Maker Ecosystem Overview

[Music] so first let's establish some context by answering the question what is maker broadly speaking makers three main components first is a freely traded token called dye which is meant to be stable over meet short and medium-term time increments with respect to the SDR a basket of common national currencies all the moving pieces of the maker ecosystem work together to achieve this goal and it is makers main product next maker has a stable coin engine which is a system of smart contracts deployed on the ethereum blockchain that will manage the dye lifecycle and hold the capital reserves that back died in excess and give it its value and last maker is a community of people who work together to launch the dye and will maintain its stability over time membership in this community is distinguished by possession of a token called MK r the MK r token empowers its holders to manage the portfolio of capital reserves and it absorbs unexpected risk from that portfolio next slide please there we go so what's been done in the last year to build out this project first the community of mkr holders that has formed around the project has become quite strong and dependable we meet every week for a public conference call where we discuss high-level objectives and allocate resources towards the development of the stable coin engine it is my opinion that their competence and enthusiasm is makers greatest asset because of the importance that they have in maintaining the stability of the die because ethereum development is so new our dev team started from first principles when building out makers core technology first a build tool was created called dapple which is meant to manage multi contract multi contract systems like what is intended for the maker ecosystem after it was working it was used to create a composable smart contract framework called DAB sis which solves the problem of access control in a multi contract ecosystem in a generalized way and establishes many useful ethereum development patterns both of these tools are open-source so anybody involved in aetherium development can benefit from the hard work that we put in over the past year once dab sis was completed the components were assembled into the MK r token which was launched last February and audited by Piper Mariam since it was launched it was audited again last August by Peter vasanas because both of these come catch Oken is primarily made up of DAB sis components if you're interested in using the daftest framework I encourage you to read these two reports thanks to the because we laid down a unified development environment and laid such a strong technical foundation after launching the MK r token we were able to fast follow with maker market which is a decentralized exchange where the MK r token can be traded for ether and soon other ERC 20 compatible and the initial test launch of the maker auction contracts which are make up a critical component of the stable point engine infrastructure throughout all of this our main focus has been on safety and responsibility even when that means trading off on developer velocity and we will continue with that divine design philosophy going forward what that means is it will be a long time before a robust production ready formally proven stable coin engine is deployed onto the blockchain and in the meantime we want to meet the etherium community's needs for stable coins that's why I'm excited to announce makers newest project next slide please it's called the simple coin project what it is at its core is an independent platform made up also of daps as components which will allow anybody to create their own centrally administered stable coin controller that means that you will be able to go to the simple coin website and create your own rule set such as feed providers accepted forms of collateral and who can be holders or issuers of the simple coin deploy it and use it to start meeting your or the etherium community's needs right away we want to do this for a few different reasons like I said the main reason is that we want to meet the ethereum community's needs for a stable coin it's basically impossible to do to run a business or decentralize project without a stable form of value transfer the next reason the next reason is we want to create an incentive to create the off chain automated market making components that are necessary for keeping a stable coin stable such as trading BOTS arbitrage BOTS really want to get feed prey feed providers online and just any any other type of trading BOTS and we think that creating a market will be an appropriate profit incentive to get these these pieces of critical infrastructure critical off chain infrastructure online and last the MKR holders want to create an environment where we can see different stable coins in the wild and judge for ourselves what works best before we launch the stable contingent we want to create a rich token eco we want to create a rich token ecosystem where you can have a lot of different stable coins to choose from and then allow the best ideas to win in the marketplace to that end I'm gonna give you an example of a few of two different potential stable coins that could be launched the first one is called Schrute bucks the owner is Dwight and the max total supply is 1 million Troup bucks the reason that is a max total supply of 1 million is because the only issuers are Dwight Jim and Pam and that's the amount of collateral that they're willing to put forward towards the project you see here that in the collateral portfolio they're backing it with one third ether one third jiseok's gold token and one third decentralized capital's d USD token and that allows them to hedge risk regarding any of these 1 projects and it gives more confidence to the users of Schrute bucks as far as the profit incentive goes you can see that the target price is one SDR and holders pay a flat registration fee this would be a good stable coin for somebody who is having a crowd sale like a different ethereum DAP and then immediately wants to hedge risk for a limited period of time it wouldn't be one that would be good for consumer usage it's convertible to eat on demand and you can see in the bottom that the collateral ratios require 3x e 2x digits and 1.5 X D USD which reflects twice opinion about potential volatility with those different collateral types the next one is Stanley nickels Stanley nickels you can see has a it doesn't have a max total supply and that's because the issuer's list is open you can see in the bottom that you have to register with kyc with stanley but if you join Stanley's co-operative then you can split the profits of the 1% fee when you convert out of Stanley nickels and into Eve this is a completely different approach and it benefits holders because it be with with no max total supply it could meet as much demand as there is for stable coins but you can see at Stanley's opinion is that he would rather have just eath and digits splitting both 50/50 and with a 2x + 3 X ratio two digits and eath respectively we're really excited about the simple coin project it's pretty much ready to launch it's gonna be up pretty soon we're talking with partners right now about launching simple coins so stay up-to-date get excited it's gonna be cool new options for meeting your needs when your daps and you needs to financial stability if you want to know about how maker works I didn't discuss that at all please check out the white paper Doc's maker.com and if you want to get involved in the community it was a very tight-knit community but we love to have new members join chat maker.com thank you very much [Applause] [Music] you