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MakerDAO Founder Claims “Absolutely Zero” Obligation to DAO Investors In Interview

Source: bitcoin

MakerDAO Founder Claims “Absolutely Zero” Obligation to DAO Investors In Interview

We sat down recently with Rune Christensen, the founder of MakerDAO, to discuss The DAO’s collapse and the implications it will have for Ethereum and Cryptocurrency moving forward after the soft fork. He expresses doubts at the notion that the Ethereum community holds any obligation to The DAO and other interesting viewpoints from security to hard-fork consensus.

Also Read: Pound vs Yen: The Battle Over Bitcoin Rages On

Rune Has Faith in Ethereum, Not The DAO

So Rune, Can you give Us a little bit of background on Yourself, On Maker, and the Situation The DAO’s Collapse has put Maker in?

“I’m the founder of Maker, which is an ethereum based DAO that will soon launch a stable cryptocurrency backed by smart contracts with ethereum based collateral. TheDAO’s collapse hasn’t meant much to us, we already anticipated those types of risks and knew it was something that could happen. We are going to be even more careful with security in the future, though, as we were also affected by the bug in one of our alpha stage contracts. luckily nothing was stolen, and not much money was at stake because we had made clear warnings and risk disclaimers.”

Okay,  Rune, given those circumstances, what is your position on the best of the proposed solutions, Soft Fork, hard Fork, and otherwise?

“I think the best solution is to wait for consensus. A clean 100% refund fork is most likely at this point, but also see the potential for a second blockchain to emerge or even possibly the old one being kept alive.”

Can you elaborate on why you think it’s best, and the disadvantages of the other options for Maker, and Ethereum?

“When using blockchains its always the best to go with the consensus, so it’s an easy choice. The biggest question is whether the community will see diverging advantages in the “code is law” governance approach.”

What about long term consequences for the Ethereum ecosystem, and concerns that the soft fork could be easily abused by miners?

“It turns out the people concerned were right on this one.”

Many are blaming Solidity for the issue as much as The DAO’s code, scale of deployment and handling of the attack, and claiming is as much to blame if not moreso. What are your thoughts on this?

“It’s misleading to claim it is Solidity’s fault. However, there are various things with solidity, the EVM, and the entire tech stack basically, that could and are still being improved. Overall I think Ethereum’s technology is in extremely great shape and lightyears ahead of everything else.”

Current DAO Hard Fork Voting Status

How much responsibility does the Ethereum community have to those staked in the DAO?

“Absolutely Zero.”

What is Maker Doing that ensures that it will not become another TheDAO?

Same as we have always been doing, obsessing about security at every step of the design and implementation process. We knew very early that security was going to be the most important factor and have been building our entire stack around that maxim from the start.

Early Voting from ethereum mining pools has shown strong support of a hard fork. What is your recommendation to those that have yet to vote on the matter?

Vote with the majority.

MakerDAO has suffered from security issues similar to the DAO’s over the last few months, the prime difference being their decisive action in fixing them, preventing any theft of their collateral or stablecoin. The DAO has been a massive, market altering failure, but Rune, along with many others believe that the underlying technology is not to blame. What we see in terms of utility from complex Ethereum-based smart contracts will be interesting to see following the hard fork.

Thoughts on the coming hard fork and the future of other Ethereum DAOs? Leave them in the comments!

Images Courtesy CarbonVote.com, MakerDAO, Pando

The post MakerDAO Founder Claims “Absolutely Zero” Obligation to DAO Investors In Interview appeared first on Bitcoinist.net.

MakerDAO Founder Claims “Absolutely Zero” Obligation to DAO Investors In Interview

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Exiting The DAO is a 67-Step, 48-Day Ordeal

Source: bitcoin


In light of certain developments regarding Slock.it’s titanic smart contract-driven project, The DAO, many are left with the question of how to cleanly exit. That’s a good question, though pretty contentious among the heavily staked DAO members. You can’t blame the more small time elements in the community for wanting to jump ship though, seeing as that ship has run over its tugboat (Ethereum) coming out of the harbour, and might be any combination of sinking, on fire, or packed to the brim with Africanized bees depending on how the vulnerability and theft are handled, the proposed Soft Fork and winding-down notwithstanding.

