The DAO was an electronic decentralized autonomous business and a kind of investor-directed capital raising fund.
The DAO got a target to give a new decentralized business design for arranging both commercial and non-profit companies. It had been instantiated on the Ethereum blockchain, and possessed no regular management composition or mother board of directors. The code of the DAO is open-source.
The DAO was stateless, rather than linked with any particular land state. Because of this, many questions of how federal regulators would offer with a stateless finance were yet to be handled.
The DAO was crowdfunded with a token sale in-may 2016. It established the record for the major crowdfunding campaign ever sold.
In June 2016, users exploited a vulnerability in the DAO code to permit those to siphon off 1 / 3 in the DAO’s cash to a subsidiary consideration. On 20 July 2016, the Ethereum community made a decision to hard-fork the Ethereum blockchain to revive practically all money to the initial contract. This is controversial, and resulted in a fork in Ethereum, where in fact the original unforked blockchain was preserved as Ethereum Common, thus breaking Ethereum into two split productive blockchains, each using its own cryptocurrency.
The DAO was delisted from trading on major exchanges such as Poloniex and Kraken in overdue 2016.

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