Cointelegraph spoke with Sirus Knight, one of the experts at the core of Social Kapital, a decentralized VC fund and business idea marketplace similar to The DAO. On June 20th it launches a crowdsale campaign.
Whilst The DAO wants to achieve the complete automation of the Blockchain, Social Kapital places more emphasis on using the Ethereum to power its community and governance committees.
Here is what Sirus Knight had to say about their project, The DAO, and the nascent industry of decentralized organizations. Business processes important
CT: Do you think some other company can reach similar results to those of The DAO?
Sirus Knight: The DAO was the first to the market and that fact has provided them with certain advantages. However how much you raise is not a predictor for success. You need to have the right processes to harness the wisdom, talent and connections of your organisation for the purpose of building profitable companies. I think we have the right business processes for an investment fund. That is one of the key factors for success. New types of attacks
CT: Why have the developers of The DAO permitted alleged security flaws in their concept? What did you do to avoid repeating the same mistakes?
SK: In my view, putting an investment fund on autopilot is bound to be very challenging. Five months ago when we started iterating the Social Kapital business model we realised that building an organisation on the Blockchain presented new security challenges. It will not just be your code that will come under attack but your business logic, which is what you are encoding in smart contracts, will also be attacked. We have invested a lot of time in testing our assumptions and hardening our business logic.
CT: What if there are more loopholes, […]
