By
Bhushan Akolkar
April 16th, 2024
Dor Konforty, CEO at Synereo, explained that his company had envisaged such situation and took necessary measures.
The CEO of Synereo, Dor Konforty, has stated in the blog post that the important lesson they have learnt after the June 17 attack on the DAO is that the human factor must be put into consideration and respected.
“The Synereo team shares in the disappointment this attack has caused the decentralized community. Despite being a major ETH and DAO holder, a part of me does not believe a rollback should be performed. We wanted “unstoppable applications”? We got them. But my better angel says, if the position is – control is entirely in the hands of smart contracts, not smart people – that’s foolish. We must have both. Ethereum is now learning a lesson that Synereo took to heart from the beginning.”
Konforty is a major ETH and DAO holder. However, he insists that a rollback will set a wrong precedent.
“A rollback will set a precedent. This is a decision that is crucial to the growth of the decentralization movement and to the trust in the decentralization community. We should own up to the results of our experiment, and learn from them.”
Konforty finds it necessary to underline that his company had foreseen such a situation and took necessary precautions.
“Synereo offers a social model; one that integrates measures of compassion in its code. Our reputation mechanism assures trust in people is still required, while tying the control assigned to them in formally-verified smart contracts – making that trust much harder to abuse.”
Konforty was also rather clear about his attitude to Ethereum: “We have and will continue our partnership with Ethereum to ensure the decentralized community can feel confident in the code we all deliver.”
Tim Frost from Wirex suggests how the recent attack on the DAO could have been prevented. “If The DAO had used proper smart contract technology – such as the one provided by Synereo – the recent attack could have been prevented. At the same time, this technology is still in the very early stages. There is still a lot of education to be done on blockchain and smart contracts; that much is certain”, he said.
Synereo is a new platform for peer-to-peer movement of social media information. The system makes it possible for different users to interact directly with each other with no need for intermediary. User information is safely encrypted and distributed across the community of Synereo users – it is inaccessible to anyone including the creators of the platform.
Synereo has developed a built-in currency called AMP that rewards users for their interest to content. Users in their turn set the value of attention to ensure attention is rewarded appropriately.
As a reminder, an attack on the DAO occurred on June 17 when the attacker was draining the ether contained in the DAO into a child DAO.