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The use of cryptocurrencies is expanding far beyond just buying and selling coins for investing. The technology behind coins like Bitcoin and Ethereum is being synthesized for use in everyday life. From personal work to businesses and even help with arbitrating on decisions that need to be made, blockchains and the power behind them are beginning to find a way into the mainstream workforce. Aragon is one such cryptocurrency.
Aragon network tokens (ANT) are a cryptocurrency that also functions on a digital jurisdiction network called Aragon, based on Ethereum’s (ETH) blockchain. This means that Aragon provides a network that helps create and operate decentralized organizations. Companies can use the Aragon network to run their company on the power of Ethereum’s blockchain. Everything from payroll, fundraising, accounting and bylaws can all be managed on their easy to use interface.
But it’s also much more than the sum of its parts. The power of Aragon lies in its ability to cut out unnecessary third parties. This is because anyone in the world can help organize information on the platform, making the creation of value boundless and borderless.
Not only is Aragon a digital jurisdiction network, but it’s also a digital token. The digital token (ANT) is what governs all of the functionality of the Aragon platform. This token can also be bought and traded for just like every other cryptocurrency on the market. While it may seem technical, cryptocurrencies aren’t hard to define. They’re a decentralized form of money built on a blockchain. In the case of Aragon, it’s built on Ethereum’s blockchain. The blockchain is the database for the currency, recording all of the transactions and on a single source account book. Websites like Reddit can be helpful to get a refined definition of Aragon and other cryptocurrencies.
The following steps are one way you can buy ANT. First, you’ll need a wallet for storing your coins. Myetherwallet is the best option as Aragon is built on the Ethereum blockchain. Myetherwallet will give a wallet address, which you’ll need handy as you purchase various coins. Next you’ll need to purchase Ethereum, which can be done on Coