• support@holytransaction.com

Why the Ethereum DAO collapse is good for the cryptocurrency

Why the Ethereum DAO collapse is good for the cryptocurrency

<img src="/images/ethereumdao.jpg" alt="Ethereum Dao" height="264" width="350" />

The news of the Ethereum DAO hacker attack is riding high and of course it brings lots of damages for the ethereum investors who stored about $150m of the cryptocurrency. 

However, it is always a good behavior to understand and see the other side of the coin, we would say. 
In fact, any negative event can allow to have a better environment and more secure technologies. 
A similar thing happened with the Mt Gox disaster, when we learned that an exchange must be built with more care and attention.
As Matthew Spoke, co-founder and CEO of blockchain startup Nuco, explained on Coindesk.
“the DAO attack will likely be reversed, as per Vitalik’s proposal; owners of TDT will be able to retrieve their ETH after the proposed hard fork; The DAO will be emptied of its investments; and future distributed autonomous organizations will learn from the lessons”.

Ethereum DAO: what happened?

On June 17th, an unknown hacker (or a group of hackers) stole $60m in Ethereum coins from the DAO, a decentralized autonomous organization that used the Ethereum Blockchain to leverage smart contracts and to provide a platform where people can vote and fund projects. 
Previously last week the DAO experienced another issue but it was fixed soon by the open-source community and the Etheruem DAO structure and problem-solving techniques.

Universal Wallet 

If you want to have a safe and secure wallet to store your Ethereum, you should visit HolyTransaction. 
Here you can store your Ethereum, but also several other digital currencies including Bitcoin, Litecoin, Dogecoin and more. 

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi
Satoshi

Leave a Comment