Monday, 20 June 2016

THE ETHEREUM PRICE PLUMMETING IS A FUNCTION OF THE DAO FIASCO

Few days back, there was a report of a hack in the DAO.  The DAO is a smart contract running on top of the ethereum network.  It was discoverd that over 3 million ether was stolen by a hacker.

Reports revealed that the stolen ethers are held temporarily in a child DAO which will be released to the hacker with 27days.

The news of this hack spread like wide fire and caused the price of both the DAO and ether to plummet by more than 50%.

A soft and hard fork is proposed for a possible solution to the problem.  Many,  have varying opinion about the proposed solution as it will negate the intention of the DAO in the first place as regards the non reversal of any transaction and subsequently ruin the reputation of ethereum as a veritable platform to run any smart contracts.

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