A $ 50 million heist calls a new virtual currency a question. What should Ethereum do with it?

Despite claims of security, Bitcoin and other digital currency systems leaked millions. You tell me: How do I fix this?

On June 17The thieves have made $ 50 million in virtual currency. It has been stolen from investors who deposited their savings into a Decentralized Autonomous Organization, either KNIFE. As the largest community-funded project to date, this exotic investment vehicle has amassed more than $ 150 million in Ether, a Bitcoin-inspired currency. DAO investors were attracted by the idea that DAO could function as a venture fund that supports democratic technology Allows investors to consider investing through online polls.

At the beginning of the week, Channel back published a long profile of Vitalik Buterin, the young genius behind Ether and Ethereum, and the non-profit that supports it. Tech writer Morgen Peck has conducted more than a dozen interviews in an effort to put readers in the mind of the 21-year-old programmer, and she spends a lot of time with him. In the middle of the section, he shares his initial optimism about the project:

“When I came up with Ethereum, my first thought was, okay, this is too good to be true and I will have five professional cryptographers attack me and tell me I’m stupid. not seeing the very obvious flaws, ”recalled Buterin. “Two weeks later, I was amazed that nothing happened. As it turns out, Ethereum’s core idea is good, fundamentally, absolutely, correct. “

That was five days before the theft. Ethereum code is supposed to be fake proof – to eliminate the need to blindly trust people. A lot for building a system is beyond human capabilities. In terms of encryption, the systems might be secure, but during deployment they obviously weren’t. And that raises the question of this entire portfolio of trendy new currencies. Now the question becomes, how should Ethereum fix this? Hell, should Ethereum try to fix it?

Leave a Comment