Wings Team Offers a Standard for Safe DAO’s
The team of WINGS, a platform for creation of DAO’s, has published a kind of a proposal of a standard for creating safe DAO’s.
The initial success of The DAO agitated the community, so no wonder some teams decided to create their own decentralized autonomous organization. However, as we all know, the wild success of The DAO was succeeded by an as wild failure. This caused developers to reassess their views on Ethereum, which underlined The DAO, and raised lots of questions in the community, especially those political.
Most certainly, there were some proposals as to how to make DAO’s more safe and secure. It’s of even greater importance for projects like WINGS. The startup announced this June was launched in cooperation with ChainLab. WINGS is positioned as a platform for creation of user DAO’s to attract investment or distribute shares in projects between investors.
Functional Programming and Code Security
The published proposal appeals to quite natural procedures, some of which are used in classic vulnerability or operation tests. Why The DAO’s developers didn’t heed such things, is up to them, however.
“When decomposing the subject of secure DAOs, one has to take into account the following aspects:
Formal assurance that smart contracts code will function as intended
Migration to functional programming in order to reduce possible bugs
Emergency protocols can be put in place should all else fail
Social and legal consequences resulting from contracts security,” the blog post reads.
One of the crucial items in the process of creating a safe DAO, according to WINGS, is formal verification of smart contracts:
“Writing code correctly is difficult and it is even harder to ensure that only the desirable outcomes are possible. There are efforts now adding verification to Solidity, and the WINGS team plans to utilize and support these efforts.”
In other words, once a smart contract is created, one has to make sure it works in the prescribed way. In real world, one may just hire a few competent experts and third-party developers to test the contract for vulnerabilities. It’s quite normal in the world of decentralized apps.
Repayment Tools and Social and Legal Consequences
We all remember the drama around Ethereum after the DAO had failed. The community cleaved in two, and now there are two Ethereums: Ethereum after the hard fork (ETH), and Ethereum Classic, which saw no rollback of blockchain for the sake of repaying the DAO’s investors.
WINGS developers offer Rootstock’s sidechain as a reserve payback tool. In that case, if a DAO contract is compromised, the assets will return by means of cancelling transactions with Rootstock’s federal consensus mechanisms. This would allow for avoiding centralization and securing the investment at the same time.
“All the BTC deposited (pegged) to a Rootstock side-chain are contained under the multi-signature key of the federation. As a result, the withdraw of BTC is only possible when the majority of the federation members confirm the side-chain withdrawal transaction,” WINGS’ blog post reads.
The DAO’s collapse, Ethereum hardfork, the loss of ETC tokens by exchanges are but links of the same chain; they are consequences of negligence and panic. It would hurt if the very idea of decentralized autonomous organizations is compromised due to a single failed experiment, even if the failure was this expensive. So the demand for safety in the industry, considering all the hacked and failed exchanges, will only grow along with user/investor demands for projects, which eventually may only benefit the whole industry.
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