Review on Maker by David Olayide
Maker Offers Protection Against Price Volatility
Maker is a decentralized platform that is built on the ethereum blockchain. The project was created basically to reduce the price volatility of its native stablecoin. This Maker token (MKR) cannot be mined traditionally rather it can be purchased on exchanges. Holders of the token have a say in system and can vote for risk management in the system.Holders get the right to vote on matters and decisions. Maker serves to regulate and monitor the stable coin cryptocurrency known as DAI.
So Maker is a cryptocurrency of its own designed to regulate and reduce the price volatility of its native crypto called DAI. DAI is currently worth about 1 USD. I have to say that this project is a little different from others in its league. I say this because from my experience in the crypto world, I have not seen any other project that goes to such lengths to protect its native cryptocurrency from price volatility. So that makes Maker a unique project.
Now I must confess that the structure of the Maker project is a little bit complex and hard to grasp or even explain as I am attempting to do. I have seen however, that the project has succeeded in keeping DAI stable on par with the dollar. The key take away points include the fact that, the coin is based on the Ethereum blockchain, the project has a major aim of providing stability for its cryptocurrency DAI and that holders of the Maker token have the right to vote in decisions.
In conclusion Maker is a very detailed and technical project that needs a lot of explanation for it to be appropriately understood. The project is a good one with innovative ideas that could shape cryptocurrencies positively.
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Pros
- Maker protects its native cryptocurrency from price volatility
- Maker is built on the Ethereum blockchain
- The idea behind the project is a very good one
- The project has real potentials to grow
Cons
- The concept of the project is difficult to completely understand
- There is a lot of technicalities to the project
New products
Comments (1)
March 23, 2022
I understood that MKR is a governance DAO token that is used to vote on protocol changes and updates, collateral amounts and loan rates on this platform. MKR is sold on the open market for additional warranties and system protection.
