The DAO Debacle Shows Immaturity of Smart Contract Technology

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The recent debacle surrounding The DAO has shed an interesting spotlight on smart contract technology. Since individual developers wrote the entire concept of this project, it looks like smart contracts are not completely trustless. There is still a lot of work to be done before this technology is ready for mainstream adoption.

Not everyone is capable of – or interested in – writing smart contracts. A steep learning curve is associated with this concept, even though it is accessible to everyone who wants to take the plunge. A smart contract can be a powerful tool, but as The DAO has shown, it can cause a lot of harm as well

Premature Smart Contract Deployment?

This is one of the drawbacks blockchain-based solutions have at this time: hardly anyone fully understands the technology. While there is nothing wrong with getting excited about innovative concepts, not realizing the consequences of implementing technology is dangerous. There is a valuable lesson to be learned from what happened to The DAO but is could be a costly one.

When it comes to writing secure smart contracts, there is still a lot to be done. Cobbling together a smart contract, so that

Read more ... source: NewsBTC USA

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