Maker eDollar

Maker A global central bank for the digital economy Maker is a reimplementation of the global credit system based on a new stable currency, the eDollar, a collateralized cryptocurrency pegged to the US dollar. Depositors gain value from the eDollar because it allows them to store their wealth in a system that not only keeps their monetary tokens completely under their control, but also provably keeps their purchasing power safe. The eDollar can be instantly sent and received from a computer or mobile device by the owner, using either the Ethereum blockchain, or spent as Bitcoin on the Bitcoin blockchain through a seamlessly integrated instant exchange. The eDollar buy side liquidity is guaranteed by Maker’s collateral, meaning that a depositor will be able to withdraw any amount of eDollar to other currencies at a fair rate, at all times. The eDollar also pays yield which amounts to half of the income earned from interest payments from Issuers. Issuers gain value from the eDollar because it allows them to borrow money using the same mechanism as depository institutions with traditional central banks, but in a direct, permissionless manner at the interest rate. The only requirement is that they post smart asset collateral with Maker to guarantee their debts. This allows cryptoasset margin traders, DAO’s, p2p lending networks and blockchain­listed companies or financial institutions to directly access the cheapest credit available in the digital economy without middlemen or fees. Maker gains value from the eDollar by earning half of the income from issuers in exchange for its service as the central bank, insurer of wealth and judge of creditworthiness on behalf of eDollar depositors. Makercoin, the tokens that enable voting on Makers monetary policy, are continously bought and burned automatically by Maker with the income earned from the interest, reducing the supply of makercoins and steadily increasing their value as long as there is activity in the eDollar economy.