Dai is a digital currency that can be used by anyone, anywhere, anytime. Maker are the builders of Dai.  With the community preparing to adopt to complete decentralization, Maker governance is working on the critical components to creating a self-sustaining MakerDAO.

The Maker Foundation is working through the process of preparing the voting community to govern the Maker Protocol after its complete decentralization.  To ensure complete decentralization, they opine that it is only right for the voting community to take charge of the entire Maker project. This they feel is the only key to ensure sustainability and long-term security of the Maker Protocol.  This is becoming a point of importance as it is important to ensure erasing the failure points, as the foundation will be dissolved.

Before the foundation is dissolved, the foundation will be initiating discussions to focus more on how the technical, human, and procedural elements can be enabled for the community to ensure a fully decentralized Maker protocol. Thus, the Maker Protocol will be henceforth responsible for every aspect of DAO.

Sydney Ifergan, the crypto expert, tweeted:  “Maker Foundation (MKR) will be dissolved, and the governance is set to become fully decentralized from being quasi centralized. Empowering users with time.”

Maker Foundation (MKR) and MakerDAO Shifting of Power Back to User

The shifting of power back to the user per Maker features economic autonomy.  They recollect on how the internet has gone from research technology to academic technology and now to a universal utility.

Maker recently tweeted on:  “A look at Web 3.0, the shift of power back to the user, and what it means for digital financial services.” 

Real needs are taking priority. The interesting thing is that the shortcomings of technology have created a situation where the users are put back into the driver’s seat.

Web 3.0 is coming up with a lot of economic promise.  The democratization of the internet with Web 3.0 is an outcome of the resultant behavior of users to the outcome of Web 2.0.  Citizens, journalists, and whistleblowers, played a major role in bringing out what the governments failed to address.

While the process of the Maker Foundation (MKR) dissolving will take a lot of time, the preparations for the same have started with: Elected Paid Contributors (EPCs) and Domain Teams, Maker Improvement Proposals (MIPs), and Vote Delegates. It gets expected that long-run governance is critical and that the users will empower a self-sustaining MakerDao.

The Maker Improvement Protocol (MIP) will facilitate a mechanism for any community member to define the key issues to suggest changes and additions to the system eventually.