A hacker removed $50 million in Ether from the Decentralized Autonomous Organization, plunging investors into a panic, https://rubetting.club many argue that no theft has happened.
Ether, the digital currency that happens to be billed because the ‘next’ bitcoin, plunged in value on Friday when a hacker exploited a software flaw in the Decentralized Autonomous Organization (DAO), giving the same of $50 million Ether into the ether and the cryptocurrency investment community into a panic.
If this sounds bewildering, we’ll attempt to explain.
Ether is the money supported by the Ethereum blockchain, a platform designed to provide greater flexibility for decentralized peer-to-peer-traded currencies than projects developed over the top of the bitcoin protocol. Ethereum permits the creation of ‘smart agreements,’ which enables all kinds of business deals and not just currency transfers.
The DAO is an organization that is completely leaderless on the Ethereum platform and run entirely on computer code. It uses these smart contracts to create a venture capital fund devoted to sponsoring cryptocurrency that is new. All DAO decisions are taken via a vote of its members who use electronic tokens, purchased with Ether, to register their vote. In this way, DAO had raised $162 million to greatly help fund fledgling projects.
But DAO members watched in horror, in real-time, on Friday, as a hacker exposed a software flaw to siphon (more…)