About Maker (MKR)?
Maker is a smart contract platform on the Ethereum chain that backs and stabilizes the value of stablecoin DAI through a dynamic system of Collateralized Debt Positions (CDP), autonomous feedback mechanisms, and appropriately incentivized external actors. MKR tokens are created or destroyed in accordance with price fluctuations of the DAI coin in order to keep it as close to $1 USD as possible and is part of a fully inspectable system on the Ethereum blockchain. MKR tokens are also used to pay transaction fees on the Maker system and provide holders with voting rights within Maker’s continuous approval voting system.
History & Evolution
Maker token is created on the Ethereum Mainnet and was released on 17th December 2017. The ICO for it was started on the 23rd of January 2018 and ended on the 28th of February 2018 after raising a total of $10,650,00. The ones behind the MakerDAO platform and the MKR token are CEO Rune Christensen, CTO Andy Milenius and President&COO Steven Becker along with their teams.
Founder & CEO
Rune Christensen is Chief Executive Officer and Cofounder of MakerDAO. MakerDAO issues Dai, the world’s first stablecoin on the Ethereum blockchain, that eliminates volatility through a system of smart contracts designed to respond to market dynamics.
Since 2015, Christensen has focused on establishing the vision and organizational structure of the Maker Decentralized Autonomous Organization and the economic foundations of the Dai stable digital currency. Previously, he served as co-founder of Try China, a company providing international recruiting. He studied Biochemistry at the University of Copenhagen and studied International Business at the Copenhagen Business School.k.
What are the benefits of Maker?
- MakerDAO is considered to be an ambitious project. It is mainly aimed at developing a decentralized future for crypto coins. The platform is also loaded with several features.
- Unlike other cryptosystems, Maker has a two-token policy. It includes both DAI and MKR. Both the tokens are based on ERC20.
- Maker is known to make use of CDP smart contracts and MKR token to maintain the stability of the DAI token at $1 US dollar.
- Maker is a decentralized platform that is mainly focused on decentralized exchanges. It is backed by many of the well-known exchanges in the world.
- MKR holders are given voting rights in the Maker platform. The MKR holders are the people who are treated as the buyers of the Dai token.
- MKR holders are incentivized to run the platform. Maker is one of the very first DAO ever.
- Dai token is known to have one of the best use-cases in the whole of the crypto market. It is considered to be an essential tool that is required to partner projects.
- It is necessary to incorporate and also add value to the clients.
The Maker cryptocurrency is not a coin due to not having its own blockchain where its considered native. The token is based on the Ethereum blockchain in compliance with the ERC-20 protocol. The way that the team will increase exposure is by opening a collateralized debt position. This way users can invest in the underlying assets and trade on margin. Maker token holders are eligible to make risk-based decisions due to it being a governance token, thus influencing the health and longevity of the network.
What is the future of Maker?
- The crypto market is always volatile and uncertain.
- It is true that Maker can somewhat overtake the challenges posed by volatility there still exist factors that need to be questioned.
- As per experts, Maker is going to perform well in 2019.
- It is advised for investors not to take long term risks. It is also expected that the price of Maker is going to go double in comparison to its current rate.
- However, one should always stay prepared to face a turbulent journey in the crypto market.
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