Blockchain Academy
We'll get together for networking with people interested in Blockchain including developers and anyone curious about Blockchain.


The DAO is a decentralized autonomous organization where individuals are gathered together without a centralized central authority and voluntarily propose, vote by majority vote and so on. The Ethereum developers have implemented this system in the form of contract codes on the blockchain, designed to perform the above functions, and use Dao Token, a self-issued currency, to be used for item voting. DAO recruited a total of 826 million (KRW 200 billion) funds through the distribution of DAO Token, which is proportional to the amount of funds raised during the month, to investors, which remains the largest crowdfunding record in the world .

The DAO Hacking

On June 17, 2016, hackers used DAO Token's functional flaws to stole 3.6 million Ether. This was about 10% of the total Ethereum. Fortunately, the hacked Ether was not immediately withdrawn, but the withdrawal was possible after 48 days, so the Ethereum developers could take pre-withdrawal action. The measures suggested by Ethereum are two things: a soft fork that stops the movement of the DAO and the Child DAO, and a hard fork that allows the DAO token holders to return the Ether. And by voting, hard pork was proceeded. The hard fork has been successful but the previous chain has become independent as a separate chain under the name 'Ethereum Classic'.