Aragon application is a much-anticipated project that started its development on Ethereum network. However, depending on the project’s token holder vote, scheduled for two weeks from now, it might not remain an Ethereum-based project.
What is the Aragon project?
The Aragon project was launched back in 2016, and it aims to present the users with different tools that can be used for the creation of decentralized organizations. These organizations would be cryptographically secured, and, much like the project itself, they would be a part of Ethereum’s ecosystem.
The project development continued steadily until recently when the core developers started considering another network instead of Ethereum’s — the Polkadot blockchain network. The idea to do this came in February of this year, when AragonOne CEO, Luis Cuende, stated that the team is considering this shift. According to him, this was still very early research, and he did not indicate that the team will not launch the product on Ethereum.
However, the final decision is to be made by the community, or rather — the project’s token holders. At the moment, there are two opposing AGPs (Aragon Governance Proposals), which will either approve of the migration to another blockchain or restrict it. The vote is scheduled for April 25th, which is in less than a week. It will last around two days, and the results will be announced after its completion, on April 27th at 16:00 UTC.
The opposing AGPs
As mentioned, there are two AGPs that the voters can vote for. The first one is AGP 42, which is named ‘Keep Aragon Focused on Ethereum, not Polkadot.’ It was submitted by the adult entertainment blockchain platform Spankchain’s CEO, Ameen Soleimani. He argues that Aragon would spend a lot of money on the development of Polkadot, which is what this proposal aims to prevent. Further, he adds that many among the Aragon token holders are major stakeholders within Ethereum’s ecosystem, and they wish to see it remain where it is.
On the other hand, there is AGP 41, a proposal submitted on the very same day by the Web3Foundation. This proposal would allow Aragon Association — a non-profit entity that holds and manages Aragon’s development funds — to use $1.5 million for obtaining Polkadot tokens known as DOTs.
The Aragon Association currently manages around $37 million, some of which is in crypto, and some in fiat currencies. However, it is estimated that they have around $33 million in Ether. When asked about the price of DOTs, the Association’s executive director, Stefano Bernardi, stated that he could not publicly discuss the price. He also stated that, if AGP 41 ends up rejected, the deal with Polkadot will remain available for any individual who wishes to obtain DOTs via their own funds.
As for Aragon’s own fate, it is entirely in the hands of the token holders, and the majority vote will decide whether the project will leave Ethereum for Polkadot, or continue its development where it is.
AragonOne’s CEO, Luis Cuende, shared his thoughts on the situation, stating that AGP 42 is a threat to the project’s success. However, he recognizes that the decision of the project’s future is basically in the hands of the token holders. The strength of the voice also depends on the amount of ANT tokens that a person holds. However, a situation like that might result in the powerful token holder voting for something that is not in the project’s best interest.
As mentioned, all of it depends on the voting round, many of which see it as a very important experiment that will show how this system of on-chain governance truly works, and whether it can bring unity within the community.