New updates from MakerDAO as DAI overtakes SAI
New updates from MakerDAO as DAI overtakes SAI
Defi

New updates from MakerDAO as DAI overtakes SAI

By Alfredo de Candia - 9 Dec 2019

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A few hours ago, MakerDAO, the team behind the creation of the DAI stablecoin, announced that it is considering updates to the protocol, particularly with regard to governance.

From today, in fact, it will be possible to vote in a survey on the “Governance Security Module (GSM)” to update it and introduce it into the MakerDAO protocol.

In case this proposal passes, the GSM delay will increase from 0 to 24 hours. Until now, the delay time was set to 0, allowing to implement and mitigate possible problems with quick solutions to avoid system crises.

Clearly, on the one hand, the time set to 0 helps to speed up the response time to a possible problem, but on the other, it increases the risk that the change or patch is worse than the problem itself, should the relevant code not have been sufficiently tested. 

Through this forced delay of 24 hours, there would be time to have the code reviewed by the MakerDAO community and thus have its support in identifying any anomaly or potential flaw in the chain.

Only thanks to the community it is possible to reduce the risk, and through the voting system, it is also possible to obtain an active collaboration from the users, since they will choose the changes made by the updates.

MakerDAO: DAI overtakes SAI

According to the latest updates, the DAI stablecoin appears to have surpassed SAI in terms of adoption.

DAI is the name of the stablecoin which is now multicollateral.

Only last month, MakerDAO carried out an update of the protocol that allowed to start using other assets as collateral of DAI in addition to Ethereum (ETH), which at the moment allows the use of the BAT token of Brave.

Finally, worth mentioning is also the success of the DAI stablecoin which is now also on Coinbase, as well as the fact that Compound has enabled the cDAI for earning interest.

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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