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Ethereum Users Giving the DAO Another Try After Digital Stickup

  • LAO wants to fund Ethereum startups that are chosen by users
  • LAO ‘is the marriage of the legacy world and the crypto world’

Four years after the $55 million hack on the DAO threatened the future of a new blockchain system known as Ethereum, the crypto community is giving it a second try.

It’s known as the LAO this time, which stands for Limited Liability Autonomous Organization. If that sounds like some kind of cyber law firm, that’s the point. Unlike the DAO, or decentralized autonomous organization, project where anyone with an Ether wallet could join in an effort to provide funding to startup projects, the LAO is limiting the number of participants as well as the amount of cryptocurrency they can contribute. So far, the LAO has raised 3,600 Ether, worth about $878,000, and awarded its first funding to a startup.