December 2018
Beginner to intermediate
564 pages
17h 34m
English
Content preview from Blockchain Developer's Guide
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The DAO
The Decentralized Autonomous Organization (DAO) was an attempt at an unbanked entity, though not unincorporated. It was organized as a Swiss SARL, and raised approximately 11.5 million Ethereum (ETH). The DAO was to be a fund that ran on smart contracts, and would make loans to entities that would use the funds in productive ways.
The reasoning behind the DAO was that investors would vote on all decisions, and with governance done entirely with smart contracts for the benefit of investors, it would defeat any perverse incentive that a director or manager might have. All decisions would be in the interest of investors.
A series of vulnerabilities in one of the DAO's smart contracts allowed malicious hackers to steal $50 million in ...
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