[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