Maker (MKR) – Everything That You Need To Know

Written by Adolph Obasogie - Reviewed by Coin Review Team

Published: May 21, 2018 | Last Updated: Mar 14, 2019

2024-12-10T01:06:30+00:00

What is Maker?

Maker is one of the two assets of the MakerDAO, DAO stands for Decentralized Autonomous Organization. MKR is the governance token of the DAO and is used for voting of the risk management and the logistics of the system, as well as paying for fees.

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And DAI is the stablecoin that this trustless organization issues. The DAI stablecoin that is pegged to the US Dollar and functions on a collateral debt mechanism where collateral in ETH must be given in order to generate a DAI.

MKR holders govern the whole ecosystem and the issuance of DAI. Both tokens are ERC20 tokens and cannot be mined or staked.

History

Maker and DAI launched at 17. December 2017 on the Ethereum mainnet. There was no ICO; the tokens were sold privately in community forums and later on Openledger.

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Can Maker be mined?

MKR is a governance token and cannot be mined or staked.

What differs Maker from other Cryptocurrencies?

MKR is a governance token that has voting rights. As a holder, you can be involved in decisions regarding future development and the how the ecosystem progresses. Every MKR represents membership of the DAO and counts as a vote.

How much is Maker worth today?

What is the total and the circulating supply?

The total supply of MKR is 1 000 000 and the circulating supply at the time of writing is 618 228 MKR.

Where can you buy MKR?

You can buy MKR on several cryptocurrency exchanges, most notably OKEx, Ethfinex, and Paradex.

Can MKR be sold for cash?

You can sell MKR for cash on several cryptocurrency exchanges that have fiat-pairings, most notably Ethfinex.

Future Development

The Roadmap for 2018 hasn’t yet been published. But the MakerDAO team is busy spreading awareness and continuing the development of their stablecoin DAI.

Verdict and Rating

7/10
A stablecoin is much needed, an asset that holds its purchasing power and is not affected by the volatility of the crypto markets. This is very important for payments. The MakerDAO is a very interesting concept, and a very sophisticated community stands behind it. That said, if someone decided to buy MKR, he/she must be aware that it brings much responsibility with it.

It is not good for the ecosystem if you just buy and hold for speculative reasons, you have to actively work with the community and don’t waste your voting power. That would be damaging to the project itself because MKR is a scarce resource. But if you decide to do so, a fascinating journey awaits you, and MKR can be gaining value with the success of the ecosystem as a whole.

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7 / 10.0

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Disclaimer

The writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.