Crypto Post #10: Ethereum’s TheDAO Soft Fork

For those familiar with the Ethereum’s TheDAO (The Decentralized Autonomous Organization), you might as well know that a counter-attack proposed by the Foundation’s curators would soon be implemented in an attempt to recover funds that have been confiscated several weeks ago. While it could be assumed that majority of the compromised funds that have once been stored in TheDAO address are now safe in multiple WhiteHatDAO addresses, there are still over 3.5 million ethers sitting in the TheDarkDao address controlled by the attacker.

The intention of the soft fork could be a step in enabling a recovery of the TheDAO tokens from the attacker’s account, thus allowing a secure control of these funds back to the token holder’s jurisdiction. TheDAO tokens could be compared to verification of shares in the asset’s ownership. The amount of tokens an individual owns verifies that certain individual’s share of the TheDAO as a whole. Holding of tokens provide advantages to the holders, such as voting privileges.

The soft fork would pass once a certain Ethereum mining block reaches a 4,000,000 gas limit. This is scheduled to occur sometime on June 30th. While the soft fork could have some MINOR short-term consequences for the Ethereum MINERS, it could yet be a feasible solution to keep TheDAO properly running again! Therefore, stay tuned with the latest news and advances with the “TheDAO Soft Fork of June”!

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