What is Maker Coin (MKR)?

Blog 19 December 2019 Cointral
What is Maker Coin (MKR)?

The Maker platform has two tokens in total. These tokens are Maker Coin (MKR) and Dai. While Dai is traded on the market as stablecoin, MKR is a token with a variable value. In this article we will talk about MKR, Dai, how to buy them and how they work. Have a pleasant reading.

What is Dai and MKR?

The transaction fees arising from the production of Dai within the Maker platform are paid with MKR. MKR can be defined as a service token. The token is burned when payments are made. This reduces the total number of tokens. Dai increases the number of MKR token if demand increases.

How Maker Coin (MKR) Works

MKR is used in Maker platform for risk management and voting on business logic. Risk management is very important for the future of the platform and for increasing the success scale.

All MKR token holders have the right to vote for the bid they want. They may also withdraw their vote at any time or have the right to propose a new vote.

The proposal that receives the most votes in the MKR system can be activated to provide changes in risk management in the system. In terms of security, there is a short delay after the acceptance of the proposal. This delay is performed to ensure security.

The team working on the platform decides the future of Dai together with the community in Maker. The platform plans to introduce much more advanced features in the future. Some of these features are the ability to transfer the votes used to the proxy vote user and to vote with the top-level firewall with MKR coins held in secure storage warehouses.

Buy Maker Coin

MKR can be purchased on Binance exchange. To purchase MKR, you must first become a member of the Binance exchange. Then, you can buy BTC and exchange with MKR.

With Cointral, you can purchase MKR with the help of our expert staff. In addition to Maker Coin, you can purchase Bitcoin, Ethereum, Ripple, Litecoin, Dash, Tether, BNB Coin, Cardano, Dogecoin, Steem, NEO and more than 1200 cryptocurrencies with Cointral.

Investment information, comments and recommendations contained herein are not included in the scope of investment advisory. Therefore, making an investment decision based solely on the information and comments contained herein may not produce results that are in line with your expectations.