The Maker Foundation, a non-profit entity that supports the MakerDAO project, an initiative involving the decentralized stablecoin Dai, revealed that it will be transferring the Maker and Dai trademarks to an autonomous Denmark-headquartered foundation, the Dai Foundation. The Maker Foundation confirms it will also be transferring its software intellectual property (IP).
The Dai Foundation notes that it aims to “safeguard what cannot be technologically decentralized in the Maker Protocol i.e. certain intangible assets that underlie the protocol.” This should ensure that these assets are being used for achieving sustainable growth of the Maker Protocol and ecosystem, and for “maximizing the public good thereof in line with a set of fundamental principles.”
Rune Christensen, CEO at the Maker Foundation, stated:
“The Foundation is committed to driving and supporting the decentralization of the Maker Protocol. By transferring the Maker and Dai trademarks to the Dai Foundation, the community can rest assured that these assets are safeguarded and will be used for the benefit of the Maker Protocol beyond the Maker Foundation’s limited lifetime.”
In November of last year, the MakerDAO system issued the multi-collateral Dai crypto token, which allows users to create Dai stablecoins that can be backed by multiple different types of collateral.
Maker, a Santa Cruz, California-headquartered creator of a decentralized autonomous organization, called MakerDAO, has contributed to the development of the world’s largest Ethereum-based lending system. Maker has become a key part of the globally accessible, decentralized finance (DeFi) ecosystem. It uses a blockchain-powered lending protocol, which intends to minimize the price volatility of the Dai stablecoin, which manages the issuance of loans.
Dai is backed by Ether (ETH), the native crypto-asset of the Ethereum blockchain, instead of the US dollar or other major world currencies (like other major stablecoins such as the USDT or Circle’s USDC).