Difference between revisions of "DAO"
| Line 2: | Line 2: | ||
A well-known example, intended for venture capital funding, was [[The DAO]], which amassed $150 million in crowdfunding in May 2016, and was hacked and drained of US$50 million in cryptocurrency weeks later. The hack was reversed in the following weeks, and the money restored, via a hard fork of the [[Ethereum]] blockchain. Most [[Ethereum]] miners and clients switched to the new fork while the original chain became [[Ethereum Classic]].<ref>https://en.wikipedia.org/wiki/Decentralized_autonomous_organization</ref> | A well-known example, intended for venture capital funding, was [[The DAO]], which amassed $150 million in crowdfunding in May 2016, and was hacked and drained of US$50 million in cryptocurrency weeks later. The hack was reversed in the following weeks, and the money restored, via a hard fork of the [[Ethereum]] blockchain. Most [[Ethereum]] miners and clients switched to the new fork while the original chain became [[Ethereum Classic]].<ref>https://en.wikipedia.org/wiki/Decentralized_autonomous_organization</ref> | ||
== References == | |||
Revision as of 13:53, 1 May 2022
A decentralized autonomous organization (DAO), sometimes called a decentralized autonomous corporation (DAC), is an organization represented by rules encoded as a computer program that is transparent, controlled by the organization members and not influenced by a central government, in other words they are member-owned communities without centralized leadership. A DAO's financial transaction record and program rules are maintained on a blockchain. The precise legal status of this type of business organization is unclear.
A well-known example, intended for venture capital funding, was The DAO, which amassed $150 million in crowdfunding in May 2016, and was hacked and drained of US$50 million in cryptocurrency weeks later. The hack was reversed in the following weeks, and the money restored, via a hard fork of the Ethereum blockchain. Most Ethereum miners and clients switched to the new fork while the original chain became Ethereum Classic.[1]