La DAO (Organización)
La DAO (Organización)
La DAO (Organización)
(organización)
El DAO (estilizado Đ ) era una organización autónoma descentralizada digital , [5] y una forma de
fondo de capital de riesgo dirigido por inversores . [6] Se lanzó en abril de 2016 después de una
campaña de crowdfunding a través de una venta de tokens y se convirtió en una de las
campañas de crowdfunding más grandes de la historia. [6]
El DAO (organización)
Fundado 2016
El DAO (software)
Escrito en Solidez
En junio de 2016, los usuarios explotaron una vulnerabilidad en el código DAO para permitirles
desviar un tercio de los fondos de DAO a una cuenta subsidiaria. La comunidad Etereum
polémica decidió dura-tenedor del Etereum blockchain para restaurar prácticamente todos los
fondos para el contrato original. Esto dividió la cadena de bloques Ethereum en dos ramas, cada
una con su propia criptomoneda, donde la cadena de bloques original sin bifurcar continuó
como Ethereum Classic . [10]
En septiembre de 2016, el token de valor de The DAO, conocido por el apodo de DAO , se eliminó
de la lista de los principales intercambios de criptomonedas (como Poloniex y Kraken ) y, de
hecho, se había extinguido. [11] [12]
Historia
El código informático de código abierto detrás de la organización fue escrito principalmente por
Christoph Jentzsch y publicado públicamente en GitHub , donde otros colaboradores agregaron
y modificaron el código. [6] Simon Jentzsch, hermano de Christoph Jentzsch, también participó
en la empresa. [6]
The DAO was launched on 30 April 2016 at 01:42:58 AM +UTC on Ethereum Block 1428757,[13]
with a website and a 28-day crowdsale to fund the organization.[14] The token sale had raised
more than US$34 million by 10 May 2016, and more than US$50 million-worth of Ether (ETH)—
the digital value token of the Ethereum network—by 12 May, and over US$100 million by 15 May
2016.[14][15] On 17 May 2016, the largest investor in the DAO held less than 4% of all DAO tokens
and the top 100 holders held just over 46% of all DAO tokens.[16] The fund's Ether value as of
21 May 2016 was more than US$150 million,[17] from more than 11,000 investors.[18]
As of May 2016, The DAO had attracted nearly 14% of all ether tokens issued to date.[1]
On 28 May 2016 the DAO tokens became tradable on various cryptocurrency exchanges.[11][12]
A paper published in May 2016 noted a number of security vulnerabilities associated with The
DAO, and recommended that investors in The DAO hold off from directing The DAO to invest in
projects until the problems had been resolved.[19] An Ethereum developer on GitHub pointed out
a flaw relating to "recursive calls". On June 9th it was blogged about by Peter Vessenes, founder
of the Blockchain Foundation.[20] By June 14, fixes had been proposed and were awaiting
approval by members of The DAO.
On June 16th, further attention was called to recursive call vulnerabilities by bloggers affiliated
with the Initiative for CryptoCurrencies & Contracts (IC3).[21]
On June 17, 2016, the DAO was subjected to an attack exploiting a combination of
vulnerabilities, including the one concerning recursive calls, that resulted in the transfer of 3.6
million Ether - around a third of the 11.5 million Ether that had been committed to The DAO -
valued at the time at around $50M.[2][22] The funds were moved into an account subject to a 28-
day holding period under the terms of the Ethereum smart contract so were not actually gone.
Members of The DAO and the Ethereum community debated what to do next, with some calling
the attack a valid but unethical maneuver, others calling for the Ether to be re-appropriated, and
some calling for The DAO to be shut down.[22][23] Eventually, the Ethereum network was hard
forked to move the funds in The DAO to a recovery address where they could be exchanged back
to Ethereum by their original owners.[24] However, some continued to use the original unforked
Ethereum blockchain, now called Ethereum Classic.
