Your Ultimate Guide to Aragon (ANT)

Decentralized Autonomous Organizations (DAOs) have been around for quite some time and they’re giving a hard time to traditional crypto exchanges. The traditional exchanges are controlled by a group of people whereas DAOs are controlled by the community members. The community members use their voting power to determine the updates and improvements for the project. Read our article to know what is Aragon (ANT) and what are its features, and how this network works.

The DAOs have gained amazing popularity over time. But there’s one thing that’s stopping the mass adoption of DAOs. The process of creating a DAO is an extremely difficult task. The developers need a robust technical team and strong financial backing to establish a fully functional DAO.

Aragon is simplifying the process of creating DAOs so that businesses can build their desired solutions without any limitations.

What is Aragon (ANT)?

Aragon is an Ethereum-based blockchain network that allows businesses to create and manage DAOs in a simplified manner. The developers can deploy payment protocols and governance systems during the creation of DAOs. The best part is that the developers can customize the DAO whenever needed.

More than 2,000 DAOs have been built on this protocol so far. And some leading projects like Decentraland and Curve Finance are using their services.

The Aragon network consists of five important components:

Aragon Client – The companies can create and manage DAOs in a simplified manner using this tool.

Aragon Network – The platform establishes a communication channel between DAOs built on the protocol.

Aragon Association – This non-profit organization is responsible for managing funds for the consistent growth of the project.

Aragon Court – Whenever the DAOs face a critical dispute, they can present the problem in front of Aragon Court to find a reasonable solution. Both parties need to present all the facts in front of a group of users (jurors) to resolve the issue.

ANT (Native Token) – The ANT token is primarily used for dispute resolution. These tokens are transferred to the jurors as a reward for the time and energy they use to resolve the issues. Anyone can become a juror by exchanging their ANT tokens for ANJ tokens. They’re then required to stake these tokens to ensure the network’s security.

Aragon (ANT) – Brief History

Aragon Network was introduced by Jorge Izquierdo and Ivan Cuende in 2016. They also established the Aragon Association, a non-profit organization, that allocates funds for the different updates over time. The team raised around $25 million during the initial coin offering in 2017. The mainnet was officially launched in 2018.

Aragon v2 was introduced in 2020 that was primarily focused on transferring the governance rights to the token holders. Aragon has experienced significant growth over time because it provides a simplified DAO creation and management solution for enterprises.

Aragon (ANT) Important Features

User-Friendly Ecosystem – Aragon provides a user-friendly environment allowing users to create smart contracts with a few simple steps. Even if a user doesn’t have enough technical knowledge, they can easily understand the structure of smart contracts.

Privacy – Unlike other blockchain platforms, the Aragon network doesn’t ask users for their personal information. The users can maintain a completely unique and different identity while making agreements on the Aragon network.

Volatility Mitigation – The highly volatile nature of crypto creates a lot of trouble for investors especially when they’re required to deposit their tokens as collateral. Blockchain networks enable users to withdraw their funds after a particular period of time. Fortunately, the Aragon network ensures price stability by buying back tokens.

How Does Aragon Network Work?

The developers need to use AragonOS, a smart contract framework, to start creating a DAO. The developers can use the modules to determine the governance mechanism and devise incentives for the contributors. Similarly, they can raise funds for their project using these modules.

All the Aragon-based DAOs come with three built-in features:

Finance – Facilitates efficient resource management for organizations by offering a range of features and functionalities. It empowers participants to seamlessly submit transactions, access comprehensive transaction histories, and check the real-time asset balance. It ultimately helps with setting the ultimate utilization of the assets.

Tokens – Tokens play a vital role in the efficient management and structuring of a decentralized autonomous organization. The community members can participate in the DAO’s governance with their tokens. Similarly, the users can access different services using these tokens.

Voting – Voting is an essential part of a DAO. It allows users to vote on several proposals submitted by other users. The token holders can also raise their concerns if they aren’t satisfied with a particular proposal.

The developers can also establish a secure connection between their DAO and the Ethereum-based smart contracts by integrating the Agent app into their DAO.

How Does Aragon Court Work?

Aragon Court follows the pattern of a traditional court but its jurors are chosen a bit differently. In this court, the users can convert their ANT tokens to ANJ and then stake the ANJ tokens to become a juror. They’re supposed to review arguments for different disputes and give their opinion using their voting power.

The users qualify for the juror’s position depending on the amount of ANJ tokens they stake. The platform offers them ANT tokens as a reward for their contribution.

Aragon Tokenomics

ANT is the native token of the Aragon network that is used for dispute resolution. Similarly, users can use ANT tokens to purchase several products and services. With a circulating supply of 40 million tokens, ANT has a market cap of $134 million. It ranks among the 200 best cryptocurrencies in terms of market cap.

Conclusion

Aragon simplifies the creation and management of DAOs, allowing businesses to customize and deploy payment protocols and governance systems. With over 2,000 DAOs built and prominent projects as users, Aragon has established itself as a user-friendly Ethereum-based platform.

Feel free to get in touch with us if you need more information about how Aragon work. We also invite you to subscribe to our weekly newsletter if you need regular updates about Bitcoin and the crypto market.