Investors watched in agony as millions were stolen from The DAO in an infamous hack about a month ago. The Soft fork solution was not viable due to a new attack vulnerability found in the fork. Without the initial soft fork designed to stall the lock the hackers fund in the childDAO, both the developers and the community had to act fast to reach a consensus regarding the measures to apply.
An easy-to-use voting system was developing in order to achieve consensus on the Hard fork solution proposed by the Ethereum Foundation. CarbonVote HardFork Vote ends at Block #1894000 (15th), but the vote is pretty much done with the HardFork supporters winning the vote by a long shot, 81%.
The hardfork, which will return the Ether stolen from The DAO, will take place on the block 1920000, which should be mined on Wednesday, July 20. The Hardfork will return the stolen Ether into a DAO that has only one function: To refund DAO token holders. Ethereum Exchanges like Kraken will stop Ethereum trading for a period of time during that day. Coincheck will stop Ethereum trading as well an hour before the HardFork.
There can still be complications regarding the hardfork, like we did with the soft fork, but users seem pretty sure it will go well, when we look at the Ethereum price charts which has been rising steadily today. The DAO token value is also doing well.
Much can still go wrong in the implementation of the Hard-Fork, which was what happened with the Soft-fork, in which it opened a new attack vector where the original hacker could spam the Ethereum network for free, causing disturbances in the Network.
The DAO hack was certainly a terrible event, but there is always a silver lining, in this case the hack has caused the Ethereum community to take a step back and reevaluate security, and it has also allowed us to test the consensus mechanisms in Ethereum’s social contract.
Coincheck will continue to keep you updated regarding The DAO, Ethereum, and the Hard Fork situation. Stay tuned.