Maker Foundation makes a solid move towards decentralization as it completes the transferring of its MKR token control to the community.
According to the recent announcement, the non-profit Maker Foundation handed complete control of MKR tokens to the Maker governance community, making the MKR token contract totally in control of MKR holders. The holder community will be the only stakeholder able to make any modification to the token’s contract.
MKR tokens, raked 27th by the Coinmarkercap, are Ethereum tokens used as utility tokens to pay transaction fees on the Maker system and also to provide holders with voting rights. The purpose of the Maker system is to generate DAI, another Ethereum token, that seeks to trade on exchanges at a value of exactly $1 US dollar.
The step brings it closer to complete system decentralization as the decentralized governance is the only avenue for changing MKR token authorizations. According to Rune Christensen, the CEO of the Maker Foundation:
Today’s news is momentous. By completing its commitment to transfer the MKR token contract to MKR holders, the Maker Foundation continues to move toward a completely self-sustaining MakerDAO.
The process took over several months after the MkrAuthority contract was deployed on the Ethereum mainnet at the beginning of the year. The final step of the governance transfer was taken this week when the owner of the MKR token was set to the 0x0 address.
The Maker Foundation has also transferred trademarks and other intellectual property around Maker and its stablecoin DAI to the independent Dai Foundation last year.