Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

Three individuals call for a moratorium to prevent losses to the Ethereum DAO

Three Ethereum DAO critics have called for a moratorium on proposals to prevent losses to the Distributed Autonomous Organization (DAO) which is a smart contract on the Ethereum blockchain.

Dino Mark, Vlad Zamfir and Emin Gun Sirer were the three individuals who called for a moratorium. They released a paper on 27th May, 2016 describing a number of security vulnerabilities in a novel cryptocurrency crowd funding project that has raised more than $100 million.

The paper noted that, a moratorium on proposals to prevent losses caused by unintended consequences will provide time to ensure security upgrades. The paper analyzes the rules of the DAO and examines problems in its design that could motivate investors to act strategically to reveal their presence. The paper offers suggestions to prevent attacks like hijack investments of honest DAO investors.

Authors argue that the money that has been put into the DAO project are all in a digital currency called Ether. “The current implementation can enable attacks with severe consequences,” according to the paper, written by the computer scientists Dino Mark, Vlad Zamfir and Emin Gün Sirer.

According to cryptocoinnews.com, one moratorium by a curator is to have DAO token holders place a self-imposed moratorium by voting against every proposal. But, this mechanism should not be relied on to prevent attacks, based on the flaws connected to negative voting.

Another option is for the DAO token holders to opt-in to security measures and to deploy a moratorium by voting for a new curator. For the curators to impose a moratorium and to permit the DAO token holders to opt-out is the most immediate and safest approach.

Gün Sirer is an associate professor of computer science at Cornell University who previously authored a paper pointing out a serious vulnerability in the structure of Bitcoin. Zamfir, one of Mr. Gün Sirer’s co-authors, is one of the 10 curators.

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

August 16 12:30 UTC Released

USHousing Starts Number MM

Actual

1.155 mln

Forecast

1.220 mln

Previous

1.215 mln

August 16 12:30 UTC Released

USBuild Permits: Change MM

Actual

-4.1 %

Forecast

Previous

9.2 %

August 16 15:30 UTC 121121m

BRForeign Exchange Flows*

Actual

Forecast

Previous

0.361 Bln USD

August 16 23:50 UTC 621621m

JPForeign Bond Investment

Actual

Forecast

Previous

1624.2 bln JPY

August 16 23:50 UTC 621621m

JPForeign Invest JP Stock

Actual

Forecast

Previous

-37.7 bln JPY

August 16 23:50 UTC 621621m

JPExports YY*

Actual

Forecast

13.6 %

Previous

9.7 %

August 16 23:50 UTC 621621m

JPImports YY*

Actual

Forecast

17.0 %

Previous

15.5 %

August 16 23:50 UTC 621621m

JPTrade Balance Total Yen*

Actual

Forecast

392.0 bln JPY

Previous

439.9 bln JPY

August 17 01:30 UTC 721721m

AUFull Time Employment*

Actual

Forecast

Previous

62.0 k

August 17 01:30 UTC 721721m

AUEmployment*

Actual

Forecast

20.0 k

Previous

14.0 k

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.