## ما هي زي كاش (Zec)؟

زي كاش (Zcash) هي عملة مشفرة لامركزية تركز على (https://coinmarketcap.com/alexandria/article/what-are-privacy-coins)[الخصوصية] وعدم الكشف عن الهوية. وهي تستخدم تقنية (zk-SNARK) لإثبات المعرفة الصفرية والتي تسمح للعقد الموجودة على الشبكة بالتحقق من المعاملات دون الكشف عن أي معلومات حساسة حول تلك المعاملات.

على عكس سوء الفهم الشائع، فإن غالبية العملات المشفرة في السوق، بما في ذلك بيتكوين ([BTC](https://coinmarketcap.com/ar/currencies/bitcoin/))، ليست [مجهولة الهوية](https://coinmarketcap.com/alexandria/article/is-cryptocurrency-anonymous)، بل تُظهر معاملاتها عناوين محافظ أصحابها؛ ورغم أن ذلك لا تكشف صراحة عن هويات مستخدميها، إلا أنه يمكن تتبع عناوينهم عبر طرق علم البيانات والتحقق القائم على [سلسلة الكتل](https://coinmarketcap.com/alexandria/glossary/blockchain).

وهنا يأتي دور زي كاش، التي ورغم أنها تعتمد في إجراء معاملاتها على سلسلة الكتل العامة، لكنها على عكس العملات المشفرة التي تُظهر العناوين، لا تكشف معاملات (Zec) افتراضياً عن عناوين الإرسال والاستلام أو المبلغ الذي يتم إرساله. ومع ذلك، هناك احتمال بالكشف عن هذه البيانات لأغراض التدقيق أو الامتثال التنظيمي.

تم إصدار "زي كاش" لأول مرة في 28 أكتوبر 2016، وقد استخدمت في الأصل نفس الكود البرمجي لسلسلة بيتكوين.

### من هم مؤسسو زي كاش؟

تأسست زي كاش في عام 2016 من قبل (Cypherpunk)، خبير أمن الكمبيوتر ورائد الأعمال زوكو ويلكوكس أوهيرن. وهو أيضاً مؤسس شركة العملات الإلكترونية الربحية (ECC)، التي تقوم على تطوير زي كاش.

قضى ويلكوكس - أو هيرن أكثر من 25 عاما في صناعة التشفير وأمن المعلومات وساهم في عدد من المشاريع، بما في ذلك شركة المال الإلكتروني "ديجي كاش" التي لم تعد تعمل الآن، وبرنامج تخزين البيانات من نظير إلى نظير "موجو نيشن" ونظام ملفات "تاهو".

كما أسس (Least Authority Enterprises)، وهي شركة تقنية تركز على تحسين الأمن الرقمي والحفاظ على الحق الأساسي في الخصوصية، وشارك في اختراع وظيفة تجزئة التشفير (BLAKE3).

### ما الذي يميّز زي كاش؟

تكمن ميزة "زي كاش" الرئيسية في إخفاء الهوية الاختياري، والذي يسمح بمستوى من الخصوصية لا يمكن تحقيقه مع العملات المشفرة العادية مثل بيتكوين أو [إيثيريوم](https://coinmarketcap.com/ar/currencies/ethereum/).

حيث يمكن إرسال معاملات (Zec) بطريقتين: الشفافية والحماية. فمعاملات الشفافية، تتم بنفس الطريقة تقريباً كما هو الحال في [بيتكوين](https://coinmarketcap.com/alexandria/article/how-long-does-a-bitcoin-transaction-take): يتم إرسالها بين العناوين العامة ويتم تسجيلها في دفتر الأستاذ العام الغير قابل للتغيير (سلسلة الكتل). وتتوفر جميع المعلومات الأساسية حول هذه المعاملات عبر الإنترنت ليراها أي شخص، بما في ذلك عناوين الإرسال والاستلام والمبلغ المرسل.

لا تكشف هذه المعاملات العامة عن هويات المستخدمين بطريقة علنية: المعرفات الوحيدة التي يمكن للمراقب الخارجي الوصول إليها من سلسلة الكتل هي العناوين العامة. ومع ذلك، من خلال الجهود التي بذلها علماء البيانات وإنفاذ القانون على مدى السنوات الأخيرة، تم تطوير طرق تحليل سلسلة الكتل إلى الحد الذي يمكن فيه للطرف المهتم أن يربط بشكل موثوق به العنوان العام على سلسلة الكتل بالهوية الحقيقية لمالكه، مما يجعل معاملات الخصوصية مستحيلة بشكل أساسي.

