Fueled by a native utility token ANT, Aragon is a decentralized blockchain-based platform aiming to facilitate the development of decentralized applications. The Aragon project is run by the Aragon foundation, based in Switzerland. The project was started in November 2016, by its founders Luis Cuende and Jorge Izquierdo and was officially introduced to the public on February 10th next year in a blog post. It gained support from Tim Draper, a venture capitalist, who bought about 2.5 percent of Aragon’s total token supply. The project is open-source and is built to let anyone open and run their own Ethereum-based decentralized organization. Its token provides its owners with the right to make decisions on the future development of the platform. The project is working on building its own network which is going to be the world’s first digital jurisdiction.
The Aragon technology
The team wants the project to be a neutral jurisdiction for everyone willing to create a blockchain-based organization. It is considered by the team to be the best organization form since it allows to reduce costs and save the budget as a shared platform can help to remove extra fees, delays and middlemen. The Aragon dApp includes “out-of-the-box” features that represent standard core administrative functions of any company to make it easy and simple to operate a blockchain-based organization. The team also hopes that this will boost the corporate adoption of blockchain technology.
Blockchain represents quite a powerful technology, but most companies, even those that interested in it, lack expertise. That’s the problem the project’s out-of-the-box features are designed to solve. Aragon provides a module for identity management and closely related modules for ownership and access control, as well as a variety of other modules. They include accounts payable/receivable, shareholder voting, fundraising through token generation, HR onboarding and payroll, etc., thus covering the crucial aspects that make any company work.
Also, using new technology always means facing bugs, thus, the software should be able to be upgraded quickly and easily. That’s what Aragon also implements in these solutions as the project establishes an arbitration system to solve the conflicts.
The Aragon ICO
The Aragon token sale took place in May, 2017. According to the company, it was the 4th largest crowdfunding event in history at that time. About 25 million USD was raised in only 26 minutes. ANT is a utility token, but it also can be used as a voting token. It is listed on such exchanges as Bittrex, HitBTC, Bitfinex, Bancor and Livecoin exchanges.
70% of tokens were given away via a private and public sale, 15% of tokens went to the project’s foundation, and the remaining 15% went to the early contributors and founders of Aragon. ANT can be stored on any ERC-20 wallet, such as Metamask or MyEtherWallet.
The Aragon team
Luis Cuende is leading the project. Prior to launching Aragon, he founded Stampery, a time-stamping project on the Blockchain network, and has worked with the Estonian Government, Microsoft and Telefonica. In addition, he was listed in Forbes “30 under 30”. In 2011, he received a “Best Underage European Programmer” award. He advised the Vice President of the European Commission and is an MIT Innovators Under 35 awardee. He has founded several startups and created the first Linux distribution with face login.
Jorge Izquierdo is the Tech lead who has been creating applications since his youth. He got the Thiel fellowship and Apple’s WWDC scholarship when he was just 15 years old.
Aragon’s advisors are also quite established in the blockchain world. These are Jake Brukhman, a co-founder of CoinFund, and Brayton Williams, a founding partner at Boost VC. Mihai Alisie is the co-founder of Ethereum blockchain and the founder of next-gen social network AKASHA.