How DAI can help open-source to secure funding Mariano Conti, MakerDAO - GoerliCon 0|1

wait let's okay he's on the screen right hey what's up a cat I'll do the BN let me flex the Spanish guitar so I heard you're a big Boca Juniors fan huh no now okay so yeah you're a river Prut so you know we're gonna start with Mariana thanks for joining us right now you know the Sun did came up right now but I you know you got a better wetter than us I could believe right I can imagine it's it's not here it's way too hot but we'll manage okay so you know even though you're not physically here the stage is yours all right thank you thank you well welcome to girl econ thank you so much for inviting me to the Department of decentralisation especially male 3 this is just a regular presentation why a stable point is needed I'm just going to show you really quick how dye works you put in certain valuable collateral in this case it's ether and you borrow against it and as long as the value of your ether is more than a certain threshold you can borrow up to a certain point of diet in this case the value of the collateral is worth more than the diet that you borrowed and everything is fine for whatever you want and then you eventually repay it along with a fee and you get your collateral back this is somehow analogous to a mortgage where your valuable asset is your house and you borrow against it and the price of the collateral starts dropping you risk liquidation and losing some of your asset this is because we want to keep the system safe and always over collateralized that's like one of the main valuable things that die has that it's over collateralized there's always more value back and die than the value of die itself and something really cool happened a few hours ago and I was falling asleep and I didn't catch a screenshot we reached two million eath locked in the die credit system and as soon as I tweeted that somebody started taking out collateral and when I when I got the screenshot it was back below two million eath but for a few brief moments there we were at two million and it was pretty cool so I'm gonna show you real quick it I and I have a lock transaction so I'm gonna use one of my real accounts and hope that everything works this is just a quick demonstration I have almost everything set up and I'm gonna be using the old Explorer and I'm gonna show you why I already have a CDP here VP number four this is a really nice number and I already have some valuable assets locked in this is 50 pulled ether I'm gonna draw a hundred died and I'm gonna set a high enough gas price because I think the network is a little bit congested and I'm going to create a hundred die and you see that this this is somewhat cumbersome process you need to open a CDP you need to put some collateral in you need to figure out how much you can you can get for your ether the reason I'm showing you this is because for the purposes of this talk I do not want you to use this I don't want you to think of die as something that would see the piece and create and you will see that I already i created i drew a hundred died and i'm gonna go into the early multi-sig and i'm gonna transfer 100 die over to them amazingly cool so a tiny contribution and send it okay hope they get it and I'm gonna pause now and stop presenting a little bit and see if you're all looking at me and if everybody's listening I'm not listening to you the reason I wanted to show you this oh great it's because this is the way dye is born but this is the way that speculators and people who want to risk their valuable assets this is how they create that but a lot of people just want to use it and they want to benefit from the stability and transaction confirm awesome and that is the point that I want to get to you today I'm gonna go back to presenting just a little bit more I'm gonna show you and why I think that dye is gonna be the token that's kind of Ellucian eyes and it's already revolutionising projects on etherium so this is from a free and he posted this soon after getting investment for the girlie project right and it was awesome and I asked him and he said yeah we asked for dye because it's a what has to be right it's I know how much money I have and I don't have to be speculating whether I'm gonna be having less tomorrow or more I mean hopefully it's gonna be more but you never know and this is the post where he said that they received a few thousand die and then an extra ten thousand died and that's the multi-sig that's where I just sent a hundred and I want to show you a couple more things this is from keep going it's eath is still the number one token in the leaderboard but the eye is slowly creeping him a lot of people are now asking for the issues to be paid and died just because you know exactly how much you're gonna be paid you don't want to speculate with something like that remember this one the big yellow tweet from vitalik I thought I was I was up for that one and followed it closely and you're gonna give a shout-out to chain safe I think I saw Aiden there because they received a thousand eat as well and I my own little unsolicited advice was hey how about you turn some of that ether into died right so you know and they replied we already did it's like when I said that it's like oh no no way ahead of you we already traded for die and it's gonna be there and I checked then yeah and funny thing I was looking at the prices of beef right around those times and how did they do so when they got the when they got the thousand eath the price was around 100 Christmas it had gone up 130 and I was starting to regret my advice even though they did it on their own okay what's going up up to almost 160 January SiC and then what happened started to go down and today were more or less around a hundred and eight so the point is this time it went up could have gone down could have gone sideways maybe on the outside was but the thing that died removes is the uncertainty it's a if you get a grant of $50,000 what you're gonna do with that one you don't want to bet on money that's given to you to fund your project like this is what happened from the moment that they got the grant from the italic up until now and this is going back to a freeze or is you know chart and this is Alex one Center for example saying he's the first person in the foundation whose painting died now and when he started that the theorem foundation there was no ether so he was paid in Bitcoin as soon as ether started existing he was paid in ether and now he's asking to be paid and I think that's really truly amazing and just to say from my own experiences the moment we launched the alpha version of the I which which cook we called Sai I along with many from makers started getting paid fully in that and then we die the moment it launched and is kept on to this day and I can set aside money for whatever I need rent groceries etc and then just I want to speculate with the rest I totally think I'm gonna switch back to you guys and okay there we are so this was a tiny introduction I showed you how dye is created and I'll show you not to create it yourself ask for it try to get paid and die if you're raising money racing and diet you'll be happy I know the price of each can go up it can also go down so that's my tiny presentation and I know we're at 8:19 so I hope there's a tiny bit of time for questions thank you thank you any questions so my question is since dye requires like a hundred in at least 150 percent collateral huh and it's backed by ether which you know has a very volatile price I was wondering how how are you guys planning on scaling the the amount of dye and circulation because I think right now it's like around 100 million dollars worth or something and I mean it's a lot for the crypto economy but it's a very small amount compared to the large economy like one medium-sized business could you know use a 100 million die in a year so yeah the question is you know how are you guys planning on getting more dye in the circulation okay that's a good question and the answer is multi collateral dye we're working on it we've been working on it for a couple of years and it's gonna be launching soon we hope to finish it as quickly as we can the code is mostly ready there's already a version in Poland and this version of multi collateral die will be backed by more assets other than ether so the collateral pool is diversify and there's less risk of one asset affecting others right because we know that in crypto mostly when one asset goes up the others do as well when one goes down the other so the idea with multiple actual guys to launch with a very high debt ceiling a lot more than the hundred million that are currently available more questions Corey wants going twice ie alright thanks man thanks for joining us today okay thank you thank you very much children enjoy the weather and I hope you have a great very talent yes oh can I see one it's thing yes so as head of Oracles I just wanna let public is publicly say so you can hold me accountable that we're planning on having all of our Oracle's running on the girly test net in less than week probably so all right my dutiful thoroughly Preston