من ناحية أخرى، تستفيد معاملات (Zec) المحمية من تكنولوجيا المعرفة الصفرية غير التفاعلية، أو ([zk-SNARKs](https://coinmarketcap.com/alexandria/glossary/zk-snarks))، من أجل تمكين المعاملات المجهولة تماماً عبر سلسلة الكتل العامة غير القابلة للتغيير. حيث يتم تسجيل حقيقة حدوث المعاملة في دفتر الأستاذ، ولكن لا يتم الكشف للعامة عن عناوين الإرسال والاستلام والمبلغ المرسل.

يسمح هذا لزي كاش بمنح مستخدميها الحق في الخصوصية دون التفريط بمزايا العملة الرقمية اللامركزية بدون وسيط.

#### صفحات ذات صلة:

اقرأ عن [مونيرو](https://coinmarketcap.com/ar/currencies/monero/)، وهي عملة مشفرة أخرى للخصوصية، تستخدم توقيعات الخاتم، وعناوين التخفي لتحسين خصوصية المستخدم.

اطلع على المزيد من المواد التعليمية حول العملات المشفّرة على CMC [Alexandria](https://coinmarketcap.com/ar/currencies/zcash/Alexandria).

تصفّح مقالات العملات المشفّرة حسب الموضوع على [مدونة](https://blog.coinmarketcap.com/) CMC.

### كم عدد عملات زي كاش (Zec) الموجودة في التداول؟

بشكل عام، يشبه نظام الرمز المشفّر الاقتصادي لزي كاش عملة البيتكوين: فهي رمز مشفّر يتميّز بالمحدودية وهو [قابل للتعدين](https://coinmarketcap.com/alexandria/article/what-are-mined-coins) بحد إجمالي للمعروض لا يتجاوز سقف 21 مليون عملة.

يتم إنشاء عملات (ZEC) كنتيجة لإكمال "الكتل ": فكلما تم [تعدين كتلة جديدة](https://coinmarketcap.com/alexandria/article/mining-zcash-explained)وإضافتها إلى نهاية سلسلة الكتل، يتم سكّ (ترميز) كمية معينة من العملات وتوزيعها على"المعدّنين" و"مكافأة المؤسسين" بنسبة 80 إلى 20 في المائة على التوالي. ويتم تخفيض الإنشاء إلى النصف على فترات منتظمة لإبطاء معدل الإصدار مع اقتراب إجمالي المعروض من ZEC من سقفه البالغ 21 مليون.

تذهب مكافأة الكتلة للمعدّنين الذين استخرجوا آخر كتلة، فيما توزع مكافأة المؤسسين بين مؤسسي (Electronic Coin Company) ومؤسسة زي كاش، فضلا عن موظفيها. بحلول أكتوبر 2020، كانت مكافأة الكتلة الإجمالية تساوي 6.25 ZEC.

### كيف يتم تأمين شبكة زي كاش؟

يتم تأمين شبكة "زي كاش" بواسطة وظيفة تجزئة [إثبات العمل](https://coinmarketcap.com/alexandria/article/proof-of-work-vs-proof-of-stake) [SHA-256](https://coinmarketcap.com/alexandria/glossary/sha-256) التي تنتمي إلى مجموعة خوارزميات SHA-2 — تماماً كالمعتمدة في بيتكوين.

### أين يمكنك شراء زي كاش (Zec)؟

زي كاش هي عملة مشفرة متقدمة الترتيب. وبالتالي، يمكن شراء زي كاش من عدد من البورصات الكبرى، مثل:

* [Binance](https://coinmarketcap.com/ar/exchanges/binance/)
* [HitBTC](https://coinmarketcap.com/ar/exchanges/hitbtc/)
* [هوبي جلوبال (Huobi Global)](https://coinmarketcap.com/ar/exchanges/huobi-global/)
* [BKEK](https://coinmarketcap.com/ar/exchanges/bkex/)
* [OKEx](https://coinmarketcap.com/ar/exchanges/okex/)

Web3, Privacy Coins Will Be 2023 Crypto Criminal Targets: Kaspersky

CoinMarketCap News, Sept 26: Is Reversing Crypto Transactions a Good Idea?

