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What is Aragon?
Aragon coin (ANT) is a type of cryptocurrency used by the Aragon network. The Aragon network is an ecosystem aimed at realizing optimal growth by aiding investors, entrepreneurs and organizations to make secure and efficient transactions without influences from either external or technical risks. Its basic principle is to have control over an organization with the aid of a distributed blockchain. The network is based on the Aragon core which relies on both the web-based decentralized application known as dApps and on the DAO framework.
Its developers created it in such a way that it could be used by other organizations. In the Initial coin offerings context, Aragon coin also impressed and attracted lots of investors with less than one hour.
Its developers were also able to identify three cell groups. The first target group signifies the project owner, which says that platforms should be used in hosting different projects. The second target group represents the “open source project users” and works with the idea that the group functions actively and financially supports the projects, while the last target group refers to those companies using Aragon with the aim of simplifying business processes. This project is currently led by Luis Cuende.
Main features of Aragon
Aragon coin features a customized court that functions in settling disputes among humans arising from DAO governance. Holders of the ANT coins can vote on which of the rules the system adheres to and by so doing, leverages its network effects.
A very important concept in the upgrading of the blockchain is modularity. Aragon has noticed that various organizations require different needs, and in order to meet these demands, Aragon was built as a modular system which permits additional functions to be performed on the Aragon platform.
Anyone could easily develop smart contracts for their DAOs without needs for technical coding skills, which makes the whole process very simple. Its simple nature makes it powerful; it has the power to attract mass people to the adoption of its technology.
Out of the box functionality
Aragon possesses a module mainly for identity management and several other related modules for access control and ownership which includes fundraising with the aid of token generation, accounts payable and receivable, shareholder voting and HR onboarding and payroll. The core uses of Aragon solve all aspects of identities involving in making modern companies work, governance as well as accounting. These modules comprise of all administrative functions required by a modern organization. These modules can also provide customized needs for a particular company because they can easily be turned off and on.
Modular custom features
New modules can easily be developed as well as editing the existing ones just the same way other companies do theirs.
They also have the ability to develop structures of existing models for use in extended functionality.
Asides operating traditional businesses, it also finds other uses which include: Enhanced accounting and analytics, payment of contractors, and Voting processes.
The invention of the Aragon token is attributed to an eight-member team, supported by four contestants and an acting project leader.
He is the acting project leader. Luis was honored back in 2011 as the most talented and best young developer in Europe.He has also been listed in Forbes’ 30 under 30 leaders. He had earlier created Linux distributions before he became enthusiastic about startups and became active in the creation of the blockchain startup known as Stampery.
He was also successful as the first to develop a special feature for the Linux distribution known as active face recognition.
He is responsible for all technical aspects of the project management. He also developed notable applications for MacOS, iOSand pebble, and established himself as a hacker.
She is responsible for the operational and strategic management of the project.
She is responsible for the improvement of community relations as well as communicating tasks.
He is responsible for the analysis of earned value.
Aragon Digital Jurisdiction
Aragon is seen as the first digital jurisdiction that takes the form of a decentralized and autonomous organization and functions on the Ethereum platform. Its developers made a clear assumption of the impossibility of dispute elimination between entrepreneurs.
Anxiety created due to inability to control dishonest contractors, and to enforce debts, has caused anxiety that could affect the establishment of blockchain companies by several potential entrepreneurs. This is the major reason behind the organization of a digital jurisdiction coupled with a decentralized online court by the Aragon developers.
The Aragon network will have its own constitution, which can only be approved and amended by the holders of the ANT token. Users of this network will be able to create a personal DAO with its unique rules i.e. organizations can operate under their own customized rules but within the Aragon framework thereby, making them bound by the Aragon constitution. The network provides entrepreneurs with examples of statutes, regulations, and contracts.
Most obligations are encoded as smart contracts making such agreements difficult to avoid. However, there are still areas that will require special methods for resolving human issues and disputes because they cannot be regulated by smart contracts.
