Get Started with MakerDAO CDPs and Dai.js

Exploring decentralised finance with MakerDAO CDPs and Dai.js Javascript library

MakerDAO: The Emerging Winner of Decentralised Open Finance

The concept of an I.O.U has been around since the early days of civilisation, allowing us to gain leverage from another party and in exchange owe them some sort of value — the process of which may last a period of time. Most of us today will be familiar with this concept in the form of bank loans, mortgages, student finance, seed funding or investment rounds — but these I.O.Us all have something in common: they rely on a centralised monetary system. Not only this, a trusted third party entity must be introduced to manage the I.O.U and ensure the agreement is enforced and maintained on both sides.

And this is for good reason. The centralised monetary system we use today allows us to scale the concept of an I.O.U, to bring it to corporations as well as the individual for a multitude of assets — both tangible and intangible — while maintaining an acceptable level of trust and enforcement of the I.O.U contract.

Considering 2 billion people on the planet are still “unbanked” with no real means for them to gain access to financial services, the prospect of an open financial…