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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The DAO Ka-Ching!

The Yin and Yang of Crypto Speculation “Thirty spokes share the wheel’s hub; It is the center hole that makes it useful. Shape clay into a vessel; It is the space within that makes it useful. Cut doors and windows for a room; It is the holes which make it useful. Therefore profit comes from what is there; Usefulness from what is not there.” [1] In Crypto We Trust Ka-ching! The DAO is big news in the startup world, shattering previous records for crowdfunding ventures [2]. With still another two days to go before the offering closes, The DAO has raised an astonishing sum, about $143 million so far, denominated in ether (ETH), the cryptocurrency of the open source Ethereum

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New Internet Technologies To Remedy The Unfairness of Clickwrap Contracts

“Courts do not enforce consumer-proffered online terms as enforceable contractual terms, but they also do not admit that this is what they are doing. Courts instead exclude the consumer preference from the four corners of the online agreement. What the company wrote is “the contract,” and the expression of consumer preference is simply not part of that contract. Courts manipulate the contours of the contractual agreement to exclude expressions of consumer preference in online agreements. If, however, consumers were able to somehow express their preferences unmistakably within the contours of what courts consider to be the online agreement, then courts would have no choice but to recognize consumer-proffered online contract terms. Instead of just clicking “I Agree,” consumers could actually

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Ethereum and Democratizing Innovation

Introduction Ethereum is a groundbreaking software innovation designed as a developer-friendly platform for the creation of DApps, aka, decentralized applications. Ethereum draws inspiration from the success and staying power of earlier decentralized Internet technologies such as BitTorrent for file sharing and Bitcoin for cryptocurrency. The ultimate vision of Ethereum is to decentralize the Internet. Why decentralization? With a decentralized architecture, DApps built on the Ethereum platform will be impervious to censorship and thereby allow developers to freely create useful applications without concern of being shut down.  Although built from scratch and unique in implementation, Ethereum uses some innovations from Bitcoin’s architecture, including a decentralized consensus mechanism to unbundle trust, a distributed blockchain ledger to record contracts, and its own crypto-token,

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Ethereum For Everyone

 Introduction Everyone should know about Ethereum—and this article will explain why. The goal here is to describe this groundbreaking software project in layman’s terms. A big-picture approach will be taken, analyzing Ethereum’s design and implementation with comparisons to legacy computer systems. Liberty will be taken to simplify some of the technical details, so emphasis can be placed on the fundamental architecture and socio-economic implications of this radical innovation. Ethereum is an ambitious open source endeavor that promises to change the world by revolutionizing the utility of the Internet [1]. There are far-reaching implications for engineering a better, more honest world. Ethereum is creating a “truth” protocol with unlimited flexibility, allowing anyone and everyone to interact peer-to-peer using the Internet as

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Rootstock – Smart Contracts on the Bitcoin Blockchain

by Albert Szmigielski As a concept the Rootstock [1] platform is one of those ideas that once it is proposed it is obvious that it is a great idea. Essentially Rootstock aims to be what Ethereum is, a decentralized, Turing-complete smart contract platform. However, Rootstock aims to utilize the Bitcoin ecosystem rather than creating a new one from scratch. The way this will be accomplished is via the still not fully implemented sidechains technology [2]. This approach presents both advantages, and its own set of challenges. We will briefly outline what the Rootstock platform promises to offer and then will discuss the main points of the proposal. Smart Contract Platform Smart contracts are an active area of interest and research.

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