What is Maker (MKR)?
Launched in 2017 Maker (MKR) is the governance token of the MakerDAO and Maker Protocol. These are a decentralized organization and a software platform respectively, both of which are based on the Ethereum blockchain that allow users to issue and manage the DAI stablecoin. Maker's main objective is to operate DAI. This is done by leveraging the MKR token. Holders of Maker tokens have the right to vote on changes to the Maker Protocol with their voting power being dependant on their MKR holdings.
The Maker ecosystem is one of the earliest projects in the decentralized finance (DeFi) space, the industry that seeking to build DeFi products on top of smart-contract-enabled blockchains, such as Ethereum.
Real World Example:
Dai coin serves to bring broader access to financial services to its users across the globe. This includes access to a credit system built around the principle of easy and fair access, stable loans and the lack of local restrictions. To make all of this possible, Maker coin works in the background as a utility token that ensures the proper operation of both the platform itself and the Dai stablecoin.
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