The Founders' List: The Maker Protocol Whitepaper - MakerDAO's Multi-Collateral Dai (MCD) System
In this episode, guest Kristen O'Brien delves into the Maker Dow project and Dye stablecoin, explaining its protocol, collateral assets, and key external actors. Further discussions cover the Die Savings Rate, governance, risk mitigation, and emergency shutdowns. The future of the protocol and Dye stablecoin use cases are also explored.
Key Points
- The Maker protocol, a decentralized finance application on the Ethereum blockchain, allows users to generate DAI, a stablecoin pegged to the US dollar, by depositing collateral assets into smart contracts called Maker Vaults.
- Emergency shutdown is a mechanism within the Maker protocol that can be triggered to protect against attacks or to facilitate upgrades, ensuring users can withdraw their collateral at a value corresponding to the DAI target price.
- MKR token holders play a critical role in governing the Maker protocol, voting on risk parameters, collateral assets, and system upgrades, and also act as a recapitalization resource if system debt exceeds surplus.
In December 2017, the white paper introducing Maker and the original decentralized Dai Stablecoin System was published. It describes the exact design and features of the Dai launch, as well as a roadmap for the future of Dai. The Dai Stablecoin is a collateral-backed cryptocurrency whose value is stable relative to the US Dollar.
You can also listen to the Bitcoin and Ethereum white papers on The Founders’ List, at - founderslist.nfx.com
Read here - https://makerdao.com/en/whitepaper/
Chapters
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Transcript
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