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Takeaways: 5 years after The DAO crisis and Ethereum hard fork

CryptocurrencyJul 18, 2021 01:20PM ET
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Takeaways: 5 years after The DAO crisis and Ethereum hard fork

A vulnerability of a smart contract in one private DAO fund firstly to the leak of cryptocurrency worth tens of millions of dollars (billions as of today) and then to the hard fork of the second-largest blockchain network Ethereum. You can find tons of articles investigating those events, including a wiki page. Even though the purpose here is conclusions, let us refresh in memory what happened five years ago.

The DAO was a startup that ran an investment fund in Ether (ETH) and operated as a smart contract on Ethereum. The DAO is a proper name that founders decided to take as a reference to a general concept of a decentralized autonomous organization, or DAO. The fund claimed from the very beginning that they operate under the terms and conditions of their smart contract that was nothing more than a code of a program deployed on the blockchain. Their website contained no legal terms and conditions, but a notice proclaiming the supremacy of the machine code over any human-readable text to explain this code.

Oleksii Konashevych is a Ph.D. fellow in the Joint International Doctoral Degree in Law, Science and Technology program funded by the EU government. Oleksii has been collaborating with the RMIT University Blockchain Innovation Hub, researching the use of blockchain technology for e-governance and e-democracy. He also works on the tokenization of real estate titles, digital IDs, public registries and e-voting. Oleksii co-authored a law on e-petitions in Ukraine, collaborating with the country’s presidential administration and serving as the manager of the nongovernmental e-Democracy Group from 2014 to 2016. In 2019, Oleksii participated in drafting a bill on Anti-Money Laundering and taxation issues for crypto assets in Ukraine.

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Takeaways: 5 years after The DAO crisis and Ethereum hard fork
 

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