MKR is a non mineable ERC-20 token on the Ethereum blockchain issued by MakerDAO that confers governance rights on its holders. At the start of 2019 MKR had the 19th largest capitalization among cryptocurrencies with a value of about $360 million.
Dai is created against the deposit of Ether in a multi-step process. First, a customer deposits ether into a smart contract that pools the funds into an exactly corresponding amount of "Pether." Pether is then shifted into an MKR token before Dai can be issued into an account. Pether is the vehicle for Maker to recapitalize the value of Dai in the event of a fall in the price of the Ether that is collateralizing the issuance of the Dai. Owners then simply reverse the process to sell Dai back and receive their deposited Ether and any MKR that was in the account. The value of Dai is tied to the value of the US dollar at a rate of 1:1, with the exchange rate managed through smart contracts that respond to market dynamics.
MakerDAO received $27 million in venture capital funding during 2017 and 2018. The first round included eight investors including Andreesen Horowitz. On September 24, 2018, Andreessen Horowitz revealed that it had made a $15 million investment in MakerDAO by having its a16z investment fund purchase 6 percent of the total supply of MKR. 
MakerDAO's unique selling proposition for its stable coin is transparency. Not only do MKR holders have governance rights that affect the value of Dai, but MakerDAO also publishes its governance and risk meetings on the internet at SoundCloud as well as its Community Meetings on YouTube.
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