The Maker Protocol employs a two-token system.
The first being, Dai, a collateral-backed stablecoin that offers stability.
The Maker Foundation and the MakerDAO community believe that a decentralized stablecoin is required to have any business or individual realize the advantages of digital money.Second, there is MKR, a governance token that is used by stakeholders to maintain the system and manage Dai.MKR token holders are the decision-makers of the Maker Protocol, supported by the larger public community and various other external parties.
With the new version of the Maker Protocol, Multi Collateral Dai (MCD), being released and live on the main Ethereum network, we wanted to go over a few of the changes and features that it comes with.
The biggest change to the Maker Protocol is that it now accepts any Ethereum-based asset as collateral to generate Dai given that it has been approved by MKR holders and has been given specific, corresponding Risk Parameters through the Maker decentralized governance process.