The DAO heist and subsequent reversal of funds on the Ethereum blockchain demonstrate why developers and miners of public blockchains should have more accountability.
The recent hack of the DAO (short for Decentralized Autonomous Organization) and the subsequent reversal of funds on Ethereum’s blockchain should finally put an end to a decentralization charade. People are, in fact, governing public blockchains, and we need to be able to trust them.
From the beginning, the core developers (who write, evaluate and modify the software code) and the powerful miners (holders of significant chunks of computing power within the network) have been the governing bodies of these so-called decentralized systems. Yet the romance of decentralization — with the seductive idea that we don’t have to trust anyone because no human is doing anything — has allowed many to overlook this important truth. Weiterlesen