DAO

DAO stands for a decentralized autonomous organisation. It was created in March 2016 by a token crowd sale which raised upwards of $150 million. DAOs developers aimed to eliminate human error by placing decision making power into an automated system. In May 2016, nearly 14% of all Ethereum tokens were held by DAO. However, around the same time, a published paper addressed numerous security vulnerabilities which cautioned investors. In June 2016, DAO was hacked and around $50 million of ETH were stolen. The project failed only several months after its launch and caused a rift in the Ethereum community.