Unclaimed Ether (ETH) from the notorious 2016 hack on The DAO can be redirected into a brand new safety fund geared toward strengthening the community, says Ethereum advocate Griff Inexperienced.
“There’s some huge cash simply sitting in random contracts that have been speculated to be returned to individuals who have been affected by the hack,” Inexperienced said in an interview on Thursday with Unchained podcast host Laura Shin, reiterating plans to launch the safety fund.
The DAO was a decentralized autonomous group that an nameless hacker exploited in June 2016 to siphon greater than $50 million value of Ether on the time.
The incident led to a tough fork of the Ethereum blockchain to get well the funds, splitting the group and in the end creating two separate chains: Ethereum and Ethereum Basic.
Inexperienced defined that the arduous fork returned loads of the Ether held in The DAO to tokenholders, however the claims course of was not easy. Inexperienced stated that sure “edge circumstances” have been dealt with by a multisignature pockets he joined, involving round $6 million.
Whereas greater than 80% of these funds have since been claimed, the remaining stability is now value round $200 million. “We’re going to stake them and use the income to really assist Ethereum safety,” he stated.
Making Ethereum safer than a financial institution is the aim
“It is sensible that The DAO is now going to be targeted on safety,” Inexperienced stated.
“We actually wish to follow our weapons with The DAO and dwell as much as the identify of The DAO, so we’re going to give attention to DAO-style distributions,” he stated.
Inexperienced stated that whereas The DAO has an “unbelievable” pool of builders able to figuring out safety initiatives to assist, the precedence can be on safety distribution strategies, together with retroactive funding, quadratic funding, conviction voting, and ranked-choice voting, with the purpose of strengthening the broader ecosystem.
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“I actually wish to see The DAO safety fund come to a spot the place individuals really feel that it’s safer to retailer property on Ethereum than in a financial institution,” Inexperienced stated.
“The DAO actually kickstarted the safety trade in Ethereum,” Inexperienced added, noting that earlier than the hack, there was successfully no audit market, however afterward, sensible contract audits turned widespread.
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