What will happen to DAO token holders at this critical moment in the hard fork code development?

This post is for DAO token holders and details how the hard fork will affect you, as well as providing some guidance and advice if you want to help yourself and the community at large.

Ethereum Client

The development team is working around the clock! The Go team, C++ team, Ethcore (Parity and Rust clients), and even Vitalik himself (Python) are all involved in the development, review, and testing of the hard fork client.

If you are good at any of the above development languages ​​and want to learn more about Ethereum, you can go to GitHub to view the code we released and help modify the Ethereum protocol. We will be very grateful for your efforts.

Each client needs to hard fork code to verify the transfer balances of any attack DAOs to ensure that we can get all the ether back without losing DAO tokens. This process requires forensic analysis on the blockchain to locate all attack DAOs and eliminate all potential risks.

Time is of the essence

The community has reached a consensus that "innocent" childDAOs are not within the scope of the hard fork. Because the combination of the two will only lead to more complicated results (it is very likely to cause code vulnerabilities), and time is tight (the hard fork must be completed on July 16), the code required for the combination of the two is more complicated and time-consuming. Only black hat and white hat attackDAOs can withdraw funds.

In addition, everyone agreed with the proposal of a hard fork code, which would solve the problem in the shortest possible time.

The issue of how to deal with the extra balance and remaining funds is still under discussion. This part of the funds cannot be directly transferred to the holders at the exchange rate of 1ETH=100DAO tokens.

Our CTO Christoph Jentzsch mentioned in a previous blog that token holders can solve this problem in a decentralized way. They can transfer the money in their additional balance account to anyone. There are already several organizations that specialize in additional balance transfer services.

However, this option will cause financial losses to the holders to a certain extent. Most people who choose the above services have no time to manage this part of the funds and trust these intermediaries very much. In addition, this part of the funds will bring potential risks because it belongs to the gray area of ​​​​the law. However, if there is a reliable team that can create multi-signatures (multisig), then investors can use multi-signatures to manage smart contracts and fairly distribute the funds in the additional balance. This solution is still under development.

Next steps

If you are a DAO token holder

If the hard fork happens, you can get your funds back at a rate of 1ETH = 100 DAO tokens. That is, if the hard fork actually happens. I can't predict the future, so I can't tell you what to do. You should take your own risk.

If you are a childDAO token holder

All holders who have called “splitDAO()” and obtained a childDAO by “burning” DAO tokens will find themselves in a bad situation.

All childDAOs are copies of The DAO, so both contain the same attack vulnerability. The good news is that this vulnerability can only be executed 7 days after a new Curator protocol (created by calling "splitDAO()") is created.

Therefore, the best way is to first whitelist a wallet address (it must be a wallet that can accept ether) (the private key file and password should be backed up frequently), and then create a protocol to send the ether on the childDAO. As long as no one creates a new Curator protocol on your childDAO, your funds are safe.

You can join the #child_dao_community channel on The DAO discussion group to interact with other childDAO token holders. We are fully monitoring this channel and will be happy to answer any questions you may have.

1) If your childDAO was split before the attack, you can follow our guide to create a protocol:

Payee: Whitelisted wallet address

Amount: Ether in your childDAO x 10¹⁸

Description: Anything you want to say to other childDAO holders

Transaction data: Leave blank

DebatingPeriod: 1209600

New Curator: No fields

Send Ether: 0 (childDAOs do not require a deposit)

2) If your childDAO was split after the attack, please contact me in the discussion group.

The above is the specific progress of the hard fork. This article can only reflect the situation at the time of posting, and may soon become outdated due to time constraints. I will update the latest progress in real time.