Earlier this week Crypto Insider reported that the Aragon Network, a Decentralized Autonomous Organization (DAO) that wants to act as a container and a digital jurisdiction for other decentralized organizations, was selling a number of Aragon Network Tokens (ANTs) to the public, starting on May 17 the Ethereum blockchain. The token sale raised $25 million in 15 minutes.
Less than one month ago, the Gnosis token sale raised $12.5 million in ten minutes, shattering previous Initial Coin Offering (ICO) records. But the record now belongs to Aragon. In view of the current ICO craze, however, it seems likely that the Aragon record itself might not last that long.
Following a pattern that is becoming almost common, the ANT token sale raised $24,750,000 almost before starting. “Aragon token sale was finalized in less than 15 minutes,” the Aragon team announced with a tweet. “Thanks to all contributors, we are extremely humbled by the confidence deposited.”
The feverish “gold rush” atmosphere in the ICO sphere is best exemplified by the scam perpetrated by the owners of fake Twitter account “Araqon” – which has been eventually disabled by Twitter, but not before diverting more than $10,000 to a fake ETH address.
“We are extremely delighted with the success of our token sale and are humbled that the community has placed this trust in Aragon,” said Aragon co-founder Luis Cuende, as reported by ETHNews and other blockchain news outlets. “We now have the resources to hire the best talent and execute one of the most ambitious projects, one which has the potential to create a more equal and fair society.”
The Aragon Network wants to offer everything that is needed to create and run a company on Ethereum in one customizable package. The ANT token will be used to govern every single aspect of its functioning of the Aragon Network.
“Aragon is a dApp that lets anyone create and manage any kind of organization (companies, open source projects, NGOs, foundations, hedge funds…) on the Ethereum blockchain,” explains the Aragon whitepaper. “Aragon implements basic features of an organization like a cap table, token transfers, voting, role assignments, fundraising, and accounting. The behavior of an Aragon organization is easily customized by changing the bylaws. In addition, Aragon organizations are extensible through third party modules that interact with the organizations’ contracts.”
DAOs are an innovative concept whose time is coming, but launching a DAO takes time and effort. Governance and operational models are tricky, and of course, if a DAO’s smart contract infrastructure requires actual software development, there’s always the possibility of catastrophic failure, as shown by The DAO’s rise and fall in 2016. Therefore, Aragon’s idea to offer a ready-to-use container for DAOs seems to make a lot of sense.
“Our vision is to make decentralized organizations widespread,” reads Aragon’s one-page summary. “Our first step was to develop an extremely easy to use product on top of the Ethereum blockchain that lets everyone run decentralized organizations… The Aragon Network will let organizations opt-in to it and use the services it’ll provide. Moreover, it’ll provide a built-in governance system so the organizations using it will decide which services are provided, their cost, and other parameters.”
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