Rune, developer of Ethereum based MKRCOIN announced in a Bitsharestalk Forum post that they created an UIA (User Issued Asset) on the BitShares DEX, and that they are going to Sharedrop MKRCOIN on BitShares Holders!
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)