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 >

October 24 09:00 UTC Released

EZMarkit Comp Flash PMI

Actual

55.9 bln EUR

Forecast

56.5 bln EUR

Previous

56.7 bln EUR

October 24 09:00 UTC Released

EZMarkit Serv Flash PMI

Actual

54.9 bln EUR

Forecast

55.6 bln EUR

Previous

55.8 bln EUR

October 24 12:55 UTC 209209m

USRedbook MM

Actual

Forecast

Previous

-1.4 %

October 24 12:55 UTC 209209m

USRedbook YY

Actual

Forecast

Previous

3.6 %

October 24 12:55 UTC 209209m

USRedbook MM

Actual

Forecast

Previous

-1.4 %

October 24 12:55 UTC 209209m

USRedbook YY

Actual

Forecast

Previous

3.6 %

October 24 13:00 UTC 214214m

MXFlash Trd Bal Non-EU*

Actual

Forecast

Previous

-0.7 Bln EUR

October 24 13:00 UTC 214214m

MX1st Half-Mth Infl YY*

Actual

Forecast

Previous

1.00 %

October 24 13:00 UTC 214214m

USIGAE Econ Activity MM

Actual

Forecast

Previous

-0.7 %

October 24 13:00 UTC 214214m

MXIGAE Econ Activity YY

Actual

Forecast

1.50 %

Previous

1.00 %

Close

Welcome to EconoTimes

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