Review on Maker by Jerry Siegel

Name: Maker
Item: Maker
Rating: 5

January 19, 2020

Dai - is the best stablecoin technology... Here's why

MakerDAO's closest competitor is Tether. But it's no secret that Tether cannot provide legal documents that all of USDT is legally backed by US dollars. So, in the MakerDAO system, Dai is backed by US Dollar is the proof is provided by ourselves - users, as decentralized as possible.
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The project is thought out to the smallest detail from the point of view of the domestic economy: token ecosystem, Dai stability - all this is done by users of the platform, not its creators.
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You can create Dai yourself or purchase it on the exchange. To create Dai, you need to send ETH to the platform system called Collateralized Debt Position (CDP) (this issmart contract maker).
Thus, each Dai token is provided with a valuable blockchain asset, which is stored inside Maker smart contracts in the decentralized way (the organization itself is not able to have any influence on Dai tokens).
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MKR (ERC20) was created as voting token on the platform developement suggestions, as well as to monetize the project itself. MKR owners are the very guarantors stability, which implement the viability of the system, and get financial gain if they do it "fairly."
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