The DAO’s Existential Crisis: Bitcoin Still Not Affected
Are smart contract implementations requiring zero human intervention reliable? A thousand years of legal history and the DAO suggest something more than zero is required. Contract Reformation. The DAO (Distributed Autonomous Organization) resembles a smart contract. It deploys source code on a blockchain distributing virtual currency to parties according....
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Mike Novogratz, the CEO of Galaxy Digital and bitcoin bull has warned that the United States’ failure to have its own digital currency could be an “existential crisis.” However, the CEO says the country’s fate is still in its hands. Novogratz made these comments a few days after former U.S. Secretary of State, Mike Pompeo suggested that the United States is not going to have a digital dollar anytime soon. Distortions in Financial System Still, Novogratz tells an interviewer that the United States’ success on this front will be dependent on the way the country....
Ethereum is in a state of crisis. “The DAO” (Decentralized Autonomous Organization), a code-based and leaderless investment vehicle that crowd-funded a record-breaking 150 million USD worth of ether, was unexpectedly drowned by an unknown hacker two weeks ago. About a third of all invested ether – some 4 percent of the total ether supply – is now sitting in a so-called “Child DAO”, waiting until it can be withdrawn in another two weeks from now. This presents the Ethereum community with a tough choice and three* main options. First, the community can decide to “do nothing” and allow the....
Backfeed, an open-source startup that develops a social operating system for decentralized organizations, suggests possible solutions for DAO problems. Julian Feder of Backfeed writes: “We felt about DAO’s the same way normal people feel about unicorns and UFO’s, and at last, contact is established, disclosure may begin.” DAO’s potential failures. Backfeed is a young organization that has been working resiliently on developing effective models of conducting the Distributed Autonomous Organization. They have put a lot of work into proving to the whole world that a decentralized organization....
We sat down recently with Rune Christensen, the founder of MakerDAO, to discuss The DAO’s collapse and the implications it will have for Ethereum and Cryptocurrency moving forward after the soft fork. He expresses doubts at the notion that the Ethereum community holds any obligation to The DAO and other interesting viewpoints from security to hard-fork consensus. Rune Has Faith in Ethereum, Not The DAO. So Rune, Can you give Us a little bit of background on Yourself, On Maker, and the Situation The DAO’s Collapse has put Maker in? “I’m the founder of Maker, which is an ethereum based DAO....
The prolonged scaling issue has turned into what some have been calling bitcoin's existential crisis. As proposals for alternative solutions to Bitcoin Core’s roadmap were put forward and Bitcoin Classic gained traction, the divergence in technical approach has devolved into a heated debate. Emotionally charged disputes on Reddit and Twitter with censorship and personal attacks have divided the community. This split over the protocol harkens back to differences in views that arose at the onset of this technology between economists and those with computer science backgrounds. The former....