In September 2016, Poloniex de-listed DAO trading pairs, followed by Kraken in December
2016.[11][12]
Operación
The DAO was a decentralized autonomous organization[25] that exists as a set of contracts that
resides on the Ethereum blockchain;[26] it did not have a physical address, nor people in formal
management roles. The original theory underlying the DAO was that by removing delegated
power from directors and placing it directly in the hands of owners the DAO removed the ability
of directors and fund managers to misdirect and waste investor funds.[27]
The DAO was intended to operate as "a hub that disperses funds (currently in Ether, the
Ethereum value token) to projects". Investors received voting rights by means of a digital share
token;[25] they vote on proposals that are submitted by "contractors" and a group of volunteers
called "curators" check the identity of people submitting proposals and make sure the projects
are legal before "whitelisting" them.[6] The profits from the investments will then flow back to its
stakeholders.[3]
The DAO did not hold the money of investors; instead, the investors owned DAO tokens that gave
them rights to vote on potential projects.[17] Anyone could pull out their funds until the time they
first voted.[3]
The DAO's reliance on Ether allowed people to send their money to it from anywhere in the world
without providing any identifying information.[17]
In order to provide an interface with real-world legal structures, the founders of The DAO
established a Swiss-based company, DAO.Link, registered as a Société à responsabilité limitée
(SARL) in Switzerland, apparently co-founded by Slock.it and Neuchatel-based digital currency
exchange Bity SA. According to Jentzsch, DAO.Link was in Switzerland because Swiss law
allowed it to "take money from an unknown source as long as you know where it's going."[6]
Márketing
In May 2016, TechCrunch described The DAO as "a paradigm shift in the very idea of economic
organization. ... It offers complete transparency, total shareholder control, unprecedented
flexibility, and autonomous governance."[25]
Riesgos
In May 2016, the plan called for The DAO to invest Ether in ventures it would back (contractors)
and to receive in return "clear payment terms" from contractors. The organizers of the DAO
promoted the DAO as providing investors in the DAO a return on their investment via those "clear
payment terms" and they warned investors there is "significant risk" that the ventures funded by
the DAO may fail.
Risks included unknown attack vectors and programming errors.[26][29] Additional risks noted
included the lack of precedence in regulatory and corporate law; how governments and their
regulatory agencies would treat The DAO and contracts it made was unknown. There was also a
risk that there would be no corporate veil protecting investors from individual legal and financial
liability for actions taken by The DAO and by contractors in which The DAO invested. It was
unclear if The DAO was selling securities, and if it was, what type of securities those might be.[18]
Additionally, to function in the real world, contractors would likely need to convert the invested
Ether into real-world currencies. In May 2016, attorney Andrew Hinkes said that those sales of
Ether would be likely to depress the value of Ether.
The code behind The DAO had several safeguards that aimed to prevent its creators or anyone
else from mechanically gaming the voting of shareholders to win investments.[17] However, this
would not prevent the making of fraudulent profitability projections, and in addition, a paper cited
a "number of security vulnerabilities".[19]
Propuestas
Slock.it (a German Blockchain venture), and Mobotiq (a French electric vehicle start-up) were
listed as seeking potential funding on the daohub.org website during the May "creation period".
Both Jentzsch brothers were involved in Slock.it as well.[6]
Regulación
On 25 July 2017, the U.S. Securities and Exchange Commission published a report on initial coin
offerings (ICOs) and The DAO, examining "whether The DAO and associated entities and
individuals violated federal securities laws with unregistered offers and sales of DAO Tokens in
exchange for 'Ether,' a virtual currency." The SEC concluded that DAO tokens sold on the
Ethereum blockchain were securities and therefore possible violations of U.S. securities laws.[30]
Referencias
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14. Vigna, Paul (2016-05-16). "Chiefless Company Rakes In More Than $100 Million" (https://www.wsj.com/a
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1 . Macheel, Tanaya (19 May 2016). "The DAO Might Be Groundbreaking, But Is It Legal?" (http://www.americ
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(https://techcrunch.com/2016/05/16/the-tao-of-the-dao-or-how-the-autonomous-corporation-is-already-
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s://spectrum.ieee.org/tech-talk/computing/networks/ethereums-150-million-dollar-dao-opens-for-busine
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Call For a Halt" (https://spectrum.ieee.org/tech-talk/computing/networks/ethereums-150-million-dollar-d
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Laws May Apply to Offers, Sales, and Trading of Interests in Virtual Organisations. Press Release 2017-
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Otras lecturas
Vessenes, Peter (18 June 2016). "Deconstructing The DAO Attack: A Brief Code Tour" (http://v
essenes.com/deconstructing-thedao-attack-a-brief-code-tour/) .
DuPont, Quinn (2017). “Experiments in Algorithmic Governance: An ethnography of "The DAO,"
a failed Decentralized Autonomous Organization (https://www.taylorfrancis.com/chapters/oa-
edit/10.4324/9781315211909-8/experiments-algorithmic-governance-quinn-dupont) ”
(archive link (https://web.archive.org/web/20171215144748/http://iqdupont.com/assets/doc
uments/DUPONT-2017-Preprint-Algorithmic-Governance.pdf) ). In Bitcoin and Beyond: The
Challenges and Opportunities of Blockchains for Global Governance, edited by Malcolm
Campbell-Verduyn. Routledge (in press).
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