Mattew Spoke is the co-founder and corporate executive of blockchain startup Nuco, and may be a former project lead for Deloitte canada wherever he worked on blockchain and distributed ledger initiatives.
In this op-ed, Spoke argues that this week’s exploit of the Ethereum-based organization The DAO is, within the long-run, a decent factor for the Ethereum project.
Yesterday was a windstorm for anybody operating or invested with within the ethereum world.
Understandably, the day’s attack on The DAO has led to criticism, skepticism and concern concerning the long run of Ethereum. however is there really a cause for concern? after all, with lots of bucks price of the cryptocurrency ether endowed in the DAO (as of the writing of this), it’s no surprise that the attack is creating headlines, and principally negative ones at that.
That said, i feel it’s necessary to look at today’s events as a vital case study within the anti-fragility of latest digital technologies, which will solely result in additional security and diligence as ethereum evolves.
As popularized by the noted author Nassim Taleb, the construct of anti-fragility may be summarized by an easy quote from his book, “Antifragile”: “The resilient resists shocks and stays the same; the anti-fragile gets better”.
This is the sole thanks to properly characterize ethereum, and the other technologies evolving in the blockchain world, as well as bitcoin. Basically, a negative event, just like the one occurring as we have a tendency to speak, can ultimately result in a stronger scheme and safer technology.
Some comparison has been created nowadays as to if The DAO can become the “Mt Gox of ethereum”. I don’t reject the implication. If we have a tendency to learned something from the disaster of Mt Gox, it’s that resulting exchanges were designed with additional care, additional diligence and considerably additional scrutiny – all treats.
Although I don’t expect that my prediction carries a lot of weight, I’ll supply it anyway: the DAO attack can probably be reversed, as per Vitalik’s proposal; owners of time unit (DAO tokens) are able to retrieve their ETH when the projected hard fork; The DAO are emptied of its investments; and future distributed autonomous organizations can learn from the teachings.
Ethereum is here to remain, and today, it simply got stronger.