Community Forex Questions
When was the first DAO created?
The BitShares project, launched in December 2013 by Dan Larimer, was the inspiration for the DAO concept. Dash DAO was launched in August of that year. However, The DAO, which debuted in April 2016, was the first proper iteration of the concept.
The DAO functioned as a decentralised venture capital fund owned by its members collectively. Following its April 30 launch, The DAO raised over $150 million in ether (ETH) in an ICO that was regarded as the largest crowdfunding effort at the time. However, experts discovered several flaws in The DAO's smart contract.
And, before a governance proposal to address these issues could be voted on, an attacker exploited them and stole approximately $60 million from The DAO's Treasury.
To address the hack, the Ethereum network underwent a hard fork, which resulted in the syphoned funds being transferred to another smart contract that allowed investors to withdraw them. However, some miners and nodes resisted the hard fork by remaining on the previous version of the network, now known as Ethereum Classic (ETC).
The DAO functioned as a decentralised venture capital fund owned by its members collectively. Following its April 30 launch, The DAO raised over $150 million in ether (ETH) in an ICO that was regarded as the largest crowdfunding effort at the time. However, experts discovered several flaws in The DAO's smart contract.
And, before a governance proposal to address these issues could be voted on, an attacker exploited them and stole approximately $60 million from The DAO's Treasury.
To address the hack, the Ethereum network underwent a hard fork, which resulted in the syphoned funds being transferred to another smart contract that allowed investors to withdraw them. However, some miners and nodes resisted the hard fork by remaining on the previous version of the network, now known as Ethereum Classic (ETC).
Oct 31, 2022 17:06