Response to Trent McConaghy’s tweet:
In terms of aerospace engineering’s “Technological Readiness Level” (TRL), I do not think we have fully “flight proven” DAO technology (whether it’s the code or governance mechanisms).
I would say we are at TRL-7 right now (see image above).
That’s why I think this is the year of breaking the DAOs — and hopefully we end up with really robust technology (and decision making frameworks) by 2020.
No organization has put $1m into a DAO’s smart contract this year (yet) and left it there for a few months. Or even weeks. And screamed at the world to steal it.
Once we do that, we will start to learn whether the technology is “flight proven” or not. I’m sure I wouldn’t be alone to say that we all probably want something as bullet proof as the original Gnosis Multisig.
I’m not saying all DAOs will break. But I do think we need to more actively and prominently promote bug bounty programs.
But here are some events that contribute to this “year of breaking all the DAOs”…
Feb 6, 2019: Genesis Alpha Was Hacked
a recent vulnerability resulted in approximately ~$15k being drained from the Genesis Alpha DAO on the sixth of February.
Feb 11, 2019: Aragon team member plotting DAO hacks
Luke Duncan talks about his original intention of spamming Aragon’s Community Funding DAO “to force the issue of implementing a more secure proposal process”
Feb 13, 2019: dxDAO delayed two months due to bug
“Due to a bug in the test dxDAO codebase reported during the bounty program, we are delaying its launch for another audit of the codebase.”
Feb 13, 2019: Moloch DAO launching (?)
Moloch DAO deployed to Mainnet… without ever operating on a testnet, and with changes to the contract code the same day.
ETHdenver bug bounty hackathon project maybe…?
Not to FUD: I admire all of the DAO trailblazers
Being a trailblazer means offering yourself to the solidity overlords which will do everything they can to break you.
But it’s a necessary step for us to reach the TRL-9 of DAOs.
Thanks for the sacrifice!