MakerDAO Can Change The Crypto Space, But How?

MakerDAO can change the entire crypto space according to an interview with Gustav Arentoft, which we will be seeing more in the maker crypto news now.

The stablecoin world is now evolving and is more alive than ever. Maker is a smart contract platform on Ethereum which supports but also preserves the utility of the DAI through a new method of Collateralized Debt Positions or independent feedback mechanisms. As per the interview with Gustav Arentoft who works on the development of MakerDAO, he explained more on how to understand how MakerDAO can change the entire crypto space.

The MakerDao was founded by Rune Christensen in 2014 and it’s a non-profit organization that was responsible for the launch of two cryptocurrencies called DAI and Maker (MKR). MKR is the governance stablecoin that is based on the Ethereum blockchain. It gives voting rights to the financing policies that are applied to create Dai. Dai is a decentralized stablecoin that is collateralized and issued based on the already confirmed applications for loans. In MakerDAO, both private investors and businesses can tokenize their assets and then loan them but the interesting thing is not MakerDAO that tokenizes the assets. The keepers of the assets have their own responsibility.

The price of cryptocurrencies such as Bitcoin and other prominent altcoins is volatile and this is where MakerDao can help with its DAI stablecoin.
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It preserves a 1:1 value with the dollar. The Maker platform includes two coins as we mentioned, MKR and DAI. MKR is not a stablecoin and its main purpose is to govern the maker platform. DAI is the stablecoin and is most suitable for payments, savings or collateral. Unlike other stablecoins, the DAI price is not backed by fiat currency. DAI’s value is secured by the Maker platform that utilizes smart contracts to support the price of the stabelcoin together with a notable amount of the Ethereum cryptocurrency as backing.

As previously reported, Developer finds a new loophole on the MakerDAO that he argued, could even empty all of the ETH from the system. There is about $300 million worth of crypto right now so having this loophole could potentially pose a threat to ETH’s price.