Maker is a Decentralized Autonomous Organization (DAO) and offers a variety of decentralized products: their best-known is the stablecoin, Dai.
Cryptocurrency is having a bit of an identity crisis lately. Some extoll utopian notions of freeing consumers from banks, while others see a way to make money. It was this unregulated asset speculation that spurred investors to flock to cryptocurrency last years.
Dai stablecoins and the MakerDao infrastructure goes a long way to stabilize the cryptocurrency ecosystem. For more people to adopt crypto and start using it as a medium of exchange, easing price volatility and uncertainty have to happen. Dai’s stability helps users hedge their Ethereum assets and protect their investments from wild swings in the market.
As the cryptocurrency bear market continues, investors are looking for much-needed predictability. Stablecoins have risen in popularity as the market tumbles. Several have emerged, but few are as transparent as MakerDao.
Unlike other stablecoins, Maker issues their Dai tokens using smart contracts in exchange for Ethereum. Maker needed Espeo Blockchain testers to check and make sure if everything works properly before they launched. Since the technology is so new, blockchain testing is vitally important for any project if you want to keep the trust of this fickle market.
Maker needed immediate assistance with testing their collateralized debt position portal, where users add collateral funds and take out loans in DAI. The product had to work before people started putting their money in.
The fact that we were dealing with a blockchain app was special. Accurate results were needed in testing its cooperation with the blockchain.
Every clickable item was tested first. Then we went through user stories and attempted to find edge cases.
An example of the uniqueness of blockchain applications was encountering a bug in Maker which interrupted Ethereum transactions between hardware blockchain wallets.
Every device behaved a bit differently in transactions and that they tested the Maker platform with a range of hot and cold blockchain wallets.
Testers got to work trying out every aspect of the platform looking for bugs to fix and had to methodically sift through every feature and behave just as a regular user would.
MakerDAO is an open-source project on the Ethereum blockchain and a Decentralized Autonomous Organization1 created in 2014. The project is managed by people around the world who hold its governance token, MKR.
Through a system of scientific governance involving Executive Voting and Governance Polling, MKR holders manage the Maker Protocol and the financial risks of Dai to ensure its stability, transparency, and efficiency.
MKR voting weight is proportional to the amount of MKR a voter stakes in the voting contract, DSChief. In other words, the more MKR tokens locked in the contract, the greater the voter’s decision-making power.
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