What is MakerDAO?
MakerDAO is a decentralized autonomous organization on the Ethereum blockchain that created and maintains the Dai stablecoin. The Dai stablecoin is a collateral-backed cryptocurrency whose value is stable relative to the US Dollar.
MakerDAO’s governance system is decentralized and community-driven. Anybody can become a maker and help to shape the future of the organization.
What is Ethereum?
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Ethereum is used to build decentralized applications (dapps) on its own blockchain.
NOTE: MakerDAO is not an Ethereum. It is a decentralized autonomous organization (DAO) that runs on the Ethereum blockchain. MakerDAO’s products, such as the Dai stablecoin, are used to create a decentralized system of financial stability and control. While MakerDAO’s products and services have been designed to operate in compliance with Ethereum-based protocols, they are not part of the Ethereum network or any other blockchain network. Please be aware that MakerDAO is not an Ethereum and should not be confused with one.
Ether, the native cryptocurrency of Ethereum, is used to pay for transaction fees and computational services on the network.
So, Is MakerDAO an Ethereum?
No, MakerDAO is not an Ethereum. Ethereum is a decentralized platform that runs smart contracts, while MakerDAO is a decentralized autonomous organization that created and maintains the Dai stablecoin.
10 Related Question Answers Found
Yes, MakerDAO is built on Ethereum. Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. MakerDAO is a decentralized autonomous organization on Ethereum that creates and governs the Dai stablecoin, the first decentralized stablecoin on the Ethereum blockchain.
As the first decentralized autonomous organization on Ethereum, MakerDAO has set out to provide collateralized debt positions (CDPs) to users who wish to take out loans in Dai, the organization’s stablecoin. In order to do this, MakerDAO locks up ETH as collateral in a smart contract, which can then be used to generate Dai. The Dai that is generated is pegged to the US Dollar, meaning that it retains its value even if the price of ETH falls.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Ethereum is an IDE. It is a complete programming environment that allows developers to create, compile, test, and deploy smart contracts.
Polka Dot is a decentralized financial protocol built on Ethereum. The protocol enables the creation of next-generation decentralized exchanges and marketplaces. It is powered by a novel consensus algorithm called Proof of Stake Credit (PoSC).
As the crypto market matures, institutional investors are starting to play a bigger role. Galaxy Digital, a digital asset merchant bank founded by Mike Novogratz, is one of those institutional investors. Galaxy Digital has made a number of Ethereum-related investments, leading some to speculate that the firm may own a significant amount of ETH.
Polkadot is a project that aims to build an ecosystem of blockchains that can interact with each other. The project was founded by Gavin Wood, who is also the co-founder of Ethereum. Polkadot has been designed to address some of the limitations of existing blockchain technologies, such as the scalability issues that have hampered Ethereum’s growth.
Audius is a decentralized protocol for artists to upload, host, and share their creative works. The project was started by a team of Stanford graduates and is backed by some of the leading investors in the space. The Audius protocol is built on top of the Ethereum blockchain and is designed to be censorship-resistant and fraud-proof.
Nifty Gateway is a digital currency wallet and exchange that allows users to buy, sell, and store digital currency. The company was founded in 2018 and is based in New York, New York. Nifty Gateway is one of the leading digital currency wallets and exchanges that allows users to buy, sell, and store digital currency.
Rinkeby is a public Ethereum testnet that uses real ETH. It is one of four Ethereum networks, along with the main Ethereum network, Ropsten, and Kovan. Rinkeby was created in April 2017 by the team at Status.im as an easy way for developers to test their dapps before deploying them to the main Ethereum network. .
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Aave is a decentralized lending platform built on Ethereum that allows users to earn interest on their deposited funds. Aave also allows users to take out loans against their deposited funds.
