Maker is a decentralized autonomous organization (DAO) based on the Ethereum Network. Moreover Maker (MKR) is a currency encryption platform in the Ethereum blockchain that sells Dai tokens and tries to minimize their volatility. The smart contract platform stabilizes the value of the Dai bond through the Collateralized Dept Positions (CDP) platform. Dai is traded at the value of one dollar. These coins are stable. This reduces the risk of losses in the market compared to all other existing cryptocurrencies. Dai is most useful for long-term financial planning.
Maker initially obtained funds through the exchange of Bitcoins and Ethereum for MKR tokens. Then in December 2017, the Maker network took a step forward, creating a dollar-linked asset with a stable exchange rate of 1 to 1 (DAI).
As an MKR utility token it is used to pay commissions accrued on CDPs to generate the Dai altcoin in the Maker system. Only MKR pays the fees and once paid, the MKR token is burned and removed from the supply. This means that the greater demand for Dai there is, the greater demand there will be for MKR.
A CDP (Collateralized Debt Position) is created in the Maker System. Once the debt has been settled, the user has total control over Dai. This also occurs when a customer converts his etheric coins into conjugated ether (PETH). This process is divided into four parts:
Creation of the CDP
Generation Come on
Withdrawal of the guarantee
Dai can be generated by anyone as the platform is accessible to anyone who can deposit collateral in the system in exchange for Dai. The assets are allowed to the owner only on debt settlement. Maker is accessible through the Ethereum block chain in purchasing Bitcoin or Ethereum on platforms like Coinbase and exchanging them for Maker. Dai and MKR tokens are currently available through the Oasis Decentralized Exchange (OasisDex).
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