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Maker (MKR)

Maker (MKR) is a proprietary token for Maker which is backed by Ether rather than fiat currency. It allows simpler international payments and peer-to-peer transfers. Maker DAO uses a unique approach to stabilize DAI using its MKR token. It closely follows fractional reserve banking in which a bank only requires to hold a fraction of its deposit liabilities. MKR is an ERC-20 token on the Ethereum blockchain, and it cannot be mined. It was created in response to DAI price fluctuations. MKR can be used to pay transaction fees on the Maker system, and it collateralizes the system. Holding MKR comes with voting rights within Maker’s voting system. It is a fully decentralized and democratic structure which is an underutilized USP of blockchain technology. The conversion between MKR, DAI and ETH are made by using Oasis Direct, MakerDAO’s decentralized token platform which can be used with other ERC20 tokens on the Ethereum blockchain. MKR token can be stored in any wallet which is compatible with ERC-20. MKR is available in 14 exchanges including Gate.io, HitBTC, IDEX, OasisDEX, and OKEx. The token can be traded against BTC, ETH, DAI and USDT.
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