The DAO, block chains and Ethereum – Million Theft by design flaw

Jul

3

2016

How could a completely uninteresting financial investment in the past week retrieve all types of media? By simply be robbed. In normal people expressed money went to a very large amount; strangers managed to steal 50 million from The DAO. Only it was not a major currency like the euro, it was essential, the crypto currency of a network called Ethereum and The DAO fund. The latter exists by virtue of the chain block of the first, a more advanced version of many other block chains, such as the famous crypto currency: the bitcoin.

Probably there is already one or two words come by, many of whom have never heard or only vaguely. To penetrate to the reason why so many large organizations, Microsoft and IBM to ABN Amro and ING, are interested in the block chain, the ‘theft’ is at The DAO interesting, especially since The DAO the first major application in the form a smart contract ‘that reached the general public.

Before we look at what happened at The DAO, it is good to reflect on what is also yet another block chain or block chain, why bitcoin for some has negative connotations and why these institutions are still so eagerly to his hiding and meantime millions in investment.

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