We have seen a steep adoption of crypto-based systems this year, including decentralized finance (DeFi) applications, nonfungible tokens (NFTs) such as digital art, crypto-centric gaming, and increased adoption of cryptocurrencies as investment and payment tools. One of the more recent developments is the emergence of decentralized autonomous organizations (DAOs).
DAOs have existed since 2016, when The DAO organization, a new form of investment vehicle that attracted a sizable portion of Ethereum (ETH) tokens, raised more than $150 million at the time. Many saw The DAO as the ultimate form of human coordination. Yet, due to a reentrancy exploit, hackers stole $50 million of the organization’s funds.
Lukas Schor is the product manager at Gnosis Safe — a multi-signature wallet and a platform to manage digital assets on Ethereum. Lukas has been working in product-related roles in the blockchain industry for the past four years. He joined Gnosis in early 2019 to take over the role of product manager for the Gnosis Safe Project.