Another Initial coin offering of ERC20 that brought about a ridiculous sum of money and within a very short time period is the Aragon project. Its ICO started on 17th may 2017 and was initially set to run until 14th June 2017, but it raised $25 million from 2403 buyers all over the world in fifteen minutes. This doubled that of Gnosis, the previous ICO record holder that raised $12.5 million in 10 minutes.
It started on block 3,723,000 and came to a close on block 3,723,134. Its investment window was 33.5 min. The total Ethereum raised was 274,989.993538 and total transactions were 6593. Total zero and error transactions were 1830 and 2093 respectively. Total unique addresses in total were 2616 while the out of gas transactions in total was 651, worth 30509.78876345497 ETH.
Only Ethereum token was accepted as contribution to the ICO. Other types of tokens were first pushed via ShapeShift.io if anyone intended to use them. This allows users to buy the Aragon network tokens (ANT) with 25 different currencies.
Aragon’s token sale is currently ranked second highest FinTech crowdsale ever and the fourth highest funded crowdsale.
The ANT token
Aragon Network token is known as ANT. It was launched in May 2017. It is found on the Ethereum blockchain. It is seen as a solution for tokens launched on the Ethereum platform with the aim of creating value without interference or boundaries. Its main objective is utilizing the blockchain to collectively manage several organizations, thereby making these organizations more effective and efficient than their other counterparts.
ANT governs the functions of the Network, thereby, giving users the opportunity to vote with the aid of their Aragon tokens. This is done to influence how the Aragon network functions.
ANT’s price has not experienced the massive growth seen in other types of cryptocurrency. Since its launch, it is hardly noticed.
Aragon price growth
Aragon coin was officially unveiled at the crypto markets on 19th May 2017. As part of the Initial coin offering, the token was released which came to close just after fifteen (15) minutes.
The ICO’s completion was announced by the developers in advance on the condition that a minimum of $24.75 million would be realized. By the end of the first day of trading, Aragon’s token market capitalization was seen around $39.83 million. On June 11, it hit high records with a market capitalization of 136.2 million dollars. Here, its price per token was rated at 4.05 U.S dollars.
Furthermore, the token strengthened, and by November 3rd, its market cap rose to $33.8 million.
Ever since its growth has been highly effective.
How to buy Aragon?
Step 1: Open an Aragon wallet
For this guide, we’ll be making use of the most convenient and easiest wallet for storing of your Aragon coins- MyEtherWallet which stores any coin located on the Ethereum blockchain.
Visit myetherwallet.com and create a password (one you’ll remember and hard to guess) and then press “create new wallet.”
Step 2: Click on “download Keystore file”
Read and understand the warnings properly before downloading the keystore file. It is also vital that this file is backed up in a safe place. Click on “I understand, Continue”
Step 3: Keep your wallet’s private key in a safe place
You’ll be given a private key to your wallet, Make sure your private key is secure, No one apart from you can have access to this as they could open your wallet and steal your coins.
You can also print out and store your private key in a safe place and then delete it from your computer, all possible references to it. This is a security measure against surprise invasion of viruses and malware on your computer. They could open your wallet and steal your coins, or wipe off your computer
You can also print a paper wallet, which holds information on everything you need to access your wallet. Save the files nonetheless.
Step 4: Open your new wallet
Click on “key store file” and upload the keystore file which you saved back in step 2, and type in your password. Once completed; scroll down the page to view your opened wallet.
Step 5: Copy out your address and keep it safely
There’s a string of numbers and letters labeled as “Your Address”. This address is for your personal wallet, and this is where you’ll be sending your Aragon coins.
Make sure this address is copied and kept in a safe place as you’ll need it very soon.
Step 6: Choose your preferred exchange
Now, we buy Ethereum (the popular cryptocurrency) to exchange with Aragon. If you have Ethereum already, then there’s no need to make a purchase.