Podcast: Chaos for Crypto as the U.S. Dollar Keeps Gaining Strength

Vitalik Buterin Reveals Two Coins He Wants to Move to Proof-of-Stake

Podcast: Ukraine is Receiving Its Biggest Bitcoin Donation Ever

Zcash

Ledger

Trezor

Trust Wallet

Math Wallet

ZCash Wallet

Coinbase

MetaMask

Binance Chain Wallet

Atomic wallet

Dash is an open-source blockchain and cryptocurrency focused on offering a fast, cheap global payments network that is decentralized in nature. According to the project's white paper, Dash seeks to improve upon Bitcoin (BTC) by providing stronger privacy and faster transactions.

Dash, whose name comes from "digital cash," was launched in January 2014 as a fork of Litecoin (LTC). Since going live, Dash has grown to include features such as a two-tier network with incentivized nodes, including "masternodes," and decentralized project governance; InstantSend, which allows for instantly settled payments; ChainLocks, which makes the Dash blockchain instantly immutable; and PrivateSend, which offers additional optional privacy for transactions.

Dash

Monero was launched in 2014, and its goal is simple: to allow transactions to take place privately and with anonymity. Even though it’s commonly thought that BTC can conceal a person’s identity, it’s often easy to trace payments back to their original source because blockchains are transparent. On the other hand, XMR is designed to obscure senders and recipients alike through the use of advanced cryptography.

The team behind Monero say privacy and security are their biggest priorities, with ease of use and efficiency coming second. It aims to provide protection to all users — irrespective of how technologically competent they are.

Overall, XMR aims to allow payments to be made quickly and inexpensively without fear of censorship.

Monero

The EOS Network is an open-source blockchain platform that prioritizes high performance, flexibility, security, and developer experience. As a third-generation blockchain platform powered by the EOS virtual machine, EOS has an extensible WebAssembly engine for deterministic execution of near fee-less transactions.

EOS is the market's most scalable, divisible, and programmable digital currency. EOS is a Delegated Proof of Stake (DPoS) network where stakeholders have the authority to select node operators. Due to the decentralized nature of the token distribution on EOS, power doesn't reside in the hands of block miners, but rather all parties involved in the EOS Network.

The EOS Network is attractive because of its technology and community. It allows developers to build projects that other blockchains cannot support. The network is straightforward and has multiple tools and educational resources to help users acclimate to the blockchain.

Tezos is a high-performing blockchain and open-source platform for assets and applications, with a strong focus on code security, on-chain governance, and decentralization. Tezos 2.0, the upcoming step in the evolution of Tezos, aims to improve scalability (via layer 2s), composability, and to implement support to mainstream programming languages (like Javascript, Typescript, Python, and many others).

Initially built with formal verification in mind, the Tezos protocol enables builders to avoid bugs when developing smart contracts, making it particularly suited to applications that require a high degree of security and certainty.

Tezos’ LPoS (Liquid Proof-of-Stake) consensus mechanism enables any stakeholder to take part, directly or by delegation, in the consensus process, and to be rewarded for securing the network. Rather uniquely, Tezos’ on-chain governance system also enables stakeholders to create and vote on protocol upgrade proposals. This pioneering system allows the protocol to self-amend and upgrade itself without leading to a split (or fork) in the blockchain, empowering the community without slowing down innovation.

First proposed in 2014 and launched in 2018, the Tezos Mainnet has a proven track record of running uninterrupted ever since, having earned a strong reputation for technical excellence and a supportive community.

Tezos

ZEN is the governance and utility token for Horizen, a zero-knowledge-enabled network of blockchains powered by the largest node infrastructure in the industry. Blockchain interoperability is enabled by the Zendoo protocol, which uses SNARK-verification and allows for complete flexibility in sidechain type, consensus, and speed. Cryptographic verification of networked chains offers massive scale, and the network currently supports up to 10,000 sidechains with a throughput limit of 10,000,000 TPS.

Zendoo makes Horizen a permissionless network of blockchains. Developers can deploy their blockchains within the ecosystem using a variety of SDKs. In 2023, the ecosystem team launched Horizen EON, a public proof-of-stake sidechain and an EVM-compatible smart contracting platform that allows developers to efficiently build and deploy dapps on the Horizen ecosystem, while benefiting from the Ethereum ecosystem. Since going live with Horizen EON, DeFi projects including SpookySwap, Ascent Exchange, and Yuzu have successfully integrated into the Horizen ecosystem. Get started on Horizen EON today!

