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by AlexSolution 3067 days ago
MakerDAO uses collateralized smart contracts to provide stability to their Dai token. Right now, only ETH can be used as collateral, but in Q2 they are starting multi-collateral support.

https://makerdao.com/ https://coinmarketcap.com/currencies/dai/
2 comments
Daishiman 3067 days ago
Their whitepaper's explanation of how this works is horrendously complicated. There's no way you can encode that sort of logic into a cryptocoin in a bug-free manner. Steer clear of this.
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AlexSolution 3067 days ago
Their contracts are up. If you can find a way to exploit one of the bugs, you can profit massively.
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dingo_bat 3066 days ago
If your profit is massive enough they may even roll back the chain and do a hard fork!
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sleepychu 3067 days ago
And who will abitrate the collateral? While it's smart wallets and crypto currency it can be enforced by cryptographic proof but when the collateral is USD then it's going to have to exist somewhere.
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Daishiman 3066 days ago
And you're likely to sue the shit out of someone if there's a bug in the encoded contract or it turns out there's no collateral because blockchain.
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