Slock.it Retracts Its DAO.Security Proposal, Presents A New Thinner Version

Slock.it has acknowledged the negative feedback that its first proposal received, the German startup has decided to present a new, thinner version. Slock.it will update the DAO general framework for free, and the security team has been reduced to only one member.

The German startup received heavy criticism for its latest proposal, Slock.it presented yesterday a 125,000 ETH budget to The DAO for security updates to the code, a dedicated security team of 2-3 ‘experts’, and a bug bounty program. The proposal wasn’t well received by the community, as many claimed that it was overpriced, and saw it as a clear mismanagement of funds. Stephan Tual, COO of Slock.it stated:

However, the response of the community was loud and clear: you didn’t feel there was a need for such complex (and costly) set of mechanisms, and would probably prefer to eventually see a community-based security working group established rather than a crack team on call 24/7 outright.

The company highlights the significance of having a smart contract holding 14% of all ether in circulation and claims that it is important to take things one step at a time, for this same reason, Slock.it has decided to present a new security proposal, this thinner version will only have 1 full-time security expert.

This person will act as the first point of contact for security disclosures, and continually monitor, preempt and avert any potential attack vectors The DAO may face.

Slock.it feels that before pushing the Ethereum Computer proposal, specific security issues with the DAO framework should be addressed. This extra development effort will be free, but the dedicated security expert will account for 8,000 ETH -for 1 year-.

Some members of the community also rejected the idea of having a budget solely denominated in ether -which, after all, presents a high level of volatility-. Slock.it acknowledges that this is problematic not only to the DAO token holder but to the company itself, Stephan Tual stated:

As experts in the field, we have of course explored all potential avenues to mitigate this risk. We have studied oracles, stable coins, talking to banks, even BTC relay… unfortunately, while some of them look promising, none of these were deemed ready for the prime time and support a project of this magnitude.

The startup will unveil in the next 24 hours the new Universal Sharing Network proposal. DAO Token holders are encouraged to research further on any new proposal they receive.

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