An Unhealable Hole in Currency Control
DAIHard is built to allow trading fiat for crypto anywhere in the world, even if various jurisdictions try to stop it or take it down. It achieves this by connecting buyers to sellers in a scam-proof container, achieved via burnable payment game theory, which doesn’t require direct integration with the banking system. Because it exists completely via smart contracts, there is no way it can be shut down.
The interface between the legacy banking system and cryptocurrency is one of the last remaining points of control the old world can use to retard the growth of the new economy. If it was easier to enter crypto, more people would be able to; and if it was easier and faster to exit, more people would feel safer entering in the first place. DAIHard takes a 1% fee from every successful (i.e. not burned) trade. This is the financial motivation for Foundry.
When it came time to market DAIHard, Team Toast had not yet begun working on Foundry--we didn’t even have that name yet. We became worried about directly marketing and profiting off a product that would represent an unhealable hole in currency control. This is in fact what motivated us to focus more on Foundry, eventually launching the FRY sale. We wanted to create an entity that could boldly support such a dangerous product, and ignore any backlash from powerful institutions.
Today there are a number of obstacles to bringing DAIHard to market. The tech stack has aged, such that any significant use would result in the web3 api breaking. The code is old and needs a serious rewrite. At this point, even though we put a lot of work into DAIHard and the concept has promise, it is not the lowest-hanging fruit for Foundry to pull in profit.
For now, DAIHard is tabled until Foundry has more funding and momentum. In the near future it could be pursued again, but would likely require a rebuild of both the smart contracts and the interface. In addition, it would require a more targeted approach to marketing. Something like DAIHard relies heavily on network effects, so a small target audience would have to be pursued: this could be a particular (small) geographical area or jurisdiction, or some particular use-case like travelers landing in a foreign country and quickly selling crypto for local cash without a bank account.
DAIHard is built on contracts on Ethereum and xDai. The interface is written in Elm and relies on Infura for interfacing with web3.