January 2019
Intermediate to advanced
258 pages
7h 12m
English
Content preview from Blockchain for Business 2019
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The DAO
There is one more thing we should clarify regarding DAOs. In 2016, a project called The DAO launched a $150,000,000 ICO, which was the biggest at the time. The funding came in Ethereum's native cryptocurrency: ether. The DAO team collected 11,500,000 ether, which was 15% of all existing ether at that point. The idea was for The DAO to become a decentralized, self-governed, venture capital fund, without any management or board of directors, where token-holders vote directly on investment opportunities and on the future development of the project:
Unfortunately, the code of its smart contract had some serious flaws, which went unnoticed ...
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