BitShares Forum
Main => General Discussion => Topic started by: Rune on August 29, 2015, 11:44:07 pm
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(http://i.imgur.com/UmvAv2m.jpg)
(I just love large pictures in forum posts :P)
I'm excited to announce that Maker's primary asset, Makercoin (MKR), is tradeable as a UIA on the BitShares exchange. The name of the UIA is MKRCOIN, and it is managed and kept liquid by a trusted market maker. At a TBD point in the future it will be possible to redeem MKRCOIN for the ethereum-based Makercoin (MKR) token 1:1. Alternatively they can be kept on the BitShares blockchain long term for trading with the BitShares infrastructure (we're expect BitShares will end up as one of the primary exchanges of Maker assets).
The 50,000 outstanding MKRCOIN are backed by a single lot of 50,000 real ethereum-based MKR that MKRCOIN's issuer owns. This corresponds to 5% of the total 1,000,000 MKR in existence, which currently has a market cap of 2-3 million USD based on our public sales. A multisig contract on Ethereum will be used to ensure that the 50,000 MKR are locked until they are redeemed by MKRCOIN buyers. I will personally be the buyer of last resort with my own MKR holdings, and thus ultimately guarantee, the 1:1 convertability of MKRCOIN for MKR.
MKRCOIN will also be used for the planned sharedrop that is happening next friday on the Beyond Bitcoin show! 30 mins after Bytemasters hangout ends (11:30 AM EST) I will begin to hand out MKRCOIN to every person who's present with a valid BitShares account (so you won't even need to install/learn Ethereum to get the sharedrop). The size of the sharedrop will depend on the amount of people that show up, but we are planning to give 30 MKRCOIN per person. After the sharedrop me and Toast will explain and answer questions about Maker, MKR, DAI, eDollar, our plans related to BitShares and anything else people might be interested in.
Maker is a Decentralized Autonomous Organization on Ethereum (initially) that we describe as an Autonomous bank and market maker. It regulates the issuance of DAI bonds, which are yield-paying cryptobonds that are collateralized by assets on the Ethereum blockchain, and that are insured against collateral crashes by Maker (and the market cap of MKR). To learn more you'll have to read the DAI whitepaper on our website: https://Makerdao.com/ , or you can ask questions and I'll try to explain things better here in this thread. Ultimately Maker is an extremely complex system and there isn't any accessible educational material yet. We hope things like the live Q&A on the Beyond Bitcoin hangout will present a new avenue for learning about our system.
The project is run by a decentralized team that includes me, Toast, Riverhead and Cass. There's also several angel investors and traders involved as well as developers from the Ethereum community and a marketing partnership that will soon be announced. In addition to the walls of text in our whitepaper/forum, one of the of the most interesting things we have to show so far is Toast's livecoding sessions where he shows off the Ethereum programming language Solidity, and the dappsys smart contract architecture that Maker is being built with. https://www.livecoding.tv/toast/ (prerecorded streams can be watched again, and new streams are every weekday from 10AM to 11AM EST)
More information can be found on our forum (http://forum.makerdao.com/) and our website (https://makerdao.com/), and I'll try to answer any questions in this thread over the coming days while gathering the best ones for the Beyond Bitcoin hangout :)
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+5% (Xeroc's not to forget)
http://www.bitsharesblocks.com/asset/orderbook?asset=MKRCOIN
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Thanks Rune!
Looks like an interesting project. Will definitely look into it.
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+5%
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+5%
Interesting would be to have you / tost discuss the maker design with the current bitshares native design for bitassets!
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This looks awesome.
+5% for the Bitshares + Ethereum partnering!
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(I just love large pictures in forum posts :P)
Well, to be honest, your image didn't even fill up my monitor and for that reason I'm beginning to doubt how serious of a project this is.
I see no horizontal scroll bar and by my rudimentary eyeball calculations it sppears that you only gave 85% on this image.
So is that the kind of output we can expect in the future, 85%?
I expected 110%.
I expected a horizontal scrollbar after the above hype machine declaring how much you "love large pictures in forum post".
Remember, one man's "large" is another woman's, "meh" ... or something like that.
:P
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+5%
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I think a distribution based on attendence is not a good idea. Korea and China is around midnight and some people are hard to attend.
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Did you drop on Brownies? Or just BTS, besides the others?
Anyway,
It's great that you dropped shares/coins. Unfortunately most people can't access them as the client continues to crash, especially when accessing the market. Since this version is completely unsupported, don't expect any crazy trading of your shares on the Bitshares DEx.
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Get the job done in the platform that can make it (eth) so and market it to the other community (sharedrop to bts network) too. This is an example of a good marketing approach. You are getting more attention in a wider community. +5%
BTW, newmine has not given a compliment till now. This is a rare gift. :)
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+5% Excellent
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+1 for issuing a uia on bts!
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I think a distribution based on attendence is not a good idea. Korea and China is around midnight and some people are hard to attend.
true, but guess we will find additional meetings/hangouts times suited to your timezone ..
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+5%
(http://i.imgur.com/kOGIYsb.png)
http://blog.smartcoin.pw/2015/08/bitshares-ethereum-mkrcoin-uia-and.html
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+5%
(http://i.imgur.com/kOGIYsb.png)
http://blog.smartcoin.pw/2015/08/bitshares-ethereum-mkrcoin-uia-and.html
This! Just brilliant! Well done Rune, Riverhead, Cass and everyone else on the project.
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MKRCOIN ：bts
when MKRCOIN get money by selling bts on exchange ？？？
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Toast is going to start his daily livecoding session called Making Maker 1.30 hours from now :)
https://www.livecoding.tv/toast/
During the stream there will be an open discussion channel on our teamspeak server (later we will be audio streaming this alongside the livecoding video so people can watch the stream and listen to the commentary without having to install anything)
Every weekday after the livecoding session we have our daily contributor meeting, which is a 15 minute open meeting we use to delegate the tasks related to Maker amongst ourselves. Listening in is an easy way to get involved, and an easy way for potential MKR/MKRCOIN buyers to judge our value.
edit: toast's stream is live now!
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MKRCOIN ：bts
when MKRCOIN get money by selling bts on exchange ？？？
The market maker is going to keep MKRCOIN liquid in multiple assets, including BTS, bitUSD, bitCNY. It will still take some time before this becomes possible, though, as we are only selling MKR/MKRCOIN at 3 million valuation, while the market seems to currently value us between 2-3 million USD. Once we see more demand at 3 million all the markets will go live and will see big buy and sell walls.
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I received 30 MKR after sending a PM to Rune. Thanks!
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@Rune is MKRCOIN live on the etherchain? mist was updated with the token function yesterday :) I'd like to swap my BTSMKR to Ethereum