Choose whatever exchange on Ethereum you’ll like to utilize (by clicking on its logo), then the guide continues.
Aragon is an ERC20 token thus can be stored on ERC 20 wallets. Some of them are briefly explained below:
This is a free client-side interface that aids the generation of Ethereum wallets and others. It is open source and easily interacts with the Ethereum blockchain. This wallet does not hold keys for you. Accounts cannot be accessed, passwords cannot be reset, keys cannot be recovered and transactions cannot be reversed.
This is an Aragon hardware wallet hinged on features such as storing cryptographic assets, high-security level, and secure digital payments. It is in form of a USB and can be connected to any computer. This helps easy management of your coins. It is discreet and compact. It has two buttons and a small LCD screen that aids its management.
This hardware wallet is small and very easy to use. It has two buttons and a small LCD screen with lots of information stored in it.It displays details of transactions such as fee, value and token type. It gives users the opportunity to work with both Legacy and the new SegWit accounts.
This is an Ethereum client that is incorporated directly into your browser. It permits you to store the blockchain on your PC, therefore making it a full node wallet. It provides access to the token wallet functions, as well as features present in the Ethereum network. It is available for Windows, OSX, Ubuntu, and Docker.
To buy ANT, you need to, first of all, buy ETH or BTC because they function as ANT’s most popular trading pairs. ANT can be found on many cryptocurrency exchanges such as Bittrex, HitBTC, Liqui, IDEX, EtherDeltaetc. A few of them are explained below:
This exchange originates and operates in the United States. After buying Bitcoin or Ethereum, open a Bittrex account. This requires registration of your name and email and activation of 2-factor authentication to provide a better security for your account. After account verification, your withdrawal limit can be increased from 0.4 BTC to 100 BTCyou select which of the three base currency market you prefer (Bitcoin Market, Ethereum Market, and the USDT markets). Then, set your buy and sell orders and lastly, you store all coins in a wallet.
- It has over 250 trading pairs
- Accounts are easily verified
- It has a better customer support than Poloniex- (Bittrex’s main rival)
- The fiat trading feature is absent
- If fiat currency is needed, Bitcoin, Ethereum and USDT can only be purchased when it is worth $10,000
This is one of the modern exchanges with a high demand founded by Merrill Dave. It is based in Estonia and it is a multi-currency exchanger that provides several trading pairs. It stores funds offline and also requires a 2-factor authentication.They deal with large volumes daily. All tokens, as well as coins, have enough liquidity. It has a good functional system and can utilize technical analysis without making use of resources from the outside.
- It has low fees
- Supports more than 50 cryptocurrencies
- It generates profits when you put ion limit orders
- It is user-friendly and has a very strong support system.
- It has anonymous accounts
- No mobile application
- It has a shady structure
- Withdrawals usually take more time to be processed compared to other exchanges.
- Its verification process is time-consuming
This cryptocurrency exchange was launched in 2016 and originates from Ukraine. Trading here is done with a single type of account and there are over 200 coins available. Yet, it keeps adding new coins. It features savings accounts with a 24% annual rate which is unrealistically high. Interest is paid daily (every 24 hours) and every minute, its interest fees are calculated. In the future, it plans to offer margin lending and trading.
- Its trading fees are relatively competitive
- It offers a savings account
- It offers wide range of coins
- It has a nice trading platform
- It is not regulated and has a bad reputation
- Fiat currencies are not supported
- There is no information on fees (withdrawal, deposit or any related kind)
- Very little Information about the company
In a Nutshell
This great vision (Aragon) from a very young team has a pragmatic solution focused on both what they are trying to achieve and the direction of the ecosystem.
Easy creation and management of organizations on the blockchain is a very vital step for the blockchain’s use.
This vision has lived up to expectations due to its core components of incorporation of creating a modular platform as well as an arbitration jurisdiction. If they achieve this, they have a future potential to shape the DAO ecosystem.
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