Definition of Maker
The Maker token it created by the maker DAO, and its primary purpose is to support the stability of it DAO’s DAI token and enable governance for the Dai Credit System.
Also, holders of MKR make vital decisions on the operation and future of the system.
And makerDAO has two tokens, MKR and DAI. The DAI is a durable coin design, and it provides an alternative to extra volatile cryptocurrencies.
And as well as the new type of financial system. The MKR, meanwhile, use to keep the DAI stable.
Also, the traditional stable coins use reserves of fiat currencies and even gold to peg the cryptocurrency to the value of these real-world assets to keep it stable
Also, it’s proved problematic. MakerDAO uses the MKR token to act as the counterweight to price fluctuations.
Who created Maker DAO?
MakerDAO found in 2014, in California, by the developer and entrepreneur Rune Christensen.
Also, its core management and development team are 20 strong. After three years of development, MakerDAO finally launched the stablecoin DAI.
Also, makerDAO hopes to create both a reliable, stablecoin in DAI and a fair credit system for everyone.
And opening the collateralized debt position (CDP) using Ether means DAI can provide liquidity against crypto-assets.
What can we do with the maker?
Holders of the MKR gain voting rights in the Maker platform’s continuous approval voting system. And also, MKR holders vote on things like the collateralization rate of CDPs.
And for participating, they gain MKR fees as a reward. These holders incentivize to vote in a way that benefits the system.
If the system works well, the MKR’s value is maintained or increases. Poor governance can value MKR.
Also, MKR is the ERC-20 token constructed using Ethereum’s protocols. It can store in ERC-20 wallets and is tradeable on several exchanges.
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