Aragon is a decentralized application (dApp) or open-source project that provides tools to create decentralized organizations on the Ethereum blockchain.
What is Aragon?
- Aragon aims to use the power of innovation and technology to create a decentralized organization on Ethereum for users.
- Aragon can be used by companies, non-profit and other organizations that manage finances and decision-making via its decentralized technology. More than 1,700 organizations are built on Aragon Chain, such as Dencentraland, Curve, 1Hive, etc.
- Aragon’s most important product is Aragon Client that implements an easy user interface and basic features such as payroll, token transfer, capitalization table, organization role, fundraising, and accounting to facilitate users who want to create and manage Decentralized Autonomous Organization (DAO).
- Aragon Token (ANT) is an ERC-20 token that is used to participate in platform governance, and Aragon Court (ANJ) is used as a part of the Aragon Court.
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Who is behind Aragon?
Aragon was created in 2016 by Luis Ivan Cuende and Jorge Izquierdo. They aim to solve the underlying infrastructure problems of the company or organization, such as fraud and bureaucracy, by building the new infrastructure for companies and organizations that will run on top of it.
What is the purpose of Aragon?
Aragon has two native tokens; the Aragon Network Token (ANT) is used as a governance token in the Aragon network to improve networks such as new product features, voting proposals, and setting network rules. ANT can also be used as a bond to create the less popular ANJ token, which is used as part of the Aragon Court.
Aragon offers technology features including the Aragon client ( a creating and participating tool in DAOs), the Aragon Network (a larger DAO that is made up of a network of DAOs), the Aragon Association (a non-profit organization that allocates the proceeds of the Aragon token sale) and Aragon Court (a dispute resolution system).
- Aragon has created “Aragon chain” (their own blockchain) instead of operating on Ethereum due to high operating costs (Ethereum gas fee).
- Argon Organization has developed “AragonOS” – the smart contract system that manages the organization’s stakeholder portion and employee rights.
- Aragon Court is a service feature in a platform that helps users arbitrate disputes problems that they are unable to resolve themselves in an organization. When an organization escalates a dispute to the court system (the system must deposit collateral and pay fees), then jurors will consider the dispute. Anyone can become a juror by staking ANT in a smart contract and will be converted to Aragon Network Juror Token (ANJ); the more users staking ANT, the more chance they become a juror. After jurors send their verdict, which is from the majority vote, the parties involved in the dispute can choose the decision and then send it to a larger juror pool for reviewing. Jurors who vote will receive a portion fee; however, jurors who fail to vote will lose their staked tokens.
- ANT holders can vote proposals and amend the agreements to improve their functionalities and better innovations, e.g., new product function features in the platform, changing or setting rules for network and determining collateral and dispute fees in Aragon court, etc.
- Aragon has upgraded versions of Aragon token smart contract form version1 (ANTv1) to version2 (ANTv2) that facilitates users to reduce 66% of transaction cost.
- There will be a bug in the smart contract while doing the transaction in Aragon Network.
- Both parties (prosecutor and defendant) in the dispute must deposit additional collateral. If one side deposits more collateral, the preliminary case is finalized. If there is only one side depositing additional collateral, the side will automatically proceed.
News and Updates
- Tim Draper (the billionaire venture capitalist) invested $1 million on the Aragon project to support the creation of the world’s first digital jurisdiction project.
- Aragon plans to announce a new feature, “Aragon Voice” (during beta test), for a voting solution with gasless and universally verifiable.
- Aragon plans to develop the Aragon Govern feature by upgrading the consensus system in Aragon Court, which makes the process fast and transparent.
- Aragon has acquired Dvote Labs for their technology to increase security and scalable voting systems.
Community & Whitepaper Links:
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