the Bitshares forum years ago. Their whole goal back then was to put Bitshares MPAs on Ethereum
I've heard that about the relationship between MakerDAO and Bitshares, but I think the distinction is that this sidechain has the stable coin as its base unit whereas Bitshares has BTS with BitUSD and BitCNY on top of that.
Please correct me if I'm wrong though, I have a limited understanding of BitShares. I actually just met someone from the core team last night at an Ethereum meetup - we talked about MakerDAO for a while and they sent me a list of links to get familiar with platform.
It's basically a fork of Bitshares for Ethereum. The stablecoin works exactly the same, except the consensus algorithm is different. Bitshares was the first DPOS chain and it's actually been around for about 5 years. It's moving to Eos very soon, and it's already far more scalable than this on its own. I just remember how the developers would be on the forum all the time asking Dan for advice.. If they told you it was the first USD-stable blockchain, I think that might be a little dishonest.. But if it was just a misunderstanding, then you know I actually think it's a cool experiment for Ethereum.
twigwamPositive | 5 months old | 90404 karma4 weeks ago
Maker could be Ethereum's next killer app. I think it is already IMO.
I agree that MakerDAO is already is a killer dapp. It took a while for me to get my head around it, but it's brilliant and I think it'll get far more exciting once we see multi-collateral DAI.
I'm curious to see what is built on xDAI and I'm excited to see the universe of Ethereum child chains begin to take shape, but since this is a PoA sidechain with only 21 validators I'm much more excited about all the imminently launching implementations of the Plasma spec that will be fully cryptographically secured by the L1 rather than using a bridge mechanism.
The main value I'm interested in is around UX; this brings transparent micropayments to dapps right now.
Onboarding people in emerging economies is a non-starter as soon as you have to explain that, at random times in the future, maybe, the network is going to charge you a dollar in fees. Or maybe 2 cents. Or maybe $3.92. Or who knows... And also, it's denominated in a different kind of money called 'Ether', so just pull out your credit card and head to Coinbase...
Someone who is making $10 a day, or dealing with runaway inflation, or receiving a remittance, doesn't want to deal with a speculative transaction fee. This parallel chain allows wallet providers or dapp owners to move Dai around for micro pennies without having to charge a second currency.
You can try the interoperability part right now.
Navigating to the above link will take you to a DApp which will allow you to transform any Dai tokens from Ethereum mainnet you have to xDai on the xDai Chain.
If you want to change your xDai back to Ethereum mainnet Dai, simply change the network to the xDai Chain RPC and repeat the steps above.
Resources for connecting: https://poanet.zendesk.com/hc/en-us/articles/360010427673-xDai-Chain-resources
There are numerous values to this: In this new chain, you have the stability of Dai but also the benefits of faster and cheaper transactions. As noted in the post, 500 transactions in this new chain will cost less than 1 cent. We can also foresee multiple usecases for this, where DApps can make use of the multiple benefits of Ethereum based network without the hindrance of volatile gas prices in USD.
Can you elaborate a bit on how trusted this bridge is? Are we just trusting the bridge operator to honour the balance on either side or is there some cryptographic guarantee that I'll receive xDai for my Dai and vice versa?
Also I'm still curious who the block producers of this chain are and how they were or will be selected? It seems reasonable that they should have some stake in Maker to keep them honest.
Easy! You can use MetaMask or Nifty Wallet (and soon Status wallet too) to send xDai to different address. Any Ethereum address is compatible with xDai, so if you 10 xDai to an Eth address they can see it by simply changing their current network in MetaMask or in Nifty wallet. We will provide more detailed guides very soon!
Bonus: xDai integrated into BlockScout explorer https://blockscout.com/poa/dai/