THERE'S NO SECOND BEST OR DECENTRALIZED
On November 2, holders of a cryptocurrency called the Aragon network token were told they were being cashed out of their investments, like it or not. The tokens were issued by the Aragon Association, a Zug, Switzerland-based non-profit entity that writes software that helps run 7,500 decentralized autonomous organizations (DAOs) managing a staggering $25 billion in crypto assets. Aragon also started a DAO of its own with the lofty if quixotic goal of creating a court system to settle disputes in the online world, and holders of ANT, as the token is known, would be eligible to be the jurors.
The concept caught the eye of crypto-friendly venture-capitalist Tim Draper, whose Draper Associates bought $1 million worth of the tokens in February 2020. The company did not respond to an emailed request for comment on this article, but Tim Draper said on Twitter at the time that this “new form of governing from Aragon” was “very exciting.”
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