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CEO, PhD in data science with 3 years solid experience in blockchain and cryptocurrencies, 10 years in IT. Konstantin is well-known as the co-founder and CEO of Changelly.com, biggest cryptocurrency instant exchange with over 2 millions active customers monthly and $0.5bln in monthly turnover. Konstantins interests are: decentralization, custody-free solutions, p2p exchangers.
Strategic Advisor and Visionary, is an American entrepreneur and bitcoin advocate. In 2011 he co-founded the now-defunct startup company BitInstant, and is a founding member of the Bitcoin Foundation, formerly serving as vice chairman. The Bitcoin Foundation is a nonprofit founded in 2012 with the mission to standardize, protect and promote the use of bitcoin cryptographic money.
What is Maker?
Maker is a decentralized autonomous organization platform created for offering anyone in the world the chance of equally taking advantage of digital assets as a means of credit and as other high-quality financial services. The MKR cryptocurrency is the governance utility token of the Maker project based on the Ethereum blockchain network. The Maker token is specifically designed to facilitate the creation and issuance of digital assets tethered by value to real assets, such as commodities or national currencies. MKR Tokens are pre-mined and available for purchase on the Bibox exchange. The Maker project also offers an exchange platform for allowing its users to carry out margin trading of ERC-20 standard tokens. Use of the MKR Token allows Maker platform users to issue a credit or lend funds on fair terms and open new financial opportunities worldwide.
Features of Maker
One of the main features and the underlying basis of the MakerDAO project platform is the DAI stable coin. Given the failure of most crypto assets in providing sufficient stability to the cryptocurrency market, the MakerDAO project has issued its own US Dollar backed stable coin, the native DAI. The DAI boasts reduced price volatility through its tether to the US Dollar and by being secured by Collateralized Debt Positions, thus ensuring its security and stability as a margin trading instrument.
Centralized stable coins do not offer the security measures or the price stability that decentralized solutions can use to their advantage as powerful instruments on an uncertain trading market. DAI is a fully decentralized stable coin operating under escrow on the Ethereum blockchain with fully transparent and immutable smart contracts that ensure its operation.
The aim of the DAI stable coin is allowing average users to make use of its stable price and low entry barrier on the highly volatile and unpredictable cryptocurrencies market to open new financial opportunities in economies on their way to digitization. By making use of the Maker infrastructure as a basis, users can launch Dapps and Apps on it and utilize the DAI as a product or a platform in itself to attract new users to the decentralized economy of the future.
Both businesses and individuals can rely on the DAI as a stable, currency-backed asset capable of catering to their financial needs in conducting borrowing and lending operations without fear of exchange rate volatility.
What is Maker Wallet?
Like all tokens and coins, the Maker project cryptocurrency has to be stored in a wallet. As is well known in the crypto community, there are mainly two types of wallets – cold wallets and hot wallets. The MKR can be stored both on cold wallets and on hot wallets.
Cold wallets, or hardware wallets, are essentially disconnected storage devices that have no connection to the internet and store blockchain data on the assets of the user. Once the hardware wallet is connected to a device with an internet connection and the access keys are entered, the wallet transmits the blockchain data online and the user can make use of their assets for trading or transfers. The most popular hardware wallets for storing MKR Tokens are Trezor and Ledger Nano, which are also some of the best-secured devices on the market. Most users are advised to keep their assets in cold wallets because of their inaccessibility to hackers and high security. However, cold wallets are not convenient for trading and need to be connected every time to a device for an operation to be carried out.
Hot wallets, on the other hand, are ideal for quick-access and frequent trading. The hot term is related to the fact that such wallets exist online or on desktop or mobile devices and are constantly connected to the internet. The risks of such an approach are many, as wallet private keys can be lost or stolen, or the wallets may be hacked, though the likelihood of that is not as high as with exchange wallets. Some of the most popular hot wallets for storing Maker Tokens are Atomic Wallet, MyEtherWallet, Metamask and other popular hot wallets that accept the MKR ticker to be added.
Maker Wallet Security
Atomic Wallet is one of the most highly recommended multi-currency wallets for storing Maker Tokens due to its heightened security characteristics and advanced security features. The Atomic Wallet allows its users to store any of the popular crypto coins and over 500 different assets in safety and security on any operating system.
The transparent and reliable architecture of the Atomic Wallet grants its users the most demanded features on the market in a convenient and high-tech package. Anything from exchange operations to atomic swaps is possible using the Atomic Wallet.
Security and reliability of the Atomic Wallet are provided by state of the art servers and cutting edge atomic swap technology that allows users to conduct cross-chain exchange operations without the interference of any third parties. Given that the private keys never leave the user’s device and are never stored on any Atomic Wallet servers, only the users have control over the funds they store. In addition to the strong AES (Advanced Encryption Standard) symmetric encryption algorithms, the Atomic Wallet makes use of the BitTorrent protocol for data transfers to blockchains with additional TLS (Transport Layer Security) symmetric encryption.
The Atomic Wallet is the perfect solution for storing Maker Tokens as it ensures full security on its side and excludes any possibility of loss of funds to any attacks.
How does Atomic Wallet Work?
The Atomic Wallet is easy to install and easy to use a wallet that operates on highly complicated algorithms with a very simple interface.
Creating an Atomic Wallet is easy as the first step is to download it from the official Atomic Wallet website onto the computer and installing it like any average program. The next step is creating a password and obtaining the automatically generated mnemonic 12-word backup phrase that will serve as a key in case the password is forgotten or the device on which Atomic Wallet is installed fails. Once the phrase and password have been securely saved in a safe place, the wallet is ready to be used for all operations available in its interface.
One of the main features of Atomic Wallet is the possibility of adding custom tokens. The process is very simple as the user only needs to copy the address of the coin in the “your address” section on the list inside the wallet and send the funds to it.
Sending assets using Atomic Wallet is just as simple. Users only need to select the asset they wish to send from the list, select the desired coin or token, and then enter the address to which the transfer will take place. Once the details have been entered, users are prompted to reenter their password for security purposes and send the funds to the destination address.
Atomic Wallet also allows its users to receive payments via a simple procedure reminiscent of the one needed to send funds. Users need to select the asset they wish to receive inside the Atomic Wallet, select the address in the “Your Address” section and either paste it into the source wallet bar or share with the person making the transfer. Most operations in the Atomic Wallet take anywhere from five to thirty minutes, depending on blockchain loads.
Where to keep Maker?
Maker Tokens grant their holders voting rights within the MakerDAO ecosystem and are some of the most highly demanded and promising digital assets on the cryptocurrency market. However, Maker Tokens also need to be stored in wallets.
One of the best solutions for storing Maker Tokens is the Atomic Wallet – a fully decentralized, multi-currency, and convenient wallet for atomic swaps with top-notch security features. Given that user private keys are never stored by the Atomic Wallet and never leave the user’s device, Atomic Wallet is one of the most highly recommended and versatile instruments for storing Maker Tokens.
Read the full complete guide here.