When Bitcoin came into existence in 2008, it not only set the foundation to change the way we perceive finance but the driving technology behind it - blockchain, also opened up new avenues for developers to pursue. From developing decentralised social networks to decentralised virtual currencies, the world has seen a massive surge in projects that are looking to capitalise on blockchain technology. Aragon is one these many projects.
What is Aragon?
Aragon is a decentralised ecosystem built on Ethereum Blockchain that enables anyone to create and manage decentralised autonomous organisations (DAOs). Using Aragon, people can create organisations governed by smart contracts with basic features such as voting rights, role assignments, accounting, payroll, token transfers, et cetera.
Aragon Platform has been designed in such a way that anyone can create smart contracts for their decentralised organisations, without the need for technical expertise in coding. Furthermore, developers also have the option of adding more functionalities to the projects developed on Aragon Platform. Needless to mention, Aragon has done well to recognise and cater to the custom-requirements that organisations usually have.
Lastly, the platform claims to be the first community to feature decentralised arbitration. Any issues that arise during the governance of DAO will be resolved by this decentralised court system. Therefore, by providing a room for arbitration on a large scale, the Aragon Platform aims to solve the problems that may arise when running a fully decentralised organisation.
In order to use the services of the Aragon Network, which are primarily developing core smart contracts, using the decentralised court, and availing contract upgradeability, users will need the network’s native cryptocurrency known as Aragon Network Token (ANT). The network has not decided on a definite cap for the number of ANT.
However, according to Coinmarketcap, the total supply is a little over 39 million ANT. This supply will be constant only until the Aragon Network is operational. Once it is deployed, the network will continue to mint the tokens and going forward, it will take decisions on the monetary policy and inflation rate. Therefore, it goes without saying that the Aragon Network will play an important role in the governance of this decentralised organisation.
Where to buy Aragon Network Tokens?
Aragon, being an altcoin, needs to be traded with either Ether or Bitcoin on one of the several cryptocurrency exchanges like Bittrex, Upbit, Liqui, et cetera.
As mentioned earlier, Aragon has been developed on the Ethereum Blockchain. This means that Aragon Network Tokens are compatible with any Ethereum wallets like Jaxx and MyEtherWallet. Hardware wallets like Nano Ledger S and Trezor also serve as good storing options.
It is not possible to mine Aragon Network Tokens directly.
Aragon Price Trends
At the time of writing this article, 1 ANT is worth approximately 4 USD. The token has not shown a great deal of appreciation in value. During the months of December and January, the price did swell owing to the rising popularity of cryptocurrencies. The price managed to go beyond $7 mark, although it plummeted soon thereafter.
Risks associated with investing in Aragon
Aragon Network Tokens are the native cryptocurrency of the Aragon ecosystem. Buying them is feasible as long as the main intention is to actively participate in the governance of Argon Network. However, from an investment point of view, it is quite risky to buy ANT. Being a relatively new asset class that is subject to high volatility, there is no predicting how the price will vary. In addition to this, legal regulation is another concern that plagues the cryptocurrency space.
Therefore, we urge you to invest your money in traditional investments like mutual funds.
"The Reserve Bank of India (RBI) and Ministry of Finance has frequently cautioned the users, holders and traders of virtual currencies regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with virtual currencies. RBI also further clarified that it has not given any licence/authorisation to any entity/company to operate schemes or deals related to Bitcoin or any virtual currency. RBI has also barred its regulated entities from dealing or providing services to any individual or business entities dealing with cryptocurrency. The Ministry of Finance has also officially stated that virtual currencies are not legal tender or coin.
A&A Dukaan Financial Service Private Limited (“BankBazaar”) does not endorse investing or dealing in virtual currencies in any manner. The information provided on our website is solely for illustrative purposes and should not constitute investment advice or assistance in investing or dealing with crypto currencies. If you decide to invest or deal in cryptocurrencies, you should be aware that you will be dealing with the respective individuals or business entities dealing in cryptocurrency and BankBazaar has no role in any manner in such transactions or dealings. We strongly advise our visitors to invest in legally recognised financial instruments rather than risking their capital on virtual currencies which are unregulated instruments."