CoinGecko will be hosting sixteen exciting crypto projects at the upcoming Changelog stage during Invest Asia 2019 happening on 11-12 September 2019. The Changelog stage offers projects the opportunity to share important updates and development roadmap with conference attendees.
This edition's Speaker Spotlight will feature Jocelyn Chang. She is currently the APAC Community Lead for MakerDAO, leading the marketing initiatives and business development efforts in the Southeast Asia region. Jocelyn started her career at HSBC as a banker and she also co-founded a social networking app in Singapore. As part of her entrepreneurial journey, she also pioneered the implementation of a public warning system in Singapore with MHA. Her mantra is to embrace new technologies that makes the world a better place.
MakerDAO is a decentralized and permissionless lending platform that allows users to borrow its USD pegged stablecoin, called Dai, against their token assets and to achieve price stability in crypto, creating an opportunity to interact with decentralized applications without experiencing the volatility of the overall cryptocurrency market. The lending platform is managed by a set of smart contracts instead of a bank, allowing for greatly reduced interest rates and better global liquidity.
1) What is the main thing you will be highlighting about MakerDAO?
The launch of Multi-Collateral Dai (MCD) is the biggest event for Maker in 2019. A key to success of MCD is ensuring the system supports dynamic and diverse collateral types and therefore I will be sharing how new collateral types are added to the new MCD, MCD new features and its security roadmap and the role of Maker community in governance before we launch MCD.
2) What’s the biggest challenge MakerDAO faced this year and how was it resolved?
There was a market imbalance starting early this year, ie. there were more people generating DAI via CDP portal rather than using DAI. And what happened was that the community came together and voted on a higher stability fee. An increase in the stability fee results in a higher cost of borrowing for CDP users, thus dampening the Dai supply by making CDP usage less attractive. The issue now is that adjusting stability fee is a one-sided solution, and when we launch MCD, we will include a feature called the Dai Savings Rate (DSR) allowing users to earn interest holding DAI. This creates a whole new dimension of incentives for balancing the supply and demand for Dai.
3) How would you describe MakerDAO in one line?
MakerDAO is a decentralized organization dedicated to bringing financial stability and transparency to the world economy.
4) Describe your vision for the future of MakerDAO.
MakerDAO enables the generation of Dai and DAI will become the world’s first unbiased currency and leading decentralized stablecoin - made available to everyone for all payment and financial transactions.
5) What do you think is the biggest hindrance/roadblock to mainstream adoption of crypto in general?
The biggest challenges holding back crypto from mainstream adoption are regulation, scalability of infrastructure, price volatility and lack of understanding of blockchain technology and cryptocurrency as a whole. Luckily, those working in the industry are aware of these challenges and are actively working to overcome each of them.
What mascot would you use for your project? If you already have one, what inspired you to pick said mascot?
Maker does not have a mascot and if we do have one, it will probably be a white swan which is a symbol of light in many parts of the world.
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Sim Teong Jing
TJ is a freelance writer that's enthusiastic for numbers, graphs and the economy. He is also a constant learner and are fast to analyse the latest happenings. Follow the author on Twitter @TjTeong