Creation of DAOs Now Easier With Aragon (ANT) Network

• Aragon network simplifies the development and management of DAOs for enterprises and businesses.
• The key features of the Aragon network make it unique.

Decentralized autonomous organizations (DAOs) are blockchain-based software that allows users to collectively manage their code. While DAOs are gaining traction in the crypto community, creating DAOs for companies is still a difficult and expensive process. This roadblock in the corporate adoption of DAOs is tackled by Aragon, an open-source platform where the DAOs can be developed for an enterprise using its already programmed smart contracts. 

About Aragon (ANT): A Deep Dive into the Concept

Aragon (ANT) is an open-source, non-profit, new-generation software used for the creation and management of decentralized autonomous organizations (DAOs), blockchain protocols, and decentralized applications (dApps). The network relies on the Ethereum blockchain which allows network participants to create and manage fully-functional DAOs on Ethereum. 

To address the lack of affordable blockchain professionals and expedite the adoption of blockchain technology in enterprises of any size and scale, DAO itself provides a toolbox of pre-programmed smart contracts to third parties with which they can create DAO for their organization and customize them as per their requirements. Moreover, Aragon offers DAO templates depending on whether the DAO is intended to be a corporation, charity, club, etc. 

Since its powerful launch in 2016, the Aragon protocol has been used to build around 1,800 DAOs. Moreover, the network is powering the DAOs of famous projects including Curve Finance, Decentraland, Aave, and PoolTogether. 

The four major offerings of the Aragon network software include – 

• Aragon client or Aragon Govern is a toolkit for developers to create customizable online DAOs.
• Aragon Association is a non-profit organization managing the network by distributing the funds collected from the Aragon token sale.
• Aragon Network is a wider DAO that facilitates the interactions between the platform’s community of DAOs.
• Aragon Court is a decentralized digital jurisdiction service that resolves disputes between DAOs and individuals on the network.

The Aragon ecosystem features two native cryptocurrencies, Aragon Network Token (ANT) and Aragon Network Juror (ANJ), both ERC20 tokens built on ETH. 

ANT as the utility token of the Aragon ecosystem allows its holders to participate in community governance and vote for proposals/decisions relating to the network. ANJ tokens, in contrast, are bonded to ANT and are used for staking as well as for jury duty rewards in the Aragon Court dispute resolution mechanism. 

How Does The Aragon Network Work?

Although creating a DAO for a business is quite tedious, Aragon makes it as simple as possible. The network enables users and developers to build, create, and manage their DAOs. 

Since Aragon is built on top of the Ethereum network, developers can build and deploy integrations with any Ethereum dApps. It can further be used by the other participants of the Argon crypto ecosystem. Furthermore, based on the use of their developed apps, these dApp creators can earn corresponding profits. Also, to make a DAO, the developers are required to use AragonOS, an advanced smart contract framework that is essential for the working of Aragon. These smart contracts are auto-filled and hold the funds in escrow. As soon as the conditions of the agreement are satisfied, the contracts enforce transactions automatically. 

Additionally, Aragon’s protocol uses ‘oracles’ to translate real-world events and human-readable contracts into data the blockchain can understand. 

Since Aragon is a DAO, all the proposed changes related to the improvements and updates of the network are governed by the project’s community instead of being handled by a centralized power. 

Aragon Court is a service that endows robustness to the governance of the Argon network by solving disputes within the DAOs (hosted on the network) that cannot be solved by smart contracts.  When a dispute arises, the network selects a user as a juror based on the number of ANJ tokens they have staked. Much like a real court of law, these jurors review the evidence presented from both sides and then make a decision. 

The jurors are rewarded in ANT tokens once the argument is resolved while the DAO is updated with any rules or major outcomes required programmatically in the software. 

Conclusion

Aragon, with its unique features and decentralized governance approach, is becoming a powerful tool for accelerating blockchain adoption at the enterprise level. Its easy-to-use templates and apps enable anyone to create DAO with customizable features within minutes. In addition, with increasing interest from investors, developers, users, and traders in Aragon, it can be speculated that the price of the native ANT tokens of the network will also rise.