3 ms·
The differnce is that in TheDao the money is protected by a smart contract. It's auditable by anyone and securely locked - literally no single person or entity
by kolinko 10y ago
The differnce is that in TheDao the money is protected by a smart contract. It's auditable by anyone and securely locked - literally no single person or entity owns keys to the lock.
In case of Paycoin, and many other similar scenarios, you had to trust the company.
- aminorex 10y agoAuditability in principle is good in principle. Actual audits in actual practice, on the other hand, would be actually good.
- Bartweiss 10y ago"In theory, theory and practice are the same..."
- joosters 10y agoAudits aren't that useful, the DAO was 'audited' soon after creation and none of its flaws were found: https://blog.slock.it/deja-vu-dao-smart-contracts-audit-results-d26bc088e32e#.9xxq6mf4r https://blog.slock.it/deja-vu-dao-smart-contracts-audit-resu...