The white paper described how anyone could generate Dai using that system by leveraging Ethereum (ETH) as collateral through unique In December 2017, the first MakerDAO formal white paper was published, introducing the original Dai (now Sai) Stablecoin System. Introductionīeginning in 2015, the MakerDAO project operated with developers around the globe working together on the first iterations of code, architecture, and documentation. Its purpose, as noted in the Dai Foundation Trust Deed, is to safeguard what cannot be technologically decentralized in the Maker Protocol.
LIGHTPAPER VS WHITE PAPER CODE
It was formed to house the Maker community's key intangible assets, such as trademarks and code copyrights, and it operates solely on the basis of objective and rigid statutes that define its mandate. The Dai Foundation, based in Denmark, is self-governing and independent of the Maker Foundation. It is currently working with the MakerDAO community to bootstrap decentralized governance of the project and drive it toward complete decentralization. The Maker Foundation, which is part of the global Maker community, built and launched the Maker Protocol in conjunction with a number of outside partners. The Maker Protocol, one of the largest decentralized applications (dapps) on the Ethereum blockchain, was the first decentralized finance (DeFi) application to earn significant adoption. MakerDAO governs the Maker Protocol by deciding on key parameters (e.g., stability fees, collateral types/rates, etc.) through the voting power of MKR holders. Current elements of the Maker Protocol are the Dai stablecoin, Maker Collateral Vaults, Oracles, and Voting. The Maker Protocol, built on the Ethereum blockchain, 2 enables users to create currency. In other words, the more MKR tokens locked in the contract, the greater the voter’s decision-making power. MKR voting weight is proportional to the amount of MKR a voter stakes in the voting contract, DSChief. Through a system of scientific governance involving Executive Voting and Governance Polling, MKR holders manage the Maker Protocol and the financial risks of Dai to ensure its stability, transparency, and efficiency. The project is managed by people around the world who hold its governance token, MKR.
MakerDAO is an open-source project on the Ethereum blockchain and a Decentralized Autonomous Organization 1 created in 2014.
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