Is MakerDAO the world's first algorithmic central bank?

The MakerDAO project is ‘…the oldest and most ambitious project on the ethereum network…’, imo it is also one of the most interesting.

At present the project does three things: it is a decentralised cryptoasset backed lending platform; it provides a ‘stable coin’ (called DAI); and it acts as a decentralised central bank for DAI, I break down the project at this link.

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