Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Thu, 20 Feb 2020, 07:11 am UTC
Decentralized governance project Aragon has secured $1 million investment from venture capitalist Tim Draper, CoinDesk reported.
Draper Associates is buying $1 million worth of the Aragon Network’s ANT token, thereby gaining control of about 2.5 percent of the token’s total supply.
Founded in February 2017, Switzerland-based Aragon aims to create a digital jurisdiction for decentralized autonomous organizations (DAOs). “In these three years, we have created and launched the most advanced platform for decentralized organizations — counting more than 1,000 DAOs created with $8M under management,” it said. Aragon said that the Aragon Network launch is underway.
“The Aragon Network is a token-governed digital jurisdiction that focuses on creating the best conditions for true global indiscriminatory economic growth. Essentially, the Aragon Network is an ecosystem where organizations, entrepreneurs, and investors can efficiently and securely transact without risk of technical bugs or malicious parties,” according to the Aragon Network whitepaper.
ANT holders with 1,000 tokens can participate in Aragon Court – a new, borderless and secure dispute resolution protocol for the Internet. Aragon Court held its first session on February 10.
“Aragon Court works by drafting human jurors to review disputes and motivating them with financial rewards and penalties to adjudicate well,” Aragon said.
Aragon Association Executive Director Luis Cuende said Draper decided to invest in Aragon after seeing the launch of Aragon Court.
“I think the recent launch of Aragon Court and the realization that Aragon can be to governance what bitcoin (BTC) is to money” prompted Draper to join, Cuende said.
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