"hi everyone welcome to day 6 and Z podcast I am sonal today's episode is all about stable coins what are they why do they matter so our special guest is Andy millenias CTO of maker which is one of the..."

"maker which is one of the oldest and longest standing projects on the etherium blockchain they are the makers of the stable coin dye which is a cryptocurrency that tries to remain stable in terms of v..."

"discussion covers the trend of stable coins in general as well as how it fits into the broader landscape and evolution of crypto we also discussed the super interesting challenges in designing this ki..."

"sounds familiar right does sound like budget and so like historically the way that people have used money in the past is that if I have assets and I can issue like I owe use against them those IOUs ca..."

"it's shared amongst all of our collective understanding and so by creating this virtual space where we all understand what will happen in the future we can sort of leverage that today create money and..."

"with you yeah where are we now by the way money has this big historical tradition of being at times issued as gold and then at times issued as debt against assets and there's a huge historical traditi..."

"money are actually different there's a subtle distinction right currency or units these are the things that we can or can't use as money as we want to but money is much more like a symbol it's a colle..."

"technology people adopt it somewhat superficially before they truly build actual value around that I always think of that one company's blockchain video where it's like a tomato on the blockchain it's..."

"there's so much sort of like underlying value that we could build up and access here it was like this wild space yeah there's like wild untamed space that had tons and tons of potential but had not be..."

"actually developers that are some of our strongest most ardent contributors to this day had a similar sort of story of getting into aetherium thinking about what are the underlying fund a tional probl..."

"the entire world it feels like everybody is online right now but it's just a question of what are they doing online right like a lot of times they're gossiping and talking to their friends and stuff l..."

"will be incredibly useful in allowing people to have like open access to stability you know because that's something that's sort of everybody is entitled to I think yeah give me a concrete example tho..."

"in the center I think that's really interesting because that sounds a lot like the original Bitcoin vision it's the vision of all cryptocurrencies there permissionless they move across borders like em..."

"blockchain one of the analogies that I've heard that I found really just stuck with me is that it's a bit like a chairlift you know where you start here and then there's this rough terrain that you go..."

"up so basically it's sort of like this port between kind of the early adopters and the late adopters to help mainstream it maybe not report maybe even a wormhole however you want to think about it we'..."

"the whole process of providing for the strength of the nation I think that banks will continue to do that and maker basically has no dog in that fight because we don't exist in any single country and ..."

"well that bank has a dog in the fight so we can't trust me if they try doing the same thing kind of thing so let's actually now talk about how it works and what concretely we're talking about here bec..."

"outstanding you know it should sound really familiar because it works in a very familiar traditional sort of storied way can we lock up real-world assets into this the promise was always was that many..."

"and more adoption I love that because we talk a lot network effects on this podcast I think any software business cares about network effects software has that sort of unprecedented scale just for the..."

"one of my favorite things about blockchain networks is the fact that they're fundamentally transparent and auditable and I think that that sort of feature is so important when you're talking about the..."

"anyway that's a great counter example so given that the system is backed by these collateral assets there needs to be this decision made about which asset should go in the basket behind die so how doe..."

"holders are doing a good job then die will be issued and then fees will be sent into this buy and burn we call it this is very interesting right because you know it will feel very familiar to anybody ..."

"really interesting because in the case where one of the collaterals that they accept to be issued against if they ever make a mistake and that collateral loses all of its value overnight then all of t..."

"the incentives of them care token holders are aligned with the incentives of dye holders because as dye grows if they keep the system stable they stand to benefit and if they don't do that they also s..."

"contrary it's a Dao that's been live and been secured to date and so I'm wondering has the CTO what are the best practices and how is engineering smart contracts different from traditional software I ..."

"contract because we've got this like virtual hardware environment you know where we create a piece of virtual hardware we launch it onto the blockchain and then that's it it's out there now and so a l..."

"out as possible I love when hardware and software blend like this kind of thinking this is fascinating we had Andy McAfee and Eric van Olsen MIT economists on the podcast talking about the problem the..."

"when you about money yeah absolutely I think that with these lower level primitive elements that we really really feel rock-solid about then we can just start to sort of think about like a global soci..."

"more autonomous what do you mean by that yeah so I guess we've already talked about two of the three types of stable coins that we see commonly one is sort of Fiat back to io u--'s and then there's ma..."

"as digital money but on a more qualitative side we also have to look at all of the different activities that surround the ecosystem because it's such a complex multi-stakeholder ecosystem right and th..."

"this blockchain financial system not only that but one of the really most exciting things that we've seen happen in the last three months was the actual implementation of a MK our governance vote whic..."

"traditional startup or is it I think that there's so many different ways right because a big part of it is this community you know and in general when you're trying to create money the community and t..."

"and so whether it's the developers or whether it's like the community or whether it's anybody that's associated with the project as long as the system is fundamentally transparent and adheres to these..."

"created there of like we are all in this together and we're all trying to do this I hope it feels really inclusive and accessible and so when somebody encounters the project it lights up their antenna..."

"there's a queen bee and my question for you is how do you think specially in engineering how does this sort of coordination work and where the failure points and how do you sort of think about counter..."