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

Blockchain

Blockchain investment: which "platform coin" has more investment value?

In the last lecture, I analyzed the "privacy currency" field in the blockchain industry. In this lecture, I...

Blockchain

In those years, the traditional financial sponsorship system practiced on the trading platform

This article is probably: 6900 words Reading needs: about 13 minutes (Deep long text, it is recommended that the coll...

Blockchain

Run, clear the sea? This question for the exchange is too difficult

Text | Qin Xiaofeng Production | Odaily Planet Daily The market turned cold, and the exchange changed from a once env...

Blockchain

Central Bank Shanghai Headquarters issued a document: increase supervision and prevention, and combat virtual currency transactions

Source: People's Bank of China Shanghai Headquarters official website In recent years, speculations related to v...

Blockchain

The game of the exchange after the BCHSV "belowed"

The representative of the BSV community, Craig S Wright (CSW), has always claimed to be Nakamoto, and the people in t...

Blockchain

DeSpread Research Data Analysis of Centralized Exchanges and Investor Behavior in South Korea

According to a survey by the Korea Financial Intelligence Unit (KoFIU), it is expected that the number of cryptocurre...