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Ethereum Foundation considers relaunching DAO a decade after hack
Vitalik Buterin and the Ethereum Foundation are planning to revive a DAO that ceased to exist a decade ago after losing 3.6 million ETH in a hacking attack.
According to Cryptopolitan, Vitalik Buterin and the Ethereum Foundation are in talks with former The DAO manager Griff Green about reviving a decentralized autonomous organization that once set the precedent for similar structures but had a short lifespan due to the hack.
At the time, the hack of The DAO and the loss of 3.6 million ETH led to a major split within the Ethereum community and resulted in the creation of Ethereum Classic. Supporters of Ethereum Classic chose not to interfere with the code, preserving the original chain, while Ethereum implemented a hard fork to recover the lost funds. Despite this, Ethereum is now considered the original and more influential chain, while ETC is commonly referred to as the hard fork.
Another layer of governance and security
Vitalik Buterin’s current attempt to revive a DAO is unlikely to be an effort to reconcile with the alternative blockchain branch. Instead, he views the revived DAO as an additional governance layer aimed at improving Ethereum’s security at a time when smart contract exploits remain common.
To achieve this, the updated organization will reportedly be funded with 75,000 ETH (approximately $220 million), to be allocated by the Ethereum Foundation. These funds are expected to be used exclusively for security purposes, including grants for security-focused development and the creation of a reserve for the future activities of DAO 2.0.
As we wrote, Vitalik Buterin outlines Ethereum roadmap to regain lost ground
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