Leslie Ankney: Hi Rune, thanks for joining us. MakerDAO has been both applauded and criticized for its complex stablecoin model. How does the MakerDAO ecosystem works to stabilize the Dai?
Rune Christensen: MakerDAO works using collateralized debt positions (CDP) on a decentralized platform. People can take out debt positions using our stablecoin, the Dai (1 Dai = $1). The Dai credit system uses tokens or assets to back up their value.
I did not know that MakerDAO was pre Ethereum:
Rune Christensen: Maker is the first Decentralized Autonomous Organization (DAO), predating even The DAO, and our project has been around before Ethereum even launched. Because of this, we’ve spent a long time thinking of worst-case scenarios and designing a DAO model that works in response.
Working on their own smart contract programming language:
We invest heavily in formal verification and are developing our own open-source programming language for assisting formal verification so the entire community can learn from this work.