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Maker (MKR) Cryptocurrency in a Nutshell

Maker DAO [symbol MKR] aims to become the de-facto cryptocurrency for Decentralized Autonomous Organizations (DAO).

It is implemented as a token on top of the Ethereum blockchain.

It claims to have no volatility, calling itself a price-stable cryptocurrency.

Maker pays out interests on MKR deposits. When you buy and hold MKR you immediately start earning interests.

Mineable? If so how is it mined?

MKR or Maker Tokens are not mineable but can be acquired by buying Ethereum and then exchanging ETH for MKR at exchanges like Coinbase and Cex.io.

You can also earn interests on MKR deposits.

Monetary Data

The total supply of Maker tokens today is 987,286

There is no preset maximum number of MKR tokens, although it is assumed only 1 million MKR will ever be minted.

History

MKR cryptocurrency is a token made by The MakerDAO Company which is a Decentralized Autonomous Organization based in the United States.

MakerDAO was founded in early 2015 by Rune Christensen.

Christensen effectively combined blockchain and Dai which is a single asset credit and it is equivalent to 1 US dollar, a smart way of securing funds in which he used a mortgage to back up transactions which were launched on December 17, 2017.

MKR token is just a part of MakerDAO’s primary entities.

The other two is Dai Stablecoins and CDPs or the Collateralized Debt Positions.

These three entities have their own different roles to play in the Maker ecosystem. MKR is a governance token, utility token, and recapitalization resource of the Maker system of the Maker DAO Company. MKR is used in exchange for the accrued on CDPs that is used in the Maker System to create or generate a Dai.

What makes it different?

What makes Maker different from other cryptocurrencies is it offers low fee banking services which encourage people who can’t easily get loans from other banks offering Dai which is the stable currency of Maker that can be used as a means of payment and even for savings. MKR coins are used or burned in Collateralized Debt Positions and this CDP’s produce Dai in exchange to keep the worth of Dai stable. The company also prioritizes the security in every design of their process and emphasizes that it is the most important area they have been building for the users of the system.

Who is behind Maker (MKR)?

The Maker or MKR cryptocurrency was founded by Rune Christensen on December 17, 2017.

Behind this US based company are forty four creative and innovative collaborators which work hard to keep the foundation of Maker strong and secured.

To cite some of the workers on this project we have Andy Milenus the CTO, Matt Richards the President, Nikolai Mushegian the Chief Scientist, and Soren Peter Nielsen the Head of Product.

Links

Official Website

Announcement Thread link to BitcoinTalk

Block Explorer Link

Github Source Code Link

GlobalCryptoAcademy Feature

GetCryptInfo Entry

YOR Entry

CoinCodex Entry

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