The DAO: What's Next?

At this point, we can no longer say that The DAO can be the same as it was before. This is sad. But it doesn't mean that our community can't get over this, nor does it mean that the concept of DAOs is bad. A bug was found, and it needs to be fixed so that we can move forward.

I think the question we all have right now is: What is going on here and what should we do about it?

what happened

A vulnerability was discovered in The DAO contract, which allowed the attacker to repeatedly withdraw about 280 ether from The DAO, which slowly drained the ether from TheDAO. You can see the ether transfer process here (https://etherscan.io/tx/0xa348da60799bff3ca804b3e49c96edebea44c5728a97f64bec3e21056d42f6e3), and this is the attacker's contract (https://etherscan.io/address/0x304a554a310c7e546dfe434669c62820b7d83490).

As of now (the time of this post), about 30% of The DAO's ether has been transferred out, specifically 3,641,694 ETH. The attack path is still open, so the attack may still be ongoing. Child DAOs and DAOS use the DAO 1.0 framework, so they are also subject to the same security risks.

To stop this and prevent the attacker from withdrawing the funds, Vitalik suggested implementing a soft fork.

There is also an alternative to a hard fork. A hard fork would return the situation to a point before the DAO attack, with a simple contract that would reset the attacker’s contract and allow token holders to withdraw their investments.

what should I do?

This is a difficult question to answer. There are a few options to choose from and we don’t know which is the best:

1. Wait for things to progress and then get more useful information.

2. Sell ​​your DAO tokens on an exchange.

3. Wait for the fork. There is no guarantee that this will happen, and The DAO's funds may continue to leak in the meantime.

4. Vote for an upcoming split, and the vote will call splitDAO(): the remaining funds will be transferred to the new DAO, and your share of the funds in the new DAO will remain unchanged. However, the new DAO still cannot escape the nightmare of this analog attack.

5. If you have voted for the separation then: the funds will be transferred to the new DAO in the same way as above.

Share your views:

You can share your thoughts here: https://dao.consider.it/miners-and-full-nodes-should-update-their-parity-clients-to-move-ether-to-a-recovery-contract-that-will-allow-dao-token-holders-to-recover-their-ether

Or share your thoughts on our forum: https://forum.daohub.org/t/what-will-our-community-response-be-eth-core-and-what-does-it-mean/5206

DAOhub's personal statement:

How everyone handles this situation will determine the future, and everyone is watching The DAO, Ethereum, and this community. I remind everyone to be humble, empathetic, and polite when facing disagreements. Don't let our community become toxic, hateful, and malicious. We have the ability to do better in this bad situation: if we shine, we will show the true power of Ethereum and decentralized systems.