Home » Blockchain » What is Maker (MKR) and how does it work?

What is Maker (MKR) and how does it work?

by Financial Economy

Maker (MKR) is a DeFi project and was launched by Rune Christensen in 2017 with the Ethereum blockchain system ERC-20 infrastructure. DAI is a stable coin free-traded cryptocurrency. Information about ” What is Maker (MKR) and how does it work?” is in rest of the article. You can browse here for information about Basic Attention Token (BAT).

What is Maker (MKR) and how does it work?

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

The Maker crypto currency is used to keep the price stable in DAI crypto money transactions and to have a say in the management of the DAI platform. Maker is used in DAI production and this Maker (MKR) amount used is burned. Due to the decrease in the number of tokens, the demand for the DAI crypto currency will also be reflected in the Maker crypto currency.

Features of Maker (MKR) platform!

The most striking feature of the Maker (MKR) platform is that it attaches importance to the opinions and votes of the users. For a new update, change and development on the Maker platform, it is determined by the votes of users who have Maker in their wallet.

Efforts are underway to enable users with Maker (MKR) to vote more securely and fairly in the system. It aims to enable users to transfer their Maker balance and voting rights to a proxy. It is aimed to pay attention only to the balances held in cold wallets for the secure voting process of the users.

How to mine Maker?

Maker is not a cryptocurrency that can be mined. The company has released all the Maker cryptocurrencies available on the market.

For information about DAI crypto currency: https://en.wikipedia.org/wiki/Dai_(cryptocurrency)

Related Posts

Leave a Comment