Thanks Pekka,
Those interested in promissing technologies in this area, should also watch
this 20min video presentation:
https://blog.p2pfoundation.net/vinay-gupta-promise-blockchain/2016/04/11
It somewhat directly addresses, what kind of dialogue is too much missing and
where people on this mailing list could help.
Terveisin,
Tommi Elo
--
"A heart filled with love is like a phoenix that no cage can imprison." - Rumi
Pekka Nikander <pekka.nikander@xxxxxx> kirjoitti 31.5.2016 kello 20.48:
A Call for a Temporary Moratorium on “The DAO”
Dino Mark, Vlad Zamfir, Emin Gün Sirer
Over the past 3 weeks a Distributed Autonomous Organization (DAO) known
simply as ‘The DAO’ and implemented as a smart contract on the Ethereum
blockchain, has raised 11.5 million Ether, valued at $150 million at the time
of writing. This is the largest crowd-funding event in history. The DAO now
controls 16% of the total supply of Ether. It is arguably the most visible
project in the Ethereum ecosystem.
In this paper, we analyze the rules of The DAO and identify problems with its
mechanism design that incentivize investors to behave strategically; that is,
at odds with truthfully voting to reveal their preferences. We then outline
potential attacks against The DAO made possible by these behaviors.
In particular, we identify nine causes for concern that can lead DAO
participants to engage in strategic rather than honest behaviors. Some of
these behaviors can cause honest DAO investors to have their investments
hijacked or committed to proposals against their interest and intent.
We discuss these attacks, and provide concrete and simple suggestions that
will mitigate the attacks, or in some cases make them completely impossible.
We would like to call for a moratorium on proposals to prevent losses to the
DAO caused by unintended consequences of its mechanism design. A moratorium
would give The DAO time to make security upgrades, and should be lifted only
once the DAO is updated.
https://docs.google.com/document/d/10kTyCmGPhvZy94F7VWyS-dQ4lsBacR2dUgGTtV98C40
