The Maker Protocol, also known as the Multi-Collateral Dai (MCD) system, allows users to generate Dai by leveraging collateral assets approved by “Maker Governance.” Maker Governance is the community organized and operated process of managing the various aspects of the Maker Protocol.
The Maker protocol is an open-source project started in 2014 by Rune Christensen, an entrepreneur from Sealand, Denmark with the goal of creating a permissionless credit system that would allow users to take out loans collateralized by cryptocurrency. These loans are created by smart contracts that mint Dai, a stablecoin with a soft peg to the US dollar. The protocol was built by the Maker Foundation along with a number of outside parties and over time the foundation has worked to reduce its level of control.
Maker (MKR) is an ERC-20 token native to the Maker Protocol, a decentralised finance (DeFi) project which is also known as the Multi-Collateral Dai (MCD) system as it allows users to leverage assets to generate Dai – a community-managed decentralised cryptocurrency that tracks the price of USD.
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