What is Maker token?
This Maker token review will combine all available information and compile it into a comprehensive article. MKR is a token based on the Ethereum blockchain in compliance with the ERC-20 protocol. The aim behind creating it and the MakerDAO platform was for a truly stable cryptocurrency to emerge. It offers freedom from volatility and restrictions, giving everyone ample opportunity. Maker is comprised of a stable coin, collateral loans and decentralized governance in order to achieve all this. The total and the maximum supply is 1 000 000 MKR tokens.
Advantages
One of the unique features of the network is that on it there is also a stable coin called Dai based on the Ethereum blockchain as well. The Maker token is essentially keeping that coin stable by the token holders. It uses a system of collateral and price feeds. Some of the other advantages that it posseses are:
- The token offers transparance and in result auditability
- The above mentioned also provide a good level of security against malicious actions
Disadvantages
As mentioned earlier, the network utilises many underlying assets to guarantee the stability of the Dai coin through Maker token. Due tho this it also means that the cryptocurrency is quite risky. If even one of the assets loses value the token holders would suffer. Other things to note are:
- The asset management really adds high complexity to the whole network
- Slow development of new features as a result of the complexity
History and Evolution
Maker token is created on the Ethereum Mainnet and was released on 17th December 2017. The ICO for it was started on the 23rd January 2018 and ended on the 28th February 2018 after raising a total of $10,650,00. The ones behind the MakerDAO platform and the MKR token are CEO Rune Christensen, CTO Andy Milenius and President&COO Steven Becker along with their teams.
Maker’s Future
While there is currently no official roadmap, the future development and plans for the network are to continue to transform the financial sector. The stablecoin Dai is planned to become the most stable and decentralized cryptocurrency on the market, mimicking fiat money like the USD.
Maker Blockchain
The Maker cryptocurrency is not a coin due to not having its own blockchain where its considered native. The token is based on the Ethereum blockchain in compliance with the ERC-20 protocol. The way that the team will increase exposure is by opening a collateralized debt position. This way users can invest in the underlying assets and trade on margin. Maker token holders are eligible to make risk-based decisions due it being a governance token, thus influencing the health and longevity of the network.
Currently there is no official information regarding the launch of the mainnet or even the testnet as well as the token swap ratio
How to get Maker Tokens at Exchanges
Cryptocurrencies are getting more and more popular in the world. This means that a lot of countries already have regulations and necessary licensing required before an exchange can be created. There are countries where they are straight up banned and cryptocurrency is not accepted as a financial resource. Because of this there are only a few exchange platforms offer crypto/token to fiat pairs and only for a limited amount of coins.
Why trade Maker cryptocurrency? Being a MKR holder gives you governance over all decisions being taken for the future of the network. This also allows you to make a profit as well. You can see from which exchanges you can obtain the token below.
| Exchange | Buy Maker token with: | Buy with Fiat Money: | |
|---|---|---|---|
| Bitcoin, Ethereum | USD | Trade now | |
| Bitcoin, Ethereum | – | Trade now | |
| Bitcoin, Ethereum and +8 more | – | Trade now |
Wallets for Maker
Currently there is no official wallet developed by the MakerDao team. Since the token is based on the Ethereum blockchain network, any wallet that supports ERC-20 tokens is useable. For example MyEtherWallet is one of the most popular ERC-20 token wallets out there.
Alternative Wallets for Maker
Why use alternative wallets? Different users have different needs, thus alternative wallets are popular as well. They provide different functionality and user interfaces to suit any need. Also, a large portion of them are multi-coin wallets that support a wide range of currencies like ERC-20 wallets. You can find a short list of wallets you can use for Maker tokens below:
Mobile Wallets:
Web Wallets:
News
Because Maker (MKR) is still in development, the best place to find the latest new is visiting their twitter account and their webpage.