---
# System prepended metadata

title: 'Collateral Call Summary - Episode #15'
tags: [Collateral Call]

---

---
tags: Collateral Call
---

# Collateral Call Summary - Episode #15
November 11th, 2020

## Agenda

- [00:00](https://youtu.be/UnwkQJPSUrc&t=0): Intro with Juan Guillén
- [02:49](https://youtu.be/UnwkQJPSUrc?t=169): Paperchain Drop [PC-DROP] with Budd White

## Video

<https://www.youtube.com/watch?v=UnwkQJPSUrc>

## Introduction

### Juan Guillén

#### Agenda and Preamble
[00:00](https://youtu.be/UnwkQJPSUrc&t=0)

- Hello, everyone. Welcome to another collateral onboarding call. We're joined by a bunch of people interested in Maker in general and real-world assets in particular. We are with Budd White, who's going to give us more of an insight and overview about the project.
- But before that, I want to give the floor to Sébastien Derivaux, who's going to comment [on the progress of the Real-World Assets Working Group](https://youtu.be/UnwkQJPSUrc?t=44).
- Discussions about collateral happen in the [Forum.](https://forum.makerdao.com/c/risk/collateral-meetings/23)

## Collateral Paperchain [PC-DROP]

- [[PC-DROP] MIP6 Application: Paperchain DROP: Tokenized Music Streaming Invoices](https://forum.makerdao.com/t/pc-drop-mip6-application-paperchain-drop-tokenized-music-streaming-invoices/2215)

### Budd White

#### Presentation
[02:49](https://youtu.be/UnwkQJPSUrc?t=169)

![](https://i.imgur.com/Fqph8vt.jpg)
![](https://i.imgur.com/iTpqfdX.png)
![](https://i.imgur.com/3h5dKSN.png)
![](https://i.imgur.com/dhp8vkM.png)
![](https://i.imgur.com/psTDZBp.png)
![](https://i.imgur.com/Rw9C7M7.png)

[17:46 - Can you do this as well with affiliate marketing platforms?](https://youtu.be/UnwkQJPSUrc?t=1066)

![](https://i.imgur.com/zZT8s7X.png)

[22:41 - Do you pool the loans of the different borrowers together or do you have them completely separated? How do you manage the risk on that side?](https://youtu.be/UnwkQJPSUrc?t=1361)

![](https://i.imgur.com/37GQS2j.png)
![](https://i.imgur.com/O0tAbGs.png)

[44:02 - The revolving means that, as the pool is getting paid, you will issue more debt based on that same pool. Is that right?](https://youtu.be/UnwkQJPSUrc?t=2642)

![](https://i.imgur.com/HjNzW7t.png)

#### Discussion

- [29:27 - Wouldn't this be easier if you just become an invoice refactoring service for Spotify, so you just get money from the discount rate?](https://youtu.be/UnwkQJPSUrc?t=1767)
- [31:25 - How often have you seen or would expect to see the data be different, have the data be subsequently modified? Somebody listened to a song 50,000 times, but it was actually 5,000 times — or the reverse.](https://youtu.be/UnwkQJPSUrc?t=1885)
- [32:23 - What is the gross dollar amount impact that you expect, even on a percentage basis? Out of the total amount of the net portfolio, 2% sometimes is dodgy.](https://youtu.be/UnwkQJPSUrc?t=1943)
- [35:15 - As a company, are you diversifying, are you going to target independent artists and quite possibly help the movement of decentralizing some of these platforms, some of these venues? Also, what has happened since that article that was published by Centrifuge and Maker on October 29th [2019]? What has happened in the last 12 months?](https://youtu.be/UnwkQJPSUrc?t=2116)
- [46:15 - Let's hypotetically say that Maker was able to give you a 10 million Dai facility at whatever risk parameters you want to do. What could you deploy tomorrow?](https://youtu.be/UnwkQJPSUrc?t=2775)
- [47:34 - If you had to give a timeline estimate to where you could routinely revolve eight figures, what would you say?](https://youtu.be/UnwkQJPSUrc?t=2854)
- [49:40 - Can you go over and try to explain to us how exactly the bridge works between Centrifuge and getting to Dai, to Ethereum?](https://youtu.be/UnwkQJPSUrc?t=2980)
- [53:52 - What's the worst thing that could potentially happen to a pool? Are there any mitigation plans for that?](https://youtu.be/UnwkQJPSUrc?t=3232)


## Closing Comment

### Juan Guillén

#### Outro
[57:28](https://youtu.be/UnwkQJPSUrc?t=3448)

- Budd, thanks for coming. It was great having you. I'm looking forward to see how these things evolve. [Where can people find you and Paperchain?](https://youtu.be/UnwkQJPSUrc?t=3458)

## Credits

- @Blimpa produced this summary.
- Everyone who spoke and presented on the call, listed in the headers.