SEOUL, South Korea, Oct. 30, 2020 /PRNewswire/ -- Klaytn, the leading blockchain project spearheaded by the South Korean Internet giant Kakao (KRX: 035720), announced that the Maker Foundation, the organization bootstrapping the Ethereum-based MakerDAO project, has joined the Governance Council of the Klaytn public blockchain.
Klaytn is run by a shared governance consortium, which functions as the decision-making body for the Klaytn ecosystem. The consortium consists of some of the largest multinational businesses in various industry sectors, including LG Electronics, Binance, Celltrion, Union Bank of the Philippines, and others. The Maker Foundation is the 32nd member to sit on the Council.
In August, the Maker Foundation helped 'Ozys,' a Korean blockchain tech company that is also part of the Governance Council, launch 'EveryDAI,' which connects MakerDAO's stablecoin Dai and Klaytn's KLAY by allowing Dai to be transferred to Klaytn as 'K-DAI,' and vice versa.
The Maker Foundation's admission to the Council will lead to closer cooperation between Klaytn and the Foundation. Together with other Council members, the Maker Foundation will operate within the consensus node network and undertake its share of platform ownership. The Maker Foundation and Klaytn also plan to develop use cases of K-DAI among the Klaytn community through joint research, as well as build infrastructure for various digital assets to be transferred across multiple chains.
"We are excited for Maker Foundation to collaborate with other Council members for providing a stable foundation for the Klaytn ecosystem," said Jason Han, the CEO of Ground X, heading the development of Klaytn. "We will also improve the interoperability between Klaytn and Ethereum and build many use cases of digital assets that can seamlessly flow across two chains."
"Joining the Klaytn Governance Council allows us to work with many high-profile organizations and offers a huge opportunity to bring Dai and DeFi to a much wider audience," says Rune Christensen, Maker Foundation CEO.
About Klaytn (https://www.klaytn.com/)
Klaytn is a global public blockchain platform developed by Ground X, the blockchain affiliate of the leading South Korean Internet company, Kakao. Klaytn is a service-centric blockchain platform providing an intuitive development environment and friendly end-user experience. It is built upon solid reliability and significant stability with substantial service development for mass adoption. The platform allows real-world applications of large scale to be produced right away so that our end-users can make full use of services without much expertise in blockchain or cryptocurrency.
About MakerDAO (https://makerdao.com)
MakerDAO is a decentralized organization dedicated to bringing financial stability and transparency to the world economy. MakerDAO enables the generation of Dai, the world's first unbiased currency and leading decentralized stablecoin. Dai mitigates volatility through an autonomous system of smart contracts called the Maker Protocol, as well as through decentralized community governance.
The Maker Protocol, as one of the largest decentralized applications (dapps) on the Ethereum blockchain, was the first decentralized finance (DeFi) application to earn significant adoption. All Dai is backed by a surplus of collateral that has been individually locked into audited and publicly viewable Ethereum smart contracts. Anyone with an internet connection can monitor the health of the system anytime at daistats.com.