Horizen's native cryptocurrency, ZEN, is a mineable PoW coin currently trading on major exchanges, including Coinbase and Binance. ZEN can be staked to participate in Horizen's nearly 50,000 full node network.

While ZEN was previously a privacy token, following ZenIP 42204 in June of 2023, the network removed its existing privacy features in favor of moving towards a vision of adaptability and responsible, scalable growth.

Horizen

Litecoin (LTC) is a cryptocurrency that was designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology.

To learn more about this project, check out our deep dive of Litecoin.

The cryptocurrency was created based on the Bitcoin (BTC) protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.

Litecoin was released via an open-source client on GitHub on Oct. 7, 2011, and the Litecoin Network went live five days later on Oct. 13, 2011. Since then, it has exploded in both usage and acceptance among merchants and has counted among the top ten cryptocurrencies by market capitalization for most of its existence.

The cryptocurrency was created by Charlie Lee, a former Google employee, who intended Litecoin to be a "lite version of Bitcoin," in that it features many of the same properties as Bitcoin—albeit lighter in weight.

Litecoin

Bitcoin Cash (BCH) is a peer-to-peer electronic cash system that aims to become sound global money with fast payments, micro fees, privacy and larger block size. As a permissionless, decentralized cryptocurrency, Bitcoin Cash requires no trusted third parties.

Bitcoin Cash was created as an alternative to the first and most valuable cryptocurrency — Bitcoin (BTC). In 2017, BCH developers modified the BTC code, releasing their software version and a full-fledged competitive product, which split Bitcoin into two blockchains: Bitcoin and Bitcoin Cash. Bitcoin Cash is a result of a hard fork in the blockchain due to differences in the community over Bitcoin scaling and the SegWit upgrade. Moreover, another hard fork, which divided Bitcoin Cash into two parts, Bitcoin ABC and Bitcoin SV, took place in the fall of 2018.

The scaling debate involved two sides: small block supporters opposed increasing block size as it could lead to blockchain centralization and vulnerability by making it harder to host full nodes. Large block supporters, however, advocated for a faster solution, concerned that rising transaction fees could hinder growth.

Bitcoin Cash

Compound is a DeFi lending protocol that allows users to earn interest on their cryptocurrencies by depositing them into one of several pools supported by the platform.

To learn more about this project, check out our deep dive of Compound.

When a user deposits tokens to a Compound pool, they receive cTokens in return. These cTokens represent the individual’s stake in the pool and can be used to redeem the underlying cryptocurrency initially deposited into the pool at any time. For example, by depositing ETH into a pool, you will receive cETH in return. Over time, the exchange rate of these cTokens to the underlying asset increases, which means you can redeem them for more of the underlying asset than you initially put in — this is how the interest is distributed.

On the flip side, borrowers can take a secured loan from any Compound pool by depositing collateral. The maximum loan-to-value (LTV) ratio varies based on the collateral asset, but currently ranges from 50 to 75%. The interest rate paid varies by borrowed asset and borrowers can face automatic liquidation if their collateral falls below a specific maintenance threshold.

Since the launch of the Compound mainnet in September 2018, the platform has skyrocketed in popularity, and recently passed more than $800 million in total locked value.

Compound

Ethereum Classic (ETC) is the original Ethereum (ETH) blockchain that launched in July 2015. Its main function is as a smart contract network, with the ability to host and support decentralized applications (DApps). Its native token is ETC.

Since its launch, Ethereum Classic has sought to differentiate itself from Ethereum, with the two networks’ technical roadmap diverging further and further from each other with time.

Ethereum Classic first set out to preserve the integrity of the existing Ethereum blockchain after a major hacking event led to the theft of 3.6 million ETH.

Ethereum Classic

Basic Attention Token, or BAT, is the token that powers a new blockchain-based digital advertising platform designed to fairly reward users for their attention, while providing advertisers with a better return on their ad spend.

To learn more about this project, check out our deep dive of Basic Attention Token.

This experience is delivered through the Brave Browser, where users can watch privacy-preserving adverts and receive BAT rewards for doing so. On the other hand, advertisers can deliver targeted ads to maximize engagement and cut down losses due to ad fraud and abuse.

