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Most crypto exchanges today follow a set of codes and are run autonomously. These kinds of organizations are known as decentralized autonomous organizations, or DAOs. Unlike centralized institutions, DAOs allow their projects’ communities to handle decisions related to updates and improvements.
DAOs are rapidly gaining popularity among the crypto community. It may soon be that companies will no longer be spearheaded by a small team of people, but will instead collectively belong to all of their employees. One caveat is that the process of creating a DAO for business use can be very tedious. To make a fully-functional DAO, strong financial backing and a robust technical team are required — and, as these two prerequisites are hard to fulfill, the adoption rate of DAOs is limited.
The project we discuss in this article — Aragon — tackles this issue by simplifying the creation of DAOs for enterprises of any size and scale. We’ll also look at Aragon’s native token, ANT, and the reasons behind its surge of more than 200% since December 2021.
The Aragon network was founded by Luis Iván Cuende and Jorge Izquierdo in 2016. It’s a new-generation software that allows enterprises to create and manage DAOs on the Ethereum blockchain. Users of the Aragon protocol can create fully functional autonomous organizations. The DAOs created on Aragon offer plug-and-play solutions as all of its business functionalities, such as payment protocols and governance systems, are deployed during the creation process.