Why Authereum is Putting DAI First
by Chris Whinfrey, Shane Fontaine, and Miguel Mota
We’re proud to announce that, by default, DAI will be the primary asset for Authereum users. This means you can onboard directly to DAI through our Wyre integration and pay transaction fees in DAI without ever needing ETH. All of this is 100% configurable so users can choose a different primary asset such as USDC or ETH instead. We think this is a big step forward for the usability of Ethereum and a necessary shift for mainstream adoption.
How We Got Here
Since inception, our goal with Authereum has been to rethink the web3 experience from the ground up with mainstream users in mind. Many of us in “the space” casually talk about concepts like private keys, blocks, gas, mining, etc., but these concepts can be meaningless and overwhelming for the average user. The concept of owning and transacting in cryptocurrency alone can be intimidating and will leave the uninitiated wondering:
- How much is this worth?
- What makes the value go up and down?
- What if I spend it and miss out on the next big run?
- What gives money value anyway?
Until today, obtaining and generally understanding Ether has been an accepted requirement for using Ethereum applications. Stable coins such as Maker’s DAI and Coinbase’s USDC have allowed users to hold and transfer stable amounts of value. However, as long as ETH is needed to pay transaction fees, understanding cryptocurrency and dealing with its volatility is an unavoidable hurdle to using blockchain powered applications.
Meta-transactions and contract-based accounts have turned this assumption on its head. Because meta-transactions go through a relayer who pays the transaction fee in ETH and then takes a refund from the user, the user can pay for the transaction in any asset the relayer is willing to accept. This means users can pay transaction fees in stable assets such as DAI without needing or even knowing about ETH. From here, we can rethink how users interact with dApps without the assumption that ETH will play a central role.
A DAI-first Experience
Users gravitate towards what is familiar, and for the vast majority of the world, that’s transacting in a stable unit of account such as US dollars. On Ethereum, DAI has struck a great balance of decentralization and stability that has won the hearts of our community. That’s why our vision of the future of Ethereum has DAI at the forefront.
Breaking away from nearly every Ethereum wallet that exists today, Authereum users will be shown a DAI account balance up front with ETH and other assets playing a secondary role in the interface. New users can sign up by creating a username and password, purchase DAI with their debit card, and immediately start using Ethereum applications without giving too much thought to the intricacies of web3.
Our hope is that this shift will be embraced by the community and open the doors for the next wave of users that want applications based in their native currencies with all the advantages of web3.
If you haven’t already, sign up for our waitlist at authereum.org. You can also check out our Uniswap demo on Kovan here or if you just want to chat, jump into our Telegram. Lastly, if you’re interested in redefining the web3 experience with a highly technical team, don’t hesitate to reach out at contact@authereum.org.
