If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)

Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

What is Maker DAO(MKR)?

jackwinstan123 · 2022-11-04 08:05:44

The cryptocurrency market is being stabilized by a decentralized organization called MakerDAO. The Maker Protocol employs a two-token system. Dai, a stablecoin that provides platform collateral backing, is the first token. According to the Maker Foundation and the MakerDAO community, a decentralized stablecoin is required…

04-11-2022 09:05AM

#1

jackwinstan123

Registered Users, Registered Users 2 Posts: 1 ✭

Join Date: November 2022

Posts:

The cryptocurrency market is being stabilized by a decentralized organization called MakerDAO. The Maker Protocol employs a two-token system. Dai, a stablecoin that provides platform collateral backing, is the first token. According to the Maker Foundation and the MakerDAO community, a decentralized stablecoin is required for any organization or individual to enjoy the advantages of digital money.

The second is MKR, a governance token that stakeholders use to manage Dai and keep the system running. With assistance from the general public and several outside stakeholders, the Maker Protocol is governed by holders of MKR tokens. Maker is making it possible for everyone to benefit from the possibilities of decentralized finance by creating an inclusive platform for economic empowerment and giving everyone fair access to the global financial market.

A decentralized global reserve bank by the name of MakerDAO exists on the Ethereum blockchain. Ethereum smart contracts are used to automate the lending and collateralization of the stablecoin (called DAI) of the Maker system (like governance, for example).

0