Read also: The Verge Is Clueless About Crypto

Exiting The DAO Uses The Same Functions as the “Hack”


The thing is, exiting or “splitting” The DAO didn’t seem to be common knowledge leading up to the attack that removed over 50 million dollars in ETH from the system. There weren’t any easily accessible tutorials or instructions, even from third parties, before the exploit. Granted, their Github has a stub explaining the necessary commands, and  DAO wiki has a tutorial buried under loads of other information, but nothing that an average to low-information investor would have an easy time finding. I slogged through the documentation to find the complete process, and I’m here to tell you that cutting ties to The DAO would not have been easy.

It’s a simple, 67-step process; that only takes 48 days to complete in full. (it’s broken into 12 lengthy sections on the DAO wiki, with 5 out of the 12 offering no elaboration outside of their title) I think I see the reason, now, that it wasn’t made common knowledge among The DAO community. Regardless of how you feel the “fix” to The DAO attack and subsequent failure of the smart contract is shaping up, you have to realize that this lack of liquidity is deemed unacceptable in the vast majority of financial products if it isn’t explicitly stated, especially given the way Slock.It characterized The DAO’s nature and utility. I’m no lawyer, so I can’t characterize it as fraud, but it certainly is misleading.

The icing on the cake, though, is that an attacker could use your legitimate attempt at an exit to drain even more ETH from The DAO — as the exploit being used  takes advantage in a security hole during the splitting process – and get it frozen by the ever well-meaning Buterin, leaving your money and tokens in perpetual limbo until this whole trash fire of a situation is resolved.

For those of you who invested, got burned, and just want to quit while you’re not too far behind, I’ll see you in 48 days. That is, if you successfully complete the 67 easy steps and your split isn’t exploited and frozen. For everyone else involved, there may be no legal recourse because the “hack” was carried out under the terms of the faulty contract governing The DAO’s behavior. Let’s hope Vitalik’s central intervention isn’t too ruinous for DAO investors, Ethereum, and Cryptocurrency as a whole in the long term.


Closely Following The DAO’s status? Let us know how you feel in the comments!

Image Source: daohub.org

The post Exiting The DAO is a 67-Step, 48-Day Ordeal appeared first on Bitcoinist.net.

Exiting The DAO is a 67-Step, 48-Day Ordeal

Čvn 11

Jaxx Wallet Integrates Shapeshift Conversion Option

Source: bitcoin

Bitcoinist_Jaxx Wallet

The Jaxx wallet solution continues to take the cryptocurrency world by storm. Not only has the wallet added support for The DAO tokens, but the team also interacted ShapeShift. This will allow users to convert between all three wallet-supported currencies within the app itself.

Adding more functionality to a cryptocurrency wallet is always a positive thing. Jaxx has always been priding itself on supporting multiple currencies, and the addition of The DAO token is a significant move. Having one’s top cryptocurrencies at their disposal on any device is what most users have wanted for a long time.

Shifting Currencies With Jaxx and ShapeShift

But there’s more to the Jaxx wallet than just supporting three different cryptocurrencies. By integrating Shapeshift into the client, users can now convert between Bitcoin, Ethereum, and DAO on the fly. Every user who has the latest wallet client – version 1.0.2 – will be able to make use of this new feature.

At the time of writing, the updated Jaxx wallet was available for all the main computer operating systems, as well as Android, Chrome, and Firefox. The iOS version will be available shortly as well, depending on how fast the update passes through Apple’s standard review process.

A new fox icon will appear below the “Amount” bar in the Jaxx wallet, which directs users to the Shapeshift view. There is a second method to access this new functionality, by entering ShapeShift into the address bar in the Jaxx wallet. This is just a small touch to make it more accessible, but it is a smart move by the developers.

Once the users enter their desired amount to transfer, simply hit the “Shift” button, and the transaction will be completed in real-time. If the wallet would support additional currencies and tokens in the future – which is very likely-  they can also be exchanged intermittently through the Shapeshift platform. That is, assuming the company supports these coins and tokens.

It has been a very long week filled with different announcements by the Jaxx team. For the coming weeks, the team will focus on improving the wallet’s performance, and making the UI crisper. Moreover, some bugs still need ironing out. A new version has been released earlier this morning, which should have taken care of the most pressing matters.

What are your thoughts on the Jaxx updates so far? Let us know in the comments below!

Source: Decentral

Images courtesy of Shapeshift, Jaxx

The post Jaxx Wallet Integrates Shapeshift Conversion Option appeared first on Bitcoinist.net.

Jaxx Wallet Integrates Shapeshift Conversion Option