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.
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.
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.
We have and will continue our partnership with Ethereum to ensure the decentralized community can feel confident in the code we all deliver.
– Dor Konforty, CEO Synereo
Greg Meredith, Synereo CSO, Explains Law and Compassion
Dor Konforty explains Synereo’s reputation-based DAO