Open AccessThe Seconomics (Security-Economics) Vulnerabilities of Decentralized Autonomous Organizations
Author(s) -
Fabio Massacci,
Chan Nam Ngo,
Jing Nie,
Daniele Venturi,
Julian Williams
Publication year - 2017
Publication title -
lecture notes in computer science
Language(s) - English
Resource type - Book series
SCImago Journal Rank - 0.249
H-Index - 400
eISSN - 1611-3349
pISSN - 0302-9743
DOI - 10.1007/978-3-319-71075-4_19
Subject(s) - computer science , computer security , anonymity , computer security model , property (philosophy) , security through obscurity , cloud computing security , security information and event management , cloud computing , philosophy , epistemology , operating system
Traditionally, security and economics functionalities in IT financial services and protocols (FinTech) have been perceived as separate objectives. We argue that keeping them separate is a bad idea for FinTech “Decentralized Autonomous Organizations” (DAOs). In fact, security and economics are one for DAOs: we show that the failure of a security property, e.g. anonymity, can destroy a DAOs because economic attacks can be tailgated to security attacks. This is illustrated by the examples of “TheDAO” (built on the Ethereum platform) and the DAOed version of a Futures Exchange. We claim that security and economics vulnerabilities, which we named seconomics vulnerabilities, are indeed new “beasts” to be reckoned with.
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