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More Grayscale research papers and investment theses are available at: www.grayscale.co/insights 05|19 Part 2: The DAO Hack (June 17, 2016) On April 30, 2016, slock.it, a blockchain and Internet of Things (IoT) solutions company, announced the launch of ‘The DAO’ on Ethereum. The DAO was positioned to function as a decentralized venture capital fund in which over $150 million USD was raised within a 28-day crowdfunding window.15 The DAO granted voting rights to members, proportional to their investment, who could then vote to finance projects. If a project proved to be profitable, members would be rewarded based on the terms of the relevant smart contracts and their stake in the DAO. However, The DAO did not work as planned. On June 17, 2016, an anonymous hacker exploited a bug in the smart contract code used to construct The DAO, syphoning approximately $60 million worth of ETH into a segregated wallet address. In response, the ETH market experienced a large-scale sell-off as investors rushed to liquidate their holdings. Controversy ensued within the digital currency community over how to best rectify the situation, given that the stolen funds could not be retrieved. Ultimately, it was decided that a hard fork would take place on July 20, 2016, and a new version of the Ethereum blockchain would be created. This version would be referred to as Ethereum, removing any record of the theft and restoring the stolen ETH to the original owners. The original Ethereum protocol was rebranded as Ethereum Classic, and its native token as ETC. Ethereum Classic left the transaction history untampered, including The DAO theft, in order to preserve the foundational principles of decentralized governance and immutability. Today, the Ethereum and Ethereum Classic networks coexist and in many ways are just now beginning to interoperate. While similar in functionality and real-world application capabilities, the base-layer separation between these two networks has driven important differences in their technical architectures, development philosophies, and governance principles since the time of the hard fork. Part 3: The Four Stages of Ethereum (July 30, 2015 - ?) Ethereum development has been split into four main stages, with some subdivided into multiple phases. Each stage is integrated into the main protocol as a hard fork, supplemented with comprehensive testing of features in network testnets. Over time, the roadmap has evolved to reflect community consensus. Contributions to the Ethereum Project are made with an eye towards reaching its final stage, Serenity, in which the goal is to be a globally scalable payment network and smart contract platform resistant to centralized governance. 15. “The DAO of accrue.” The Economist. May 19, 2016. https://www.economist.com/finance-and-economics/2016/05/19/the-dao-of- accrue. PLEASE REVIEW IMPORTANT DISCLOSURES & OTHER INFORMATION AT THE END OF THIS PAPER. ©2020 Grayscale Investments, LLCPDF Image | An Introduction to Ethereum
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