Slock.it Releases First DAO Proposal Framework to Standardize Proposal Process and Smart Contracts

Slock.it co-founder Christoph Jentzsch has released the first version of the DAO Proposal Framework, which aims to set standardized rules for DAO proposals in an effort to minimize the risk of proposals that exploit security vulnerabilities in the DAO contract code.

The DAO’s achievements are amazing. According to the current market value, it has raised funds worth $164 million and holds 120 million ether, which is about 15% of the total circulation. It has also received some proposals, so the security of DAO operation is very important. The DAO has become the spokesperson of Ethereum, and the fate of the two is closely linked.

Slock.it co-founder Christoph Jentzsch, one of the main coders of The DAO’s smart contract source code, has released version 1.0 of the proposal framework, which aims to standardize proposals from DAO token holders and the smart contracts themselves.

Slock.it COO Stephen Tual has previously stated:

“As the authors of the DAO framework and whitepaper, we are excited to see proposals that prioritize security in their proposal submission process, while we build out a process to iterate on the governance of the DAO itself over the coming months.”

It’s true that the code for the original DAO framework is not perfect and has had some issues, and a recent extensive investigation led by Dino Mark, Vlad Zamfir, and Emin Gün Sirer revealed several attack vectors that could have harmed or disrupted The DAO.

New Proposal for The DAO

Alex Van de Sande, developer of the Ethereum Mist wallet, described two methods or solutions to address the problems and security risks of the DAO. The first is to update the overall framework of the DAO to version 1.1. The current framework code allows the DAO to transfer all funds to an updated contract address.

However, this approach would take some time to complete. Such version updates require extensive testing, security audits, and game theory analysis. Therefore, he proposed another solution, creating a proposal framework that can help minimize the risk posed by malicious entities that exploit attack vectors.

The first version of this proposal framework has been released today and contains a set of rules for adding proposals or addresses to the whitelist, including some guidelines:

1. All proposals are pre-voted, and at least 10% of the votes are required to put the proposal to a formal vote.

2. The DAO will pay the proposal once and for all, in fixed amounts.

3. The proposal contract allows for the return of any remaining ether to the DAO upon request for at least the first three weeks.

4. Once the proposal is accepted, all payments will begin to be made to the contractor three weeks later.

These guidelines could be very helpful in safely managing the DAO and improving standardization of operations. In addition, work is already underway to update the overall DAO framework.