Maker is one of the blockchain-based projects roaming around on CoinMarketCap right now. In order to get to know more about the project, BlockPublisher recently got in touch with the Chief Executive Officer and Co-Founder of the project, Rune Christensen.
Maker is based on the ethereum blockchain and the most prominent currency in the Maker ecosystem is Dai, a stablecoin. The project believes that stablecoins are necessary to realize the full potential of the blockchain technology.
The following Q&A with Rune helps one understand what the project is all about.
- What is Maker’s long-term vision?
“For there to be a true financial system on the blockchain, there needs to be stability on the blockchain. Price instability and market speculation have contributed to extreme volatility, hampering a productive, booming financial ecosystem which requires a stable medium of exchange. We believe a fully-decentralized collateral-based stablecoin is the key to moving things forward.”
- How is Dai different from the rest of the stablecoins?
“Dai is an asset-backed, currency for the 21st century — the first fully-decentralized stablecoin on Ethereum. It’s not enough for stable currencies to be backed by faith, there needs to be real underlying assets supporting it’s value. Volatility needs to be managed intelligently through clear mechanisms.
Dai is managed by an autonomous system of smart contracts which is specifically designed to respond to market dynamics. This ensures that this essential stability property is continuously maintained. No one can alter the core mechanics of Dai, making it a safe and predictable form of money.”
- What products are present in your ecosystem right now?
“The two primary products are Dai and MKR.”
- What is the project’s main focus currently?
“Our focus is the launch of Multi-Collateral Dai (MCD), the next stage of the Dai Credit System where users can lock up more than just ETH as collateral to create Dai. We’re focused on the development of the MCD core contracts which we recently released, as well as the application layer, UX, and processes.”
- How is scalability managed on the platform?
“Scalability is a core focus for us as we continue to evolve our user interfaces and workflows. For example, we recently released a new portal for opening collateralized debt positions (CDPs), which is how a user posts collateral to mint Dai, that dramatically simplifies the CDP process by allowing that enables you to interact with our permissionless smart contracts directly.”
- What is your target audience?
“In the long run, we believe that a successful stablecoin will touch many, revolutionizing the world of finance. In the short term, we service those who want to harness stability on the blockchain or gain leverage in volatile markets, whether that is dApp developers, business partners or individual users.”
Volatility is an issue that is associated with the world of cryptos for quite some time and this persistent issue destroys its reputation to some extent in the eyes of the general public. Stablecoins can be used to build a fabric of trust among the public regarding digital currencies. Let’s see if Maker can improve the situation or not.
You can find more details about the project here.
SEE ALSO: The Dai Stablecoin and the Maker System