What is Aragon? And how does ANT work? (2023 edition)

What Is Aragon (ANT)?

Aragon is an open-source software based on the Ethereum blockchain. It is used for creating and maintaining decentralized autonomous organizations. The Aragon project has three main constituents: Aragon association, Aragon client, and Aragon network.

Aragon association serves as a non-profit organization that manages the Aragon network by allocating and maintaining funds collected through token sales. Aragon client is a toolkit for developers working on the creation of DAOs, and the Aragon network supports and facilitates communication between users and services within the blockchain-based ecosystem that Aragon represents.

ANT is the native cryptocurrency of the Aragon network, and it has multiple utilities, one of them being voting on proposals and participating in the network governance. A decentralized organization hosted on the Aragon network can also have direct interactions through the use of the Aragon Agent application and Ethereum smart contracts. Aragon is a unique project thanks to its utility, powering infrastructures of decentralized organizations and interconnecting DAO users through the Ethereum blockchain.

How Does Aragon Work?

Aragon enables developers to build their own DAOs on the network, supported by the native cryptocurrency ANT. The platform is built on top of the Ethereum network and enables developers to develop and deploy any kind of applications that can be used by other network participants.

The network allows anyone to create and host decentralized applications on the Aragon network, while creators can make a profit based on the use of their applications. Aragon offers all the functionalities necessary for maintaining and creating DAOs, including an incentive model for contributors, raising funds, and joining the community. To make a DAO, developers first need to use AragonOS, which is a smart contract framework with built-in features for decentralized organizations.

The features include tokens, voting, and finance, which are the necessary components of the framework. Finance manages all actions related to monetary resources of a DAO, which include making payments, access to transaction histories, and balances. Voting serves the purpose of allowing users to participate in DAO governance, and tokens are integral assets for supporting the structure of DAOs. ANT can also grant access to Aragon Court, which is where disputes are resolved. The Court has a native token, ANJ, short for Aragon Network Juror, which is needed to activate jurors who are then rewarded for their participation in disputes. ANJ is created when ANT is deposited into bonding smart contracts.

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Who Are the Founders of Aragon? (History of Aragon)

Aragon network was launched in 2016 and was founded by Luis Ivan Cuende and Jorge Izquierdo. The duo also founded Aragon Association and Aragon One. Aragon One develops services for the Aragon network and represents the company behind the project.

The team organized a token sale in 2017, in which they sold ANT tokens and raised 275,000 ETH, which was equivalent to $25 million at the time. The project officially launched in 2018 on the Ethereum network.

Since 2020, users have been able to upgrade to Aragon V2, which uses less gas on fees, and uses meta transactions for ANT.

What Makes Aragon Unique?

Aragon is unique thanks to its utility – creating, maintaining, and managing DAOs. This is not an easy task, however Aragon makes it as simple as possible. Aragon network enables users and developers to easily create their own decentralized organizations through the use of AragonOS, a smart contract framework with built-in functionalities for DAO creation.

By enabling easy creation and maintenance of DAOs, Aragon contributes to the development of the blockchain economy and DAO ecosystem, where DAOs hosted on the network can communicate and where users can create decentralized organizations for various purposes.

As a unique project, Aragon makes a valuable addition to the cryptocurrency market.

What Gives Aragon Value?

Aragon is subject to frequent changes when it comes to its market price due to the volatility of the cryptocurrency market. The crypto market has proven to be more volatile than traditional financial markets. The value of Aragon depends on various specific factors that can influence the market price of Aragon, including total supply, upgrades and updates such as the release of Aragon V2 in 2020, developments, integrations, and the number of users on the network. The market price of Aragon can also depend on the wider economy, collective trends, and even Bitcoin’s momentum.

The intrinsic value of Aragon is determined by its use cases, technology, and technical capability, which can also affect the rate of mainstream use of ANT tokens and the Aragon network.

How Many Aragon (ANT) Coins Are in Circulation?

Unlike many other altcoins and the original cryptocurrency, Bitcoin, Aragon doesn’t have a max supply. Instead, users will use ANT for governance to decide on the inflation rate and issuance policy of the token. There are currently ANT in circulation, while the circulating supply multiplied by the current price of ANT is equal to the market cap.

The market cap ranks the token in comparison with its crypto peers and determines the market share of Aragon and other cryptocurrencies.

Other Technical Data

Aragon is an open-source software that enables the easy and simple creation of DAOs through the use of AragonOS, a smart contract framework. The native token of the network is ANT, while network participants can also use ANJ tokens backed by ANT and minted by depositing ANT.

ANJ is used in the Aragon Court to activate jurors who resolve disputes on the network and within decentralized organizations. ANT is used to vote on governance proposals, while the team released ANTv2 with a new token, MiniMe, that serves as the base for ANT and enables more flexibility and security in the network governance.

Aragon V2 and ANTv2 launched as an upgrade in 2020 and ANTv2 uses 66% less gas while supporting meta transactions.

How is the Aragon Network Secured?

Aragon network is secured through decentralization and a predetermined set of rules that are based on automation of the consensus mechanism. As the team is waiting for Ethereum to upgrade to Ethereum 2.0, Aragon is working on Aragon Chain, which is a Proof of Stake extension of the Aragon network that should allow users to pay less gas fees and use a more cost-efficient system.

The functionality of DAOs is secured through Aragon Court, which will soon change its name to Aragon Protocol, and jurors, who are network participants in the Court’s dispute resolutions, will change their name to Guardians. Guardians will be resolving disputes in return for compensation in the form of fees, thus securing proper functioning of the DAO Aragon ecosystem.

How to Use Aragon

Aragon network enables developers and anyone who wants to create a decentralized organization to use the smart contract framework and easily make a DAO. ANT has numerous use cases, one of which is settling payments to unlock the network’s services. ANT can also be deposited to mint ANJ tokens, while both ANT and ANJ can be bought and sold in the crypto market. ANT also serves as an incentive for market participants and is the centerpiece of the network governance on the Aragon platform.

Investors may be interested in ANT due to the potential of DAOs and related services, and traders can buy and sell ANT and ANJ to make a profit on the difference between buying and selling price.

How to Choose an Aragon Wallet

Since ANT is an ERC-20 token, it can be stored in Ethereum-based wallets and the type you choose will likely depend on how much ANT you need to store and what you intend to do with it.

Hardware wallets or cold wallets like Ledger or Trezor provide the most secure option for storing cryptocurrencies with offline storage and backup. However, they can require more technical know-how and are a more expensive option. As such, they may be better suited to storing larger amounts of ANT for more experienced users.

Software wallets provide another option and are free and easy to use. They are available to download as smartphone or desktop apps and can be custodial or non-custodial. With custodial wallets, the private keys are managed and backed up on your behalf by the service provider. Non-custodial wallets make use of secure elements on your device to store the private keys. While convenient, they are seen as less secure than hardware wallets and may be better suited to smaller amounts of ANT or more novice users.

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Online wallets or web wallets are also free and easy to use, and accessible from multiple devices using a web browser. They are, however, considered hot wallets and can be less secure than hardware or software alternatives. As you are likely trusting the platform to manage your ANT, you should select a reputable service with a track record in security and custody. As such, they are most suited for holding smaller amounts of cryptocurrencies or for those making more frequent trades.

Kriptomat offers a secure storage solution, allowing you to both store and trade your ANT tokens without hassle. Storing your ANT with Kriptomat provides you with enterprise-grade security and user-friendly functionality.

Buying and selling ANT, or trading it for any other cryptocurrency, is done in mere moments when you choose our secure platform as your storage solution.

Aragon Mining or Proof of Stake?

Aragon is not a mineable coin and instead relies on the Ethereum protocol since it is built on the top of the ETH network. Aragon is waiting for Ethereum to make a full transition to the Proof of Stake mechanism. In the meantime, the team is working on Aragon Chain, which will provide a Proof of Stake protocol for Aragon users and enable more scalability and a more cost-efficient financial model, as creating DAOs on top of Ethereum has become more expensive over the years due to the rising gas prices.

Conclusion

Aragon is a valuable project in the crypto market as it enables anyone to build a DAO in minutes, diminishing the need for an otherwise complex process of DAO creation. As the native token of the protocol, ANT rises in value with the development of the Aragon network, representing an important part of the DAO ecosystem.

As Aragon continues to develop and upgrade, there should be more interest among investors, developers, users, and traders, which could ultimately cause the price of ANT to rise.

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Aragon FAQ

Is Aragon a good investment?

Aragon enables anyone to build and maintain DAOs, which is its main utility. The popularity of ANT and Aragon may rise with the popularity of decentralized organizations. Investors who see potential in DAOs may consider Aragon a good investment.

How To Buy Aragon

If you’ve been wondering how to buy Aragon, you will be thrilled to know that buying ANT is quick and easy with Kriptomat. Simply create a free account and follow the on-screen instructions to purchase ANT with a range of payment methods.

How To Sell Aragon

If you already own ANT and hold it in a Kriptomat exchange wallet, you can easily sell it by navigating the interface and choosing your desired payment option.

Aragon’s Price

Aragon’s price is subject to frequent changes due to the volatility of the cryptocurrency market. The price of Aragon is affected by traditional factors such as total supply, collective trends, upgrades, updates, developments, institutional investors, adoption, and other important news and events. In addition to this, ANT price is also influenced by demand for ANJ and the popularity of DAOs.

The current ANT price is EUR.

The 24-hour trading volume of ANT is EUR. ANT is currently ranked of all cryptocurrencies by total market cap, with a market cap of EUR. It has a circulating supply of ANT.

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