, ▁intended ▁for ▁vent ure ▁capital ▁fund ing , ▁was ▁The ▁DA O , ▁which ▁launched ▁with ▁$ 1 5 0 ▁million ▁in ▁crow df und ing ▁in ▁June ▁ 2 0 1 6 , ▁and ▁was ▁immediately ▁hack ed ▁and ▁dra ined ▁of ▁ ▁in ▁crypt oc urrency . ▁This ▁hack ▁was ▁revers ed ▁in ▁the ▁following ▁weeks , ▁and ▁the ▁money ▁restored , ▁via ▁a ▁hard ▁fork ▁of ▁the ▁E there um ▁block chain . ▁This ▁b ail out ▁was ▁made ▁possible ▁by ▁the ▁E there um ▁min ers ▁and ▁clients ▁switching ▁to ▁the ▁new ▁fork . ▁ ▁Background ▁ ▁Dec ent ral ized ▁autonom ous ▁organizations ▁are ▁typ ified ▁by ▁the ▁use ▁of ▁block chain ▁technology ▁to ▁provide ▁a ▁secure ▁digital ▁led ger ▁to ▁track ▁financial ▁interactions ▁across ▁the ▁internet , ▁hard ened ▁against ▁forg ery ▁by ▁trust ed ▁timestamp ing ▁and ▁dis sem ination ▁of ▁a ▁distributed ▁database . ▁This ▁approach ▁elimin ates ▁the ▁need ▁to ▁involve ▁a ▁mut ually ▁acceptable ▁trust ed ▁third ▁party ▁in ▁a ▁financial ▁transaction , ▁thus ▁simpl ifying ▁the ▁transaction . ▁The ▁costs ▁of ▁a ▁block chain - enabled ▁transaction ▁and ▁of ▁the ▁associated ▁data ▁reporting ▁may ▁be ▁substantial ly ▁offset ▁by ▁the ▁elim ination ▁of ▁both ▁the ▁trust ed ▁third ▁party ▁and ▁of ▁the ▁need ▁for ▁repet itive ▁recording ▁of ▁contract ▁ex changes ▁in ▁different ▁records . ▁For ▁example , ▁the ▁block chain ▁data ▁could , ▁in ▁principle ▁and ▁if ▁regul atory ▁structures ▁permit ▁it , ▁replace ▁public ▁documents ▁such ▁as ▁de eds