Aragon is an Ethereum-based enterprise management platform that just completed its first token sale. Read our review to learn more about Aragon.
What is Aragon?
Aragon, or the Aragon Network, is a decentralized management platform created by a Spain-based company. The platform is based on the Ethereum blockchain and promises to make it easier to create and manage organizations. It’s decentralized business management software that promises to vastly enhance the efficiency and security of businesses around the world.
Aragon was founded by programmers Luis Cuende and Jorge Izquierdo. In a recent interview, Cuende said that the goal of Aragon isn’t just to make business more efficient:
“We are not creating Aragon just to make business more efficient, we are creating it to allow everyone in the world to create value. Because decentralization can make most unjustified power disappear.”
As an example, they state that entrepreneurs in a developing country could compete with Stanford graduates – despite the differences in resource availability. Just like the blockchain has democratized other industries, it could democratize business management.
For the latest token sale, Aragon setup a non-profit organization in Estonia called Aragon MTU. That organization will act as the legal placeholder for ANT tokens until the Aragon Network is fully deployed.
The Aragon Token Sale
Aragon has been making headlines this past week for completing its token sale. That token sale ended on May 17 and rose over $25 million for the company. That’s impressive on its own – but what’s more impressive is that Aragon raised that $25 million in just 15 minutes. The token sale was originally scheduled to end on June 14. A total of 2403 buyers took part in the sale.
Aragon’s tokens are called, appropriately enough, Aragon Network Tokens (ANTs). The ANT token will be used to govern every single aspect of the Aragon Network’s functions. Because of a partnership with ShapeShift, buyers were able to purchase ANT in 25 digital currencies.
The previous ICO record was for Gnosis, an Ethereum-based prediction market that raised $12.5 million in under 10 minutes at the end of April 2017. Aragon officially becomes the fourth best-funded crowdsale in history. It’s the second largest crowdsale in the fintech industry beyond DAO, which had their ICO at the end of 2016.
How Does Aragon Work?
Aragon is a decentralized management platform that offers similar company management features to current software. Some of the core features of Aragon include:
- Cap Table Management
Ultimately, Aragon’s goal is to allow individuals to manage entire organizations using the blockchain, making Aragon organizations more efficient than their traditional counterparties. As the Aragon website explains, “By making it possible for everyone in the world to organize, we are enabling the borderless, permission less creation of value.”
The entire platform is based on Ethereum, the blockchain global computing platform used by blockchain companies worldwide. By using a blockchain like Ethereum, Aragon maintains a distributed, append-only database that’s defended against tampering and revision. The end result is a single, shared source of cryptographically verified truth.
Why do companies need blockchain technology? The advantage is obvious: even if the government or a malicious third party tries to tamper with your business, your company will continue to operate efficiently. We live in an age where multimillion dollar hacks occur every week. Organizations need technology like Aragon to stay secure.
Another advantage is the frequent updates: Aragon organizations will be able to be seamlessly upgraded.
Aragon organizations will also have its own decentralized court system that organizations can use to solve human disputes.
Overall, Aragon plans to make businesses more efficient, more secure, and more suited for a modern digital age.
Aragon was founded by programmers Luis Cuende and Jorge Izquierdo. The two claim to have been inspired by Nobel prize winner Ronald Coase and his paper “The Nature of the Firm”, along with Yochai Benkler’s “Linux and the Nature of the Firm”. Both explore the concept of a company and its organizational systems.
Prior to launching Aragon, Luis was best known for co-founding the blockchain startup Stampery. He also created the world’s first Linux distribution with facelogin. Luis once received an award for being the best underage programmer in Europe. He was also featured on the Forbes 30 Under 30 list in 2011 and worked as an Advisor to the VP of the European Commission.
Jorge, meanwhile, is a self-described “curious hacker” who has created multiple apps for iOS, Mac OS, and Pebble. His app once reached the app store’s #2 listing. More recently, he has been building blockchain-related projects like a mesh network and small blockchain implementations.
To launch Aragon, the founders partnered with advisors like Jake Brukhman (cofounder of CoinFund), Kenny Rowe (COO of Dai Foundation), and Brayton Williams (founding partner at Boost VC).
Download the Aragon Alpha
The funds Aragon raised from its ICO are being held in an intermediary until the final product is released. However, you can download the Aragon Alpha today from Aragon.one.
Alternatively, there’s a web-based version of Aragon you can take for a spin.
Stay tuned for more information about Aragon, the Aragon Network, and ANT as the platform continues to roll out.