A hacker removed $50 million in Ether from the Decentralized Autonomous Organization, plunging investors into a panic, many argue that no theft has occurred.
Ether, the digital currency that happens to be billed since the ‘next’ bitcoin, plunged in value on Friday when a hacker exploited a software flaw into the Decentralized Autonomous Organization (DAO), delivering very same of $50 million Ether into the ether and the cryptocurrency investment community into a panic.
If this sounds bewildering, we are going to you will need to explain.
Ether is the currency supported by the Ethereum blockchain, a platform designed to provide greater flexibility for decentralized currencies that are peer-to-peer-traded projects developed over the top regarding the bitcoin protocol. Ethereum permits the creation of ‘smart contracts,’ which enables all forms of business transactions and never just currency transfers.
The DAO is a entirely leaderless organization built on the Ethereum platform and run entirely on computer code. It utilizes these smart contracts to build a venture capital fund devoted to sponsoring cryptocurrency that is new. All DAO decisions are taken via a vote of its users who use electronic tokens, purchased with Ether, to register their vote. In this way, DAO had raised $162 million to help fund fledgling projects.
But DAO users watched in horror, in real-time, on Friday, as a hacker expo Continue reading “Cryptocurrency Platform Ethereum Raided by Hacker, $50 Million Stolen”