DaiDec白皮书

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1、TheDaiStablecoinSystemWhitepaperhttps://makerdao.com/BytheMakerTeamDecember2017OverviewoftheDaiStablecoinSystem3CollateralizedDebtPositionSmartContracts3TheCDPinteractionprocess4Single-CollateralDaivsMulti-CollateralDai4PooledEther(TemporarymechanismforSingle-CollateralDai)5PriceStabilityMe

2、chanisms5TargetPrice5TargetRateFeedbackMechanism6SensitivityParameter7GlobalSettlement7GlobalSettlement:StepbyStep7RiskManagementofTheMakerPlatform8RiskParameters9MKRTokenGovernance10MKRandMulti-CollateralDai11AutomaticLiquidationsofRiskyCDPs11LiquidityProvidingContract(Temporarymechanismfo

3、rSingle-CollateralDai)12DebtandCollateralAuctions(Multi-CollateralDai)12KeyExternalActors13Keepers13Oracles14GlobalSettlers14Examples14AddressableMarket16RisksandtheirMitigation17Malicioushackingattackagainstthesmartcontractinfrastructure17Blackswaneventinoneormorecollateralassets18Competit

4、ionandtheimportanceofease-of-use18Pricingerrors,irrationalityandunforeseenevents18Failureofcentralizedinfrastructure19Conclusion19GlossaryofTerms20Links21OverviewoftheDaiStablecoinSystemPopulardigitalassetssuchasBitcoin(BTC)andEther(ETH)aretoovolatiletobeusedaseverydaycurrency.Thevalueofabi

5、tcoinoftenexperienceslargefluctuations,risingor1fallingbyasmuchas25%inasingledayandoccasionallyrisingover300%inamonth..TheDaiStablecoinisacollateral-backedcryptocurrencywhosevalueisstablerelativetotheUSDollar.WebelievethatstabledigitalassetslikeDaiStablecoinareessentialtorealizingthefullpot

6、entialofblockchaintechnology.MakerisasmartcontractplatformonEthereumthatbacksandstabilizesthevalueofDaithroughadynamicsystemofCollateralizedDebtPositions(CDPs),autonomousfeedbackmechanisms,andappropriatelyincentivizedexternalactors.MakerenablesanyonetoleveragetheirEthereumassetstogenerateDa

7、iontheMakerPlatform.Oncegenerated,Daicanbeusedinthesamemannerasanyothercryptocurrency:itcanbefreelysenttoothers,usedaspaymentsforgoodsandservices,orheldaslongtermsavings.Importantly,thegenerationofDaialsocreatesthecomponentsneededforarobustdecentralizedm