The Basic Attention Token itself is the unit of reward in this advertising ecosystem, and is exchanged between advertisers, publishers and users. Advertisers pay for their advertising campaigns in BAT tokens. Out of this budget, a small portion is distributed to advertisers, while 70% is distributed to users — whereas the intermediaries that typically drive up advertising costs are cut out of the equation to improve cost-efficiency.

Basic Attention Token launched in 2017 following one of the fastest sell-out initial coin offerings (ICOs) of all time, with the platform raising a total of $35 million in under a minute. Since then, it has rolled out its attention-based advertising experience to users in most countries through its Brave Rewards program.

As of November 2020, the United States, the United Kingdom and Canada had the most active advertising campaigns.

Basic Attention Token

Qtum (pronounced ‘“quantum”)  is a proof-of-stake (PoS) smart contract open-source blockchain platform and value transfer protocol. It aims to bring together the strengths of Bitcoinand Ethereumin one chain. Qtum is built on Bitcoin's UTXO transaction model, with the added functionality of smart contract execution and DApps. Recently, the platform added support for DeFi applications. As of March 2021, there are more than 20 tokens created on the Qtum blockchain.

To learn more about this project, check out our deep dive of Qtum.

The project was announced in March 2016 and held an ICO a year after, in March 2017, which brought its founders $15 million USD. The Qtum main chain was released on Sept.13, 2017. Initially, the Qtum coin was issued as a ETH-20 token, but with the launch of the mainnet, it was converted to native blockchain.

Qtum

Stellar (XLM) is a peer-to-peer (P2P) decentralized network created in 2014 by The Stellar Development Foundation or Stellar.org. The network officially launched in 2015 with the purpose of connecting the world's financial systems and ensuring a protocol for payment providers and financial institutions. The platform is designed to move financial resources swiftly and reliably at minimal cost. Stellar links people, banks, payment processors and allows users to create, send and trade multiple types of crypto.

The basis of the network is its native digital currency - XLM or Lumens. XLM acts as an intermediate currency for operations and is also used to pay transaction fees. How it works: the protocol converts money in a few seconds, first into XLM, and then into the requested currency.

The Stellar payment protocol is based on distributed ledger technology -- an open-source development, community-owned and distributed by community. The crypto asset of the Stellar platform helps with cross-border transactions, overcoming the problems of high fees and slow procedures. XLM is more focused on assisting individuals transfer money than they are with institutions. Thus, Stellar offers access to financial systems, and people can send money at low cost and promptly around the world.

Moreover, Stellar serves as a decentralized exchange and marketplace, with a built-in order book that tracks ownership of Stellar assets. Platform users can manage buy/sell orders, as well as select and set their preferred assets in settlements. XLM is a built-in coin that helps reduce transaction fees.

The network maintains a high level of security.  XLM holders must have at least one token in order to remain active on the network. This nuance performs a global goal - the execution of network transactions efficiently and with minimal time costs. Plus, Lumens offers protection against flood attacks by making microtransactions too expensive for hackers with no chance of profit, which keeps Stellar Network safe from serious threats.

The target audience of Stellar is the inhabitants of developing countries, ordinary users who are provided access to the global economy through fast, simple and inexpensive transactions. Stellar Network makes extensive use of Lumens to produce live convection as well as to send cash in multiple currencies; currency is sent from one peer, and the recipient can receive the amount in another currency. This feature is beneficial when a transaction is made between currencies without widely traded pairs.

Support for multi-currency transactions is another competitive advantage of Stellar, and the ability for cross-currency transactions has only enhanced processes with foreign operations. Moreover, stable speed and low transaction costs are a privilege that users receive.

This functionality is powered by a development called Anchors (a bridge between different currencies and the network), which simplifies the exchange within the network and helps speed up the whole process.

In summary, the benefits of Stellar (XLM) include:

Stellar

IOTA is a distributed ledger technology (DLT) that features unique architecture and an open-source product suite for individuals, businesses, and institutions to use in Web3. It is built on a directed acyclic graph (DAG) called the Tangle, which can be pictured as a multi-dimensional blockchain. It enables the exchange of data and value on a decentralized platform through direct and secure transfers, executed on and immutably recorded on the network.

To learn more about this project, check out our deep dive into IOTA.

