decentralized autonomous organization (DAO)</strong></a> in blockchain history. It was launched in April 2016. The project was developed as a self-governed, decentralized venture capital fund and earned $150 million after the initial <strong>token crowdsale</strong>. The DAO worked on mitigating the human error factor in fund management processes.</p>\n<p>At one point in its existence, the DAO held roughly 14% of the total <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-ether/">Ether (ETH)</strong></a> supply, its primary capital focus. The organization used an open-source code to allow for community contributions.</p>\n<p>The DAO followed a decentralized model, meaning that there was no central authority interfering with the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-governance/">governance. Its goal was to <strong>create a decentralized self-governing organization</strong> that would allow its members to participate in the activities from anywhere in the world. This led to the DAO becoming the first venture capital fund that was completely decentralized.</p>\n<p>In June 2016, barely two months after its launch, the DAO was compromised when an anonymous paper revealing the vulnerabilities of the code was released. The investors received a warning to avoid voting on any of the DAO projects until the issues have been fixed.</p>\n<p><strong>Hackers</strong> soon got hold of the paper and took advantage of the vulnerabilities detailed by the anonymous source, leading to one of the biggest hacks in crypto history. The hackers acquired over 3.6 million ETH from the DAO which then accounted for roughly $50 million. 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height</strong></a>. The concept was initially introduced by <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/who-is-satoshi-nakamoto/">Satoshi Nakamoto</strong></a> in the<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-whitepaper/"> whitepaper </strong></a>of <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin. The timelock mechanism is used to <strong>schedule transactions for the miners to process them at a specified time</strong>.</p>\n<p>Transactions are added to the blockchain as blocks located at certain heights. Once the transaction data is added to the chain, the transaction is deemed approved.&nbsp;</p>\n<p>The timelock mechanic is used to ensure that transactions are not verified unless their predetermined conditions, i.e., &nbsp;a certain time or block height, are reached. Time time is measured using the Unix system.</p>\n<p>There are two types of timelocks:</p>\n<ul>\n<li>Absolute timelocks &ndash; they discern that the blocks are defined relative to a specific time;</li>\n<li><strong>Time-relative timelocks</strong> &ndash; they are used to determine how much time has to pass until a transaction is verified.</li>\n</ul>\n<p>Bitcoin transactions measure time in two ways, based on the block number and its <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-timestamp/">timestamp. If the timelock is determined according to the block number, the miners receive the specific number for the validation process. If the timelock is based on a timestamp, the miners must wait until the given point in time to verify the transaction.</p>\n<p>There are <strong>four methods</strong> for determining the Bitcoin timelocks which occur on either the transaction level or the script level:</p>\n<ul>\n<li>nSequence &ndash; absolute time blocking at the transaction level;</li>\n<li>nLocktime &ndash; timelock relative to the transaction level;</li>\n<li><strong>CheckLockTimeVerify</strong> &ndash; absolute time blocking at the script level;</li>\n<li>CheckSquenceVerify &ndash; timelock relative to the script level.</li>\n</ul>","level":"easy","meta_title":"What is Timelock? Definition & Meaning | Crypto Wiki","meta_description":"Timelock meaning: Timelock - a blockchain mechanism of processing transactions at a predetermined time or in a specific block.","meta_keywords":null,"language":"en","created_at":"2022-04-11T06:08:09.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-timelock"},"prevSection":{"id":896,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Testnet?","slug":"what-is-testnet","section":"T","keyword":"Testnet","status":"published","definition":"a blockchain that developers use for testing.","content":"<p><strong>A testnet is a blockchain created specifically for developers to test new features</strong>. It helps avoid any interruptions, glitches, or damage done to the main blockchain network. Testnets are also used for market simulations or to experiment with the development of new <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrencies.

/n

The process of implementing new upgrades to a blockchain is complicated and can lead to service outages, bugs, or even <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-fork-software/">network forks</strong></a>. Therefore, a completely separate blockchain network is utilized to test the possible scenarios and functionalities of the product.</p>\n<p><strong>Testnets help to</strong> <strong>detect any errors or system issues</strong>, as well as potential vulnerabilities that could be exploited by malicious parties. Some developmental projects may allow users to access the testnet for live testing and quality control.</p>\n<p>After seeing how the feature or upgrade functions on the testnet, it can then be introduced to the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-mainnet/">mainnet &ndash; the main blockchain network. Some decentralized networks may use governance mechanisms to vote on whether an update or a new function should be implemented.</p>","level":"easy","meta_title":"What is Testnet? Definition & Meaning | Crypto Wiki","meta_description":"Testnet meaning: Testnet - a blockchain that developers use for testing.","meta_keywords":null,"language":"en","created_at":"2022-04-11T05:43:30.000000Z","updated_at":"2022-11-14T06:57:35.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-testnet"},"currentChapter":"T","currentSection":"what-is-the-dao","chapterTitle":"T","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-the-dao","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">

Handbook Cover Page
Crypto Terms: Letter T

What is The DAO?

The DAO MEANING:
The DAO - the first decentralized autonomous organization in the history of blockchain.
Medium
2 minutes

Let's find out The DAO meaning, definition in crypto, what is The DAO, and all other detailed facts.

The DAO was the first decentralized autonomous organization (DAO) in blockchain history. It was launched in April 2016. The project was developed as a self-governed, decentralized venture capital fund and earned $150 million after the initial token crowdsale. The DAO worked on mitigating the human error factor in fund management processes.

At one point in its existence, the DAO held roughly 14% of the total Ether (ETH) supply, its primary capital focus. The organization used an open-source code to allow for community contributions.

The DAO followed a decentralized model, meaning that there was no central authority interfering with the governance. Its goal was to create a decentralized self-governing organization that would allow its members to participate in the activities from anywhere in the world. This led to the DAO becoming the first venture capital fund that was completely decentralized.

In June 2016, barely two months after its launch, the DAO was compromised when an anonymous paper revealing the vulnerabilities of the code was released. The investors received a warning to avoid voting on any of the DAO projects until the issues have been fixed.

Hackers soon got hold of the paper and took advantage of the vulnerabilities detailed by the anonymous source, leading to one of the biggest hacks in crypto history. The hackers acquired over 3.6 million ETH from the DAO which then accounted for roughly $50 million. Today, it would be worth over $1.2 trillion.

Since the DAO held a significant amount of the overall ETH funds, Ethereum was forced into a hard fork. The scandal led to several large-scale cryptocurrency exchange platforms delisting the DAO token from the trade. The DAO’s lifespan was cut short.

Although the initial DAO experienced a significant failure, the mechanism of a decentralized autonomous organization has remained popular. Many blockchain-based projects rely on the principles of self-governance and work on avoiding the same code vulnerabilities experienced by the DAO.
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