MakerDAO
MakerDAO is an open-source project on the Ethereum blockchain which means decentralized autonomous organization. The Maker protocol consists of two types of tokens.
Is a multi-collateral backed stablecoin Dai designed for stability purposes. It supports 16 cryptocurrencies, including ETH, USDC, GUSC, WBTC, etc.
The governance token MKR is designed for stakeholders. The MKR is used to maintain the ecosystem and manage Dai. There is a scientific governance system designed to help the governance process. Two supported functions include Voting and Governance Polling. If an MKR owner wants to participate in the Governance process, they need to send their MKR token to the voting contract for validation. One MKR token represents one vote.
The Maker Protocol is the first significantly adopted Defi application.
MakerDAO enables the generation of Dai, the world’s first unbiased currency and leading decentralized stablecoin.
Author: Arulohim 307
Editor: AurCommunity
The opinions expressed in this publication are those of the authors.