Together with its staging network Shimmer, IOTA aims to offer solutions to establish a secure and permissionless infrastructure that can drive the economy of the future. It enables the development of decentralized applications through automated trust in the form of Ethereum-compatible smart contracts, an advanced consensus algorithm, and thoughtfully balanced incentives.

IOTA delivers tools for creating and managing custom Layer 2 (EVM) chains, deploying smart contracts, minting native tokens and NFTs with distinctive features, and introducing digital identities to users.

Launching in 2024, IOTA 2.0 will be a protocol upgrade that rebuilds IOTA’s architecture to deliver full decentralization. You can find more about it here.

IOTA

Filecoin is a decentralized storage system that aims to “store humanity’s most important information.” The project raised $205 million in an initial coin offering (ICO) in 2017, and initially planned a launch date for mid-2019. However, the launch date for the Filecoin mainnet was pushed back until block 148,888, which is expected in mid-October 2020.

The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network where users pay for data storage and distribution services in $FIL. Filecoin is open protocol and backed by a blockchain that records commitments made by the network’s participants, with transactions made using FIL, the blockchain’s native currency. The blockchain is based on both proof-of-replication and proof-of-spacetime.

Filecoin is open-source and decentralized, which means that all governance is in the hands of the community. On the Filecoin platform, developers have the opportunity to create cloud file storage services like Dropbox or iCloud. Anyone can join Filecoin and start storing their data or earn money by providing space for someone else's funds. The creators of Filecoin opted for their blockchain technology to run the network and their token with their own consensus.

$FIL is the native currency of Filecoin that powers the entire network and all processes. Clients pay for transactions in FIL tokens. Miners place FIL as collateral, guaranteeing their services.

The developers claim that Filecoin solves the problem of inefficient file storage and retrieval. Customers can find the right solution with an efficient set of tools and its core development, IPFS.

Filecoin

Waves is a multi-purpose blockchain platform which supports various use cases including decentralized applications (DApps) and smart contracts.

Launched in June 2016 following one of the cryptocurrency industry’s earliest initial coin offerings (ICO), Waves initially set out to improve on the first blockchain platforms by increasing speed, utility and user-friendliness.

The platform has undergone various changes and added new spin-off features to build on its original design.

Waves’ native token is WAVES, an uncapped supply token used for standard payments such as block rewards.

Waves

Decred is Money Evolved.

By combining battle tested Proof-of-Work with an innovative take on Proof-of-Stake that places coin holders in charge of shaping the future, Decred is able to adapt to challenges and innovate at a rapid pace. You acquire influence in Decred by putting “skin in the game”.

Decred’s security, privacy, scalability, and decentralized treasury empower stakeholders and provides them with the tools needed to enhance their financial sovereignty.

Decred

Self-described as "Polkadot's wild cousin," Kusama is an experimental blockchain platform that is designed to provide a massively interoperable and scalable framework for developers.

Kusama is built on Substrate — a blockchain building kit developed by Parity Technologies. Kusama has almost the same codebase as Polkadot — one of the most successful interoperable blockchains.

By deploying on Kusama, fast-paced projects gain access to a highly scalable, interoperable sharded network, with features that are not yet available on Polkadot. To that end, Kusama describes itself as a “canary network.”

The platform is designed to provide a testbed for developers looking to innovate and deploy their own blockchain and can be used as a preparatory network before launching on Polkadot — though many projects opt to stick with Kusama for their final product.

Kusama benefits from a low barrier to entry for deploying parachains, low bond requirements for validators, and is most commonly used by early-stage startups and for experimentation.

Kusama

Maker (MKR) is the governance token of the MakerDAO and Maker Protocol — respectively a decentralized organization and a software platform, both based on the Ethereum blockchain — that allows users to issue and manage the DAI stablecoin.

Initially conceived in 2015 and fully launched in December 2017, Maker is a project whose task is to operate DAI, a community-managed decentralized cryptocurrency with a stable value soft-pegged to the US dollar.

MKR tokens act as a kind of voting share for the organization that manages DAI; while they do not pay dividends to their holders, they do give the holders voting rights over the development of Maker Protocol and are expected to appreciate in value in accordance with the success of DAI itself.

The Maker ecosystem is one of the earliest projects on the decentralized finance (DeFi) scene: the industry that seeks to build decentralized financial products on top of smart-contract-enabled blockchains, such as Ethereum.