MakerDAO’s Multi-Collateral DAI System Launches Nov. 18; MKR Holders Cast Votes On The 15th

The CEO of the Maker Foundation, Rune Christensen, has recently affirmed that the new multi-collateral DAI (MCD) system of the MakerDAO network would be launched on November 18. According to him, all the MKR token holders should vote on the project until November 15 to approve it.

His announcement was made during the Devcon 5 conference, which is happening in Osaka, Japan, right now. According to him, the new MCD will be a decentralized system that will encompass the whole MakerDAO network and its smart contracts.

Two features were highlighted during the announcement. They were the DAI Savings Rate (DSR) and the Coolaterized Debt Positions. The first feature allows the holders of the DAI stablecoin to lock their tokens to smart contracts that will act as saving accounts. The second one will create new kinds of collaterals to be used in the DAI system.

These updates are a huge milestone for the network and are set to pave the way for the future. They will be important because they will improve the integration of the network with other decentralized projects.

Before the update happens, however, the community has to vote. Unless the majority of the voters approve it, the governance rules of the network will not allow the update to happen.

Recently, the HackerOne group discovered a major bug in the update. Fortunately, the bug was found and fixed before any malicious actors were able to exploit it. The bug could have let an attacker steal all of the collateral that was used to back the stablecoins.

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Author: Gabriel Machado

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