Everyone loved The DAO. They couldn’t say enough about how it was going to change the future for the better. And now, after the code-based crowdfunding platform was exploited with a perpetrator taking 3.6 million ether (valued at $60m at the time), The DAO has become the red-headed stepchild of the cryptocurrency community.
It’s a recognition that these new technologies are not all rainbows and revolution.
Technology has holes and gaps, negative impacts – both intended and unintended, and possible complications the industry must be cognizant of before telling people to sink their life savings into these startup projects.
The beneficial parts of The DAO have been discussed again and again; there’s no shortage of attention being paid to this distributed crowdfunding platform. It points to a more collaborative economy; for us, by us, like bitcoin.
Now there is talk that The DAO might be finished. The project might fail and along with that the hopes for ethereum as well.
I doubt it, but the community will have to start looking for ways to tackle the social issues that arise even with technologically superior platforms. Votes as reputation
Because DAO tokens represent votes, users with the most tokens will have the most votes. At its core, this gives wealthier individuals more sway over decisions at the disadvantage of those in lower socioeconomic brackets, which could even stand to benefit more from advances in technology.
To be fair, early adopters bought into The DAO at 100 ether per DAO token (this payout declined over time), and as more people invested in the project, the value per token rose as well, leaving people up on their investment.But early adopters do tend to be affluent, with more education, larger incomes and higher standards of living.While The DAO gets labeled revolutionary more often than not, this income-based reputation is […]
