The Maker protocol was developed in 2014 by the Maker Foundation and was opened to the public in 2017 with a vision of creating a permissionless credit system where users are able to access fund loans receiving in the form of DAI stablecoins.
When the development phase proved smooth, the Maker Foundation gradually decreased its role in controlling the platform and allowed it to become a Decentralized Autonomous Organization with the MakerDAO platform’s creation instead.
Furthermore, the MKR coin is the governance token of the system, which, in concept, means that holders are able to help manage the Maker Protocol. Users who trade their MKR coins are provided with the decentralized authority to propose new policies, such as adding a new coin to the system, changing the current interest rates, etc. Also, users are encouraged to vote on said proposals as well through the trade-in of their MKR coins. All of these is accomplished through the initiation of the MakerDAO, a Decentralized Autonomous Organization, which allows system management without the need of a mediator and still provides users in the system the equal rights to vote and make decisions.