Review on Maker by Huseyn Akberov

Maker (MKR) was launched in 2017 by Rune Christensen with the Ethereum blockchain system ERC-20 infrastructure. Maker (MKR) is a DeFi project.

DAI is a cryptocurrency that is traded as a stablecoin.

Maker (MKR) is a smart contract platform used to stabilize and support the price of the dollar-denominated DAI token. There are two cryptocurrencies on the MKR platform, one is Maker (MKR) and the other is DAI. DAI cryptocurrency is stable coin.

Maker cryptocurrency is used to keep the price stable in DAI cryptocurrency transactions and to have a say in the management of the DAI platform.

Maker (MKR) is used in the production of DAI and this amount of Maker (MKR) used is burned. Due to the decrease in the number of tokens, the demand for the DAI cryptocurrency is also reflected in the Maker (MKR) cryptocurrency.

How Maker (MKR) Works

The most outstanding feature of the Maker (MKR) platform is that it gives importance to users' opinions and votes. For a new update, change and development to be made on the Maker platform, it acts according to the votes of users who have Maker in their wallet.

Users who request a change in the Maker ecosystem should strive to get votes from other MKR users with the MKR balances in their wallets. As a result of voting, that change is made or not.

Maker (MKR) users continue to work to ensure safer and fairer voting in the system. It aims to ensure that users' Maker (MKR) balance and voting rights can be transferred to a proxy. It is aimed to take into account only the balances kept in cold wallets for users' secure voting process.

How to Make Maker (MKR) Mining?

Maker is not a mining cryptocurrency. The company has released all the amount of Maker crypto money available in the market.

The Maker (MKR) cryptocurrency currently has a total of over 1,000,000 MKR in the market. The recent rise in its price has attracted the attention of many investors. It is in the top 30 among cryptocurrencies with the highest transaction volume.

How to Buy Maker (MKR)?

In Turkey, buying Maker with Turkish Lira is a very easy and fast process, contrary to what you might think. You can buy Maker without needing any technical knowledge and official documents.

WHY MAKER IS DIFFERENT? As of October 2020, DAI is one of the most popular stablecoins (cryptocurrencies whose prices are pegged to US dollars or another fiat currency). It is the 25th largest cryptocurrency with a total market cap of $800 million and has more active addresses than USDT, the largest stablecoin in the market. The unique feature of the MKR project is that it allows token holders to participate directly in the DAI management process. Each Maker token holder has the right to vote on a number of changes to the Maker Protocol with voting powers tied to their MKR shares. Here are a few aspects of the protocol that users can vote on:

Adding new collateral asset types to the protocol, allowing users to introduce new cryptocurrencies to generate more DAI;

Changing the risk parameters of existing collateral asset types;

Changing the DAI Savings Rate: DAI token holders can save by locking their tokens into a special contract, and the Savings Rate affects the profitability of that contract;

Selection of oracles, entities tasked with providing reliable non-blockchain data to the Maker ecosystem;

Future updates to the platform.

The reason behind the demand for MKR tokens is their power to take part in the management of one of the largest fixed-value cryptocurrencies in the market. In connection with this, its value changes.

HOW MANY MAKER [MKR] COINS ARE ON THE MARKET?

The issuance and removal of MKR is governed by a complex system of independent mechanisms designed to ensure that DAI is always fully collateralized by other crypto assets and remains pegged to the USD. There is no hard-coded limit on the total supply of MKR. The value of DAI is protected by collateral smart contracts, which are other cryptocurrencies deposited by users while generating new DAI tokens on the Ethereum blockchain and stored in vaults. may be insufficient to fully secure an equivalent amount of DAI. In this case, Maker Protocol automatically liquidates the contents of the vault. He uses the proceeds of this to pay off the debt of the safe. If the amount of DAI generated during the liquidation is not enough, Maker Protocol generates new MKR tokens to sell and closes the remaining amount, increasing the total supply. However, in some cases the amount of DAI generated from the sale exceeds the limit required to guarantee all collateral. It is then used by the Maker Protocol to buy back and burn MKR tokens, thus reducing the overall supply. So the MKR supply is a dynamic value that changes based on market conditions and the overall health of the DAI ecosystem. As of October 2020, the Maker token supply in the market is about 1 million, which is more than $ 500 million. IS THE MAKER NETWORK SECURE? MKR runs on an ERC-20 token, namely the Ethereum blockchain. As such, its protection is provided by Ethereum. Ethereum, on the other hand, is protected by its own Ethash proof-of-work function.

Maker's infrastructure

DAO, “Decentralized Autonomous Organization” stands for autonomous and decentralized organization that manages itself. Working on the Ethereum blockchain, MakerDAO was implemented with the goal of developing a solution that implements autonomous management processes in finance.

What does it promise to its users?

The platform has a stable cryptocurrency called DAI. The stability of the value of DAI to the dollar is tied to the algorithm and the process of performing user transactions under the control of this algorithm. In this way, a stable cryptocurrency can maintain its value by controlling the reserve by the algorithm, without the need to rely on any organization's promises to hold reserves.

Highlights of the MakerDAO ecosystem are that users can generate DAI themselves with the ERC20 tokens they deposit; The ability to lend crypto money in their hands is to borrow from the system in return for a certain collateral. Secured collateral ratios of debts, liquidity conditions, borrowing and lending interest rates are determined by voting by MKR holders.