The DAO’s Existential Crisis: Bitcoin Still Not Affected
The DAO (Distributed Autonomous Organization) resembles a smart contract. It deploys source code on a blockchain distributing virtual currency to parties according to rules set by the code. The DAO’s purpose is to act as an investment vehicle, investing in and voting on ventures according to the collective will of its investors. One DAO member discovered that the code allowed him to create a sub-contract that bypassed the normal rules governing balance of funds. He created a sub-contract allowing him to take for himself ~$50M USD worth of the DAO’s virtual currency. He wrote the DAO a letter justifying his actions on the sole basis that the source code permitted it. Large DAO stakeholders proposed hard-forking the DAO’s code recoup the ~$50M.
READ MORE >>> https://news.bitcoin.com/dao-legal-bitcoin-not-affected/
Topic: [2016-06-24] news.bitcoin.com-The DAO’s Existential Crisis: Bitcoin Still Not... (Read 241 times)
June 25, 2016, 12:38:47 AM
Jump to: