July 6, 2020
This week, Paras is launching a Memory Grant Program where you can deposit your memory digitally on blockchain-based technology. Every week, the Paras Team will choose the best memory and give rewards in DAI Stablecoin and PAC cryptocurrency.
So what are these stablecoin and cryptocurrency things? How can they benefit me in real life?
DAI is a cryptocurrency on the Ethereum blockchain that has a steady value of one US dollar. This means that the value of one DAI will always be approximately 1 USD. DAI is built on the Ethereum network and backed by Ether. It is completely decentralized because its price stability is sustained through a system of smart contracts and does not rely on any banks, governments, or other centralized third parties. To use DAI, you need to have an Ethereum account. You can download the wallet on a browser or your mobile device.
Basically, DAI is USD that does not rely on anything, which means that you can receive DAI even though you don’t have a US Bank Account. This is why we choose to reward the contributors in DAI Stablecoin because we want everyone to have the same access to finance as anybody else in the world. Wherever you are, whoever you are, we can always send you the reward.
DAI can be exchanged to your local currencies through crypto-exchange. There are a lot of exchanges in the world, and you might want to pick the one that is available in your country. In these crypto-exchanges, you can trade your DAI to any available FIAT and withdraw it to your local bank account. Don’t worry because our team is ready to help you with every step if you have any problem.
PAC stands for Paras Action Coin; it is the native cryptocurrency on Paras. Currently PAC does not have any financial value but you can do multiple things on Paras that requires PAC.
In Paras Alpha, PAC can be used to appreciate somebody else's via a feature we called Piece. Piece is a way to value someone’s memory. In Paras, we don’t have likes, instead we have coins that are limited in supply. There are only 230 Millions PAC available and none will ever be created again, so giving a piece of your coins means a lot to the other person.
On our public release 2021, PAC will have some financial value and its value is determined by all of you. If you have any ideas regarding the use-case of PAC, go tell us about it on our ideas engine and we will be happy to reward you with some PAC if it can benefit the community.