The Maker Foundation hands over contract control to the community. Is the "centralization" hat off?

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:

"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. "

Maker基金会将合约控制权移交给社区,“中心化”的帽子要摘了?

(Picture from: tuchong.com)

Privilege transfer details

As of today, the Maker Foundation has taken three major steps in the transfer of permissions:

  1. On January 10, 2020, the MkrAuthority contract was deployed to the Ethereum main network;
  2. On January 10, 2020, the deployer set the dspaueproxy of the governance layer as the root of MkrAuthority;
  3. 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:

  1. Debt auction smart contract (creating MKR at the end of the debt auction);
  2. Remaining auction smart contract (destroy MKR at the end of the remaining auction);
  3. Burning contract (destroy MKR for SCD stabilization fee);
  4. 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?

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Opinion

Data Perspective on the South Korean Cryptocurrency Market Strong Growth of CEX and Obsession of Retail Investors with Altcoins

We will study data from centralized exchanges in Korea and explore the characteristics and trends of Korean investors.

Web3

Uniswap, the most successful American Internet Fintech company benefitting from the Web3 dividend.

Ultimately, it is the users who end up paying for faith. However, there is also this saying the most imaginative asse...

Blockchain

"Gemini" Risk Control Interview: How the Traditional Financial Regulatory Framework Maps to the Crypto Industry

Source: Yahoo Fiance Original author: Daniel Kuhn Translator: Moni Source: Odaily Planet Daily Monero’s Community Cro...

Blockchain

Bitfinex abolishes the minimum balance threshold of $10,000

Bitfinex, a Hong Kong-based cryptocurrency exchange, is now open to all traders as they canceled a minimum entry thre...

Blockchain

2019 Spot Exchange Research Report: The total global trading volume is $ 13.8 trillion, BTC accounts for 48.29%

Key takeaways: 1. The annual spot transaction volume was US $ 13.8 trillion . 2. BTC's annual trading volume acc...

Market

Solana’s Spectacular Comeback: Moons and Stumbles

In 2023, the token has increased by over four times its starting value of $10, making it a lucrative investment for F...