On Monday (June 10), Coinbase announced that “Coinbase Earn”, its educational service that rewards users for learning about different cryptocurrencies, has added support for Dai (DAI), the “first decentralized stablecoin on the Ethereum blockchain.”
As CryptoGlobe reported, Coinbase Earn was originally launched in “invite-only mode” on 19 December 2018, giving a few lucky users the chance to learn 0x (ZRX) as they learn about it.
Here is how Coinbase explained the motivation behind Coinbase Earn back then:
“Coinbase Earn allows users to earn cryptocurrencies, while learning about them in a simple and engaging way. The idea is for users to understand more about an asset’s utility and its underlying technology, while getting a bit of the asset to try out.”
The basic idea is that in each lesson, you watch a short video (usually a couple of minutes long) after which you can perform educational takes (such as taking a multiple-choice quiz) for which you are rewarded a certain amount of crypto (usually, around $2 in a particular cryptocurrency for each lesson that you prove you have learned by passing its associated quiz).
Although Coinbase Earn is available now in the 100+ jurisdictions in which Coinbase operates, only eligible users (those who have passed KYC Levels 1 and 2) in the following 19 jurisdictions can currently join Coinbase Earn and start earning crypto:
United States (excluding residents of New York or Hawaii state), United Kingdom, many countries in the European Union (Belgium, Switzerland, Denmark, Ireland, Germany, Iceland, Luxembourg, Netherlands, Norway, Sweden), Canada, Singapore, Australia, Hong Kong, New Zealand, South Korea, and Taiwan.
Users in other jurisdictions in which Coinbase operates can join a waiting list, and they will get notified when Coinbase becomes available there.
At the moment, Coinbase Earn offers the opportunity to earn Dai (DAI), EOS, Stellar Lumens (XLM), Zcash (ZEC), Basic Attention Token (BAT), and 0x (ZRX), but Coinbase says it plans to extend the set of cryptoassets on offer soon.
Coinbase’s blog post says that, starting today, its customers “can start earning DAI by watching lessons and completing quizzes about DAI and its features.” What is interesting about this offer is that this is the first time that a sablecoin has been “made available through Coinbase Earn.”
Here is how Coinbase describes Dai:
“According to the DAI whitepaper, DAI is a decentralized stablecoin running on Ethereum and designed with a goal of maintaining a target value of approximately $1 USD. DAI is backed by collateral on the Maker (MKR)platform. The relevant whitepapers explain that MKR and DAI tokens form a paired set of assets in which MKR provides governance, and DAI is a decentralized, collateral-backed stablecoin.”
Coinbase Earn’s “EOS Course” currently offers three basic lessons (but advanced lessons are “coming soon”):
- What is Dai? ($2)
- What is Dai used for? ($2)
- How is Dai always worth $1.00? ($2)
What Coinbase Earn does is quite unique because it allows people new to the cryptocurrency space not only to learn, at a very gentle pace, for free, the basic ideas behind some of the most popular cryptocurrencies, but to become a lot more interested/involved in the space since it provides them with a way to have some “skin in the game” with very little and at zero cost. Also, they won’t have to worry about the ups and downs of the crypto markets since their cost of acquiring crypto via Coinbase Earn is zero, which makes it more likely for them to learn about the concept of HODLing.
Featured Image Credit: Screenshot Taken From the Coinbase Website