DAI is an asset-backed cryptocurrency, and the first stablecoin on the Ethereum blockchain. Its sophisticated mechanism allows for a guarantee of stability through multiple asset backing. It can be used for hedging, payments, lending, and allows investors a 1-1 US Dollar safe haven without exiting the crypto market. This innovation was the inspiration and starting point for this new series of work – a banknote backed by DAI. This will mark the first time that such a product is proposed.
The Union of American Republics is a fictional jurisdiction appearing repeatedly in Tom Badley’s work. Taken from time traveler John Titor’s posts from 2001, this fictional country is a placeholder for a future vision of America – whatever that may be.
THE DAI ‘HISTORICAL’ SERIES
For the first in this new series, and a world first for the crypto art market, Tom Badley has released a speculative design for a 500 DAI banknote, featuring Gloria Vanderbilt. It continues Badley’s work in branding cryptocurrencies with the gravitas and credibility of physical money, making crypto more relatable, user-friendly, and trusted. In this respect, banknotes are successful as money – they form a powerful source of trust in a currency, as physical and aesthetically pleasing products. These aspects are, for the most part, lost in cryptocurrency, which is often faceless and hard to use.
Whilst this series is denominated in DAI, it isn’t intended to be an extension of DAI’s existing brand. It acknowledges DAI in the design’s text, and with DAI’s logo in red, but that is the extent of the DAI brand on this design. Instead, the series is 1) a design and brand challenge, to give an existing Stablecoin a new and distinct persona, and 2) an inquiry into the mythology of DAI’s 1-1 basis: the United Sates Dollar. This series will feature prominent figures from history, all of whom were integral to the Unites States Dollar’s brand – it’s logo, and psychological meaning. This is a perfect way of marrying the mostly faceless brand of stablecoin cryptocurrency, with the rich power of the world’s reserve. It is a celebration of the innovation of a stable crypto dollar, as the ultimate iteration of the the Dollar’s global function.