On March 26, the Maker Foundation behind the MakerDAO network announced today that it has transferred all control of the governance token MKR to the governance community, which means that MKR holders are the only group that determines the fate of the MakerDAO network.
Today's announcement marks the completion of the Maker Foundation's 3-month adventure of decentralized governance.
Maker Foundation CEO Rune Christensen said:
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"Today's news is important. By fulfilling the promise of transferring the MKR token contract to MKR holders, the Maker Foundation will continue to move towards a completely self-running MakerDAO. This is just the beginning and we will continue to prepare the community To decentralize in the coming weeks and months. "
(Picture from: tuchong.com)
Privilege transfer details
As of today, the Maker Foundation has taken three major steps in the transfer of permissions:
- On January 10, 2020, the MkrAuthority contract was deployed to the Ethereum main network;
- On January 10, 2020, the deployer set the dspaueproxy of the governance layer as the root of MkrAuthority;
- On January 13, 2020, the Maker Foundation multi-signature set the authorized address of the token to the address of MkrAuthority.
And today, the Maker Foundation has taken the final step, using multi-signature to set the owner of the MKR token to a 0x0 address. This means that all permissions of the token will be controlled by the previously voted contract (MkrAuthority), and this MkrAuthority contract is a special smart contract that grants MKR tokens access to the following contracts:
- Debt auction smart contract (creating MKR at the end of the debt auction);
- Remaining auction smart contract (destroy MKR at the end of the remaining auction);
- Burning contract (destroy MKR for SCD stabilization fee);
- Governance contracts (used to control future permission changes to MKR contracts);
Regarding community governance, the Maker Foundation also reminded in the announcement:
"In order to achieve effective governance, communities must vote smartly and often. Without sufficient community enthusiasm and goodwill, a community-managed system can become fragile and difficult to succeed."
What do you think?