What is MakerDao? My first MKR tokens

What is MakerDao? My first MKR tokens

By RFereru | CryptoStory | 6 Oct 2020


When I signed up with Coinbase, one of the first things I did was sign up for the different courses (Coinbase Earn) that it has with which you can learn something about different currencies, and at the same time earn some USD in each one of them.

As there is a lot of demand for these courses, there is usually a queue that you sign up for to be notified when you can take these courses.

A couple of days ago I received an email from Coinbase stating that I could now access the MakerDAO course and earn up to $6 in MKR.

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But what is MakerDAO?

MakerDAO is an open source project on the Ethereum blockchain and a Decentralized Autonomous Organization, or DAO (understood as a large community of people who work on the same project without the need for what we would know as a traditional corporation).

The main objective of MakerDAO is that everyone, simply with a phone and from anywhere, can use a Dai currency, which is decentralized and stable. Dai is an ERC20 token on the Ethereum blockchain that maintains a practically stable value around $1.

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And what is MKR? What is your relationship with Dai?

As we have seen, the Dai is a stablecoin with a value anchored to the USD and with which we can do the same as with other cryptocurrencies: exchange, save, send to other people, pay for services ...

However, the MKR is a governance token of the so-called Maker Protocol. This token allows its holders to decide on different parameters of said protocol and manage it. What is sought is to stabilize the value of the Dai.

Keep in mind that:

  • Dai transaction fees are made in MKR.
  • MKRs are generated or destroyed to keep the value of the Dai stable.

If you liked this post, upvote it! And, if you want to know how I evolved in the crypto world: Stay tuned!

In some of the courses, Coinbase allows you to send invitations to other Coinbase users to take them. Here are a couple of links to the EOS and XLM courses:

Thanks and see you soon.


RFereru
RFereru

I am passionate about the world of software development, blockchain and cryptocurrencies. My hobby is photography.


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