Crypto Academy Week 7 - Homework Post for Professor @gbenga on Introduction to Defi and Yield Farming Homework by @hadassah26

Maker Dao Ecosystem

link

Built on the Ehereum blockchain of smart contracts, the Maker Dao protocol was built early 2015, and launched December 2017.

The Maker Dao Protocol is among the biggest Defi systems built on the Ethereum blockchain and the first to get widely adopted.

The Working System

The Maker Dao is a colateral based protocol built with smart contracts which is governed by holders of its MKR token (this is a governance token over the Maker Protocol) where individuals can offer Ethereum tokens accepted by the MKR government and receives Dai coin in exchange.

This explains that the Dai coin is only issued when someone offers an Ethereum based token accepted by the MKR government, and then receives back the Dai coin with an amount depending on the risk level of the deposited token.

Governance and Audit

With the new age of blockchain technology and transparency of transaction, bitcoin became the first practical financial system and seemed to be the solution to the problem.

Maker Dao also follows a decentralized governance and transparency by smart contract, where MKR holders all around the world have the voting power depending on the amount of MKR token they stake on vote needed occurrence.

Scientific Governance
The MKR voting system protects the system from harmful government voting, through its non immediate implementation of voted power, and even in emergency voting, the MKR voting system gives the government a 24 hours interval before implementation. All these so as to protect the Government and system against Malicious voting, and if notified of malicious voting it shuts down immediately.

The Dai Coin

The Dai coin is a stable coin pegged to the US dollar such that 1 Dai = 1 USD.

The Dai coin issued by the Maker Dao protocol is a conversion of an Ethereum token issued by an offeror and assessed by the MKR government such that it meets all the requirement for the amount of Dai requested buy the offeror.

Maker Dao apps

Apps built under the Maker Dao include:

• Coinbase
• Bitcointrade
• Panda Exchange
• Wyre
• Swissborg
• Beubit

link

DENT PROJECT

link

The Dent Project which is under the Maker Dao foundation is a data selling, transfer, conversion and donation project aiming to make data sale more decentralized and cheaper for the common individual.

"We want to users to own their mobile data and band width. They need to be able to freely sell or donate unused date to other users world wide"
-Dent Whitepaper

Tero Katajainen found Dent wireless in 2014, although it was initially an automated Forex trading system.
Dent fully developed in 2017 is now a fully functional data exchange coin.

DENT Project Plan

link

• Data Availability : Dent plans to make data more available as peer to peer data resale can now be possible. The Dent coin will be used as the Data currency so it can be sold world wide.
• Data Affordability: Dent plans to make data purchase for individuals at the lowest rate relative to their geographical location. with varying data cost from about a dollar to ten dollars per gigabyte depending on geographical location, the dent coin plans to make data cheapest for its users with the Dent eSim which selects the best network with the cheapest data cost in any location.
• Data Transferability: Using Dent token individual can transfer their unused data when travelling internationally, thereby saving money.

Scalability

With world wide mobile revenues growing from 218.2 billion to 935.2 billion dollars link and social media usage growing by 490 million in the last 12 months link. It can be seen that the Network users are the major operators in the mobile data industry.

Dent plans to gain mobile data users who are willing to use the Dent platform as a more affordable platform, and Network providers who are very competitive and want to gain more users. with the growing force of data users and operators joining the Dent platform, all operators wouldn't want to lose customers therefore letting Dent platform become the de-facto of mobile data.

Conclusion:

Dent being a project under the Maker Dao ecosystem allows for users to be able to offer data for dent tokens.

Block chain and smart contracts have made trust a thing of the past, we now want transparency and decentralization.

I am @hadassah26 and this is my week 7 Homework for Professor @gbenga

CC:
@gbenga
@steemcurator02
@steemcurator01