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Published in:
Behold the Dreamers Read chapter Read first chapter

2017 | OriginalPaper | Chapter

6. The DAO Hacked

Authors : Vikram Dhillon, David Metcalf, Max Hooper

Published in: Blockchain Enabled Applications

Publisher: Apress

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Abstract

Here, we want to highlight a historic moment leading to the creation of the first DAO, and how it eventually got hacked. Our discussion begins with a fresh perspective on decentralized organizations from Buterin, and leads into the story of Slock.it, the company at the heart of the DAO revolution. Then, we present some code that made The DAO dysfunctional: pieces of the smart contract relevant to the vulnerability, the conditions that allowed repetitive withdrawals from The DAO, and the exploit itself. We conclude the chapter by talking about the consequences of this hack: the debate about hard vs. soft forks, and the creation of Ethereum Classic.

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previous chapter Decentralized Organizations
next chapter Ethereum Tokens: High-Performance Computing
Footnotes
3
To put this in perspective, 15 days into the DAO’s crowdsale, members of the MakerDAO subreddit were discussing proposals that would trigger an investment in MakerDao by the DAO.
 
5
This could be the case because proposals required a quorum of 20 percent of votes to have weighed in on a proposal for the vote to be valid.
 
6
Curators weren’t necessarily human gatekeepers. Gavin Wood “resigned” as a curator of The DAO to make a point that curation was merely a technical role and that the curator had no proactive control over The DAO.
 
9
Rentrancy is a characteristic of software in which a routine can be interrupted in the middle of its execution, and then be intiated (reentered) from its beginning, while the remaining portion of the original instance of the routine remains queued for execution.
 
Metadata
Title
The DAO Hacked
Authors
Vikram Dhillon
David Metcalf
Max Hooper
Copyright Year
2017
Publisher
Apress
Book
Blockchain Enabled Applications

Print ISBN: 978-1-4842-3080-0

Electronic ISBN: 978-1-4842-3081-7

Copyright Year: 2017

DOI
https://doi.org/10.1007/978-1-4842-3081-7_6

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