Decentralized autonomous organizations (DAOs) are a unique kind of legal entity that was directly spawned by crypto’s ethos and blockchain tech. Namely, one of the core tenets of cryptocurrencies is that they are decentralized. Unlike traditional currencies, they are not controlled by a single entity such as the government or the central bank, but rather by the individuals using them. And DAOs function according to the same principle.
Such decentralization in DAOs is possible because of the smart contracts technology, allowing for community decisions to be implemented onto the blockchain. These decisions could be about practically anything, including the coin’s circulating supply, token holders’ rewards, or the number of reserve tokens to be burned.
The goal: to transfer the power into the hands of the people. Still, some know-how on how to trade crypto is required. With DAOs being such an exciting and relevant form of a legal entity, TradeCrypto brings you all the latest info about the new and upcoming DAO projects.
Unidentified Hacker Returns $300,000 Stolen from OlympusDAO
Another day, another crypto hack, but this one has a twist. Namely, after taking off with 30,000 OHM coins issued by OlympusDAO, a mysterious hacker has quickly returned the tokens, worth some $300,000. While we can speculate on the hacker’s motives, we do know that they exploited the bond contract, run through the Bond Protocol […]
Optimism Loses 20 Million OP Tokens
Optimism, the company known for its Ethereum layer-2 scaling solution, lost 20 million of its OP token in the process of preparing for the token’s initial launch. The value of lost tokens, now in possession of an anonymous hacker, amounts to some $35 million. OP is the native token for the Optimism Collective DAO (decentralized […]