The DAO Disaster Illustrates Differing Philosophies in Bitcoin and Ethereum

In the fallout of the recent disaster known as The DAO, the Ethereum community is trying to figure out how to properly rectify the situation. Code that would allow miners to signal support for a hard fork for the purpose of refunding DAO token holders is expected to be available in most Ethereum clients soon. Funds that were held by The DAO were reallocated to a hacker after he found a flaw in The DAO’s smart contract code earlier this month.

A soft fork was originally planned for the Ethereum blockchain, but it was rejected by the community once an attack vector was exposed.

By even debating this fork at a grand scale, the perception of what Ethereum is and how it works has changed. As Bitcoin Core contributor Peter Todd put it in a recent blog post, “[G]oing from ‘The DAO is based on Unstoppable Code’ to ‘if we screw up badly enough, WE WILL FORK YOU’ is a big change that shouldn’t be taken lightly.”

The DAO community’s website claims, “The DAO is borne from immutable, unstoppable, and irrefutable computer code, operated entirely by its members,

Read more ... source: TheBitcoinNews

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