This post is intended for people who are already familiar with Ethereum to quickly understand what Maker is all about.
Maker is a Decentralized Autonomous Organization (DAO) that is developing a stablecoin product for the Ethereum blockchain.
Decentralized stablecoins is one of the most important fields in the blockchain space. The promise of an unstoppable decentralized stablecoin is limitless, with the potential to revolutionize global finance and trade and disrupt financial monopolies. A decentralized stablecoin is also a required component necessary to realize the full potential of blockchain based decentralized applications and the global Internet of Things, and probably billions of other high tech financial inventions that are yet to come.
Maker has taken the best parts of earlier stablecoin designs and combined them into the ultimate decentralized currency: Dai (unicode symbol: ◈)
The fact that Maker is a DAO means that it is possible for anyone, anywhere to become a part of Maker and help act as the backbone of the dai economy. One of the best ways to join Maker is done by purchasing the cryptocurrency MKR. MKR holders are the highest authority in the Maker system - they govern the system and benefit financially when they govern it well, but they also have to foot the bill if things are mismanaged - as a group they need strong social cooperation and a vigilant attitude towards governance. The biggest exchange for MKR is Oasis - a decentralized exchange that runs entirely on ethereum contracts, is fully autonomous without human control and has 0% fees. IMPORTANT: Remember to always do your due diligence before buying a digital asset. MKR is a particularly risky asset and requires significantly more holder engagement than other assets.
Another crucial part of Maker and Dai is the CDP margin trading platform. CDPs are smart contracts that handle the collateral assets that back the market value of outstanding Dai, while simultaneously serving as a platform for decentralized margin trading with lower costs and higher security than what is possible with current margin trading solutions.
The Dai stablecoin, the Maker Market decentralized exchange, and the CDP margin trading platform combine to offer a full solution for global decentralized finance where everyone - from rural India to Wall Street - gets to benefit from the massive economies of scale that become available when global finance is done right.
Another important feature to highlight is that Dai will have an option for fully anonymous transactions. This will be possible with several different types of anonymity services, including both monero-style ring signatures and ZCash-style zero knowledge proofs.
Some links to understand more about Dai, CDPs and Maker:
Dai characteristics at launch and beyond Explains the most important features of the dai from the pov of a regular dai user.
Dai and Maker from the POV of a margin trader Explains the advantages of the CDP margin trading platform.
Stablecoin.Technology A full technical “wiki-style” description of how Dai, CDPs and MKR all come together to form the fully realized Dai Credit System.
The white paper Explains the cryptoeconomic details of the system and also provides a simplified framework of how Maker governance could work.
Maker 2017 Product Roadmap An illustrated and well defined explanation of the timeline until Dai launch.
Maker Blog Other interesting major posts from Maker community members.
Oasis The Oasis decentralized exchange where you can trade MKR and all other Ethereum tokens with 0% fees! If you have trouble loading the orders with metamask try refreshing the page or use mist.