Griff Green Explains The Backstory Of DAOs And How The DAO Hack Unfolded

August 16, 2022

Griff Green is a mentor of Newmoon Accelerator and takes us on a deep dive into the backstory of DAOs.

Newmoon Accelerator powers creators, developers and founders building the cultural layer of the open metaverse stack, by providing technical assistance, mentoring and connection to our fast growing community.

During this session of Newmoon, Griff Green, formerly the Community Manager of The DAO and right in the center of the events as The DAO Hack unfolded, walked us through the key moments, decisions, and consequences of The DAO Hack, reflecting on one of the most profound events in the Crypto world.

Griff has a wealth of experience in DAOs and managing communities, and we were honored to get his advice about building DAOs. For most of the session, we discussed the use cases, best practices, and mechanisms of running decentralized autonomous organizations.

We also talked about the story of THE DAO and THE HACK; community building tactics; best practices in DAOs; trends for DAO space in 2022; how to create the token demand in DAOs; Reputation mechanisms; structures in DAOs; incentives and reward systems for DAOs; the lifespan of a DAO; public goods DAOs and DAOs for good; management and team feedback in DAOs.

Who is Griff Green?

Griff Green is a digital currency “expert”, evangelist, and public speaker. He has a wealth of experience on the subject matter and is the best person to share his insights on it.

Griff is well connected and well-liked in the Ethereum ecosystem. He founded Giveth to build the Future of Giving and the Commons Stack to take Giveth to the next level, to do the applied research needed to build start-up Regen Economies that support the production of Public Goods.

His vision is to build a world where people who produce value for society are rewarded fairly for the value they bring. Currently, the approach is to create an easy path for communities to have their start-up economies. If this works, then, in the long run, they will be able to take all the good parts of the free market space and apply them to the public sector so that we have countless micro economies competing to provide public services that people want.

What was the vision of The DAO, and how did it get hacked?

The DAO is a digital decentralized autonomous organization launched in April 2016 and raised USD 150 million via a token sale. It became one of the most massive crowdfunding campaigns in history.

The DAO had an objective, to provide a new decentralized business model for organizing both commercial and non-profit enterprises. It was instantiated on the Ethereum blockchain and had no conventional management structure or board of directors.

In June 2016, some users exploited a vulnerability in The DAO code to enable them to hack one-third of The DAOs funds. The Ethereum community controversially decided to hard-fork the Ethereum Blockchain to restore approximately all funds to the original contract.

This event split the Ethereum Blockchain into two branches, each with its cryptocurrency, where the original unforked Blockchain continued as Ethereum Classic.

To date, The DAO Hack is arguably the most impactful moment in Ethereum’s history. 15% of all circulating ETH was vulnerable, millions of ETH hacked, and the chosen path forward for Ethereum caused Blockchain ideologies to clash, dividing the Ethereum and Bitcoin communities.

✨Enjoy watching the backstory of DAOs and AMA with Griff Green!

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"I think it is valuable at least for the core team to have a humanity check, like oh yes, this is a human, I met them in real life, and I care about them as a human. It is easy to see people as a face on a screen, but when you meet them and hug them, it's a different reality."