DAO Dilemma: Hard Fork or No Fork

Why I changed my mind and now endorse a hard fork Introduction This post is inspired by a live discussion led by Andreas Antonopoulos on June 29, covering the most recent developments in TheDAO and Ethereum. This excellent discussion can be viewed in its entirety here. The opinions expressed in this article are my own and do not necessarily reflect those of the panelists or other researchers at CryptoIQ. In the spirit of full- disclosure, I own both DAO tokens and ether. Nothing here should be construed as investment advice. A Costly Experiment Shortly after TheDAO hack came to light, and it became evident there is an unintended flaw in the code, allowing an unscrupulous party to enrich itself at

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Decentralized Autonomous Organizations from a legal perspective.

Smart contracts are an idea that date back to the 1990’s [1]. Until very recently and practically speaking even now smart contracts are difficult if not impossible to create in practice. The implementation of a decentralized, trustless public ledger provided an important component for smart contracts to become practically viable. Some thinkers have taken the idea further and envisioned corporations or non-profit organizations structured as smart contracts. In 2014 a project called Ethereum [3][4] set out to create a platform devoted to smart contracts bringing smart contracts a step closer to reality. Ethereum went live on July 30 2015 [5]. It is now possible to create in code (or with visual tools) a Decentralized Autonomous Organization (DAO) [8] on the

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