Fintech Payments Podcasts Security

Ethereum cryptocurrency – when hackers get hacked

John Best and Glen Sarvady cast an expert eye over the recent compromise of the DAO by an attacker, in this episode of the BIGcast podcast.

In the new BIGcast, Glen Sarvady and I explore the still-unfolding tale of the recent hack of the DAO Fund associated with the Ethereum cryptocurrency, Ethereum’s bold and fascinating counteroffensive against the hackers, and the bizarre ethical underpinnings.

We offer an introduction to the Ethereum cybercurrency, and the differences between blockchain and cybercurrency, and explore The DAO, a digital decentralised autonomous organisation, and the DAO’s relationship with Ethereum.

We’ll cover how The DAO created a crowdsourced investment fund using Ethereum, how The DAO works, its programming issues, and how it was exploited. What about the inside hacker who exploited the vulnerability, and the ethical grey zones around such an exploit? We’ll cover it here. We’ll also look at proposed solutions, Ethereum’s counteroffensive against the hacker, and explain the differences between public permission-less, private permission-less, public permissioned and private permissioned networks.

– This podcast is reproduced with kind permission. Some minor changes may have been made to the text to reflect BankNXT style considerations, but the podcast itself is always unchanged. Read more here. Main image: Anastasiia Bakay, Shutterstock.com

About the author

John Best

John Best, CEO of Best Innovation group, is recognized as a thought leader and visionary of technology advancements and financial application development within the credit union industry. He is the founder of the BIG Podcast.

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