Three cornerstones for MakerDAO to achieve complete decentralization
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fromarrivearriveRelease of the core principles of the Maker protocol, and then the foundation completely handed over the control of MKR to the governance community. With the help of the community, the Maker Foundation is gradually realizing the self-sustainable MakerDAO. With the release and operation of multi-collateral Dai, especially in the recent violent market fluctuations, the governance community not only worked together to protect the system, but also further accelerated the improvement of the Maker protocol. Maker is getting closer and closer to its long-term ultimate goal—a community-governed, open-source, fully self-operating DAO.
👉Learn about the relationship between the Maker Foundation and MakerDAO
Over the next three months, the Maker Foundation will lead discussions in weekly public governance meetings and forums around three key elements of Maker’s sustainable self-driven decentralized autonomous organization (DAO)—Technology , personnel and procedures:
Elected Paid Contributors and Domain Teams
Maker Improvement Proposals
Vote Delegates
Three key elements of a DAO
Achieving a fully decentralized DAO requires a sustainable system where all processes and frameworks are governed by the community. From scaling new collateral types to implementing risk management to selecting integration, treasury, marketing teams. This will be a long-term governance process until the Maker Foundation achieves dissolution.
Elected Paid Contributor (EPC)
While protocols and on-chain governance operations are executed through smart contracts, the establishment of DAOs also requires individual expertise. As the foundation's responsibilities are slowly devolved, more and more work will be provided by groups elected by Maker's governing body, called "elected paid contributors." They will operate as a fully transparent and flat organization and be paid directly through governance.
Elected paid contributors may include talented developers, security consultants, legal counsel, marketing experts, HR and accounting teams, and other necessary roles. This also requires a domain team (Domain Team), responsible for managing key governance processes. In fact, the Maker community has spawned multiple domain teams, including a transition risk group and a transition oracle group.
Maker Improvement Proposal (MIP)
Similar to Bitcoin and Ethereum Improvement Proposals (BIP and EIP), Maker Improvement Proposals (MIPs) allow community members to propose changes to critical issues in the Maker system. Unlike other improvement proposals, MIP will play a key role in the development of Maker's governance process in particular, and therefore requires strict formalization.
The Maker Foundation drafted a starting MIP, while the community can propose competing MIPs, which will ultimately be voted on by MKR holders. Our intent is to provide a clear and transparent framework by which Maker governance can adapt and evolve the protocol according to future needs and circumstances. Check out 13 starter Maker improvement proposals:
Vote Delegates
With the community playing a bigger role, it will be more important than ever for MKR holders to actively participate in building the ecosystem. By introducing voting representatives, MKR holders can consolidate voting power among themselves, giving them greater project agency and ownership, and further decentralizing the balance of governance rights.
Voting delegates will be designated by MKR holders (without giving up control of their MKR) and will vote in place of MKR holders. Any community member can participate in running for a representative, presenting a vision for the Maker protocol and how to vote on key issues.
Successful delegates can gain significant influence from voting rights granted by MKR holders. Additionally, MKR holders can withdraw their support for a voting delegate at any time in favor of another voting delegate. In short, voting delegates will allow MKR holders to exercise voting power more efficiently and greatly increase Maker governance voting participation and help Maker improve the formation and refinement of proposals.
Maker improvement proposals are open, transparent, and community-driven, which means that MKR holders, whether they choose to proxy or not, enjoy governance rights over the information symmetry of the Maker protocol.
The real road to DAO realization
Decentralization is the foundation of Maker, and its significance is multiple: users can use it with trust, transparency and freedom; make Dai an international digital currency that is unbiased and available to everyone; the Maker protocol eliminates the risk of single point of failure and realizes Sustainable development, shared by the community. This is also the original intention of the entire Decentralized Finance (DeFi) movement: to provide low-cost, open financial services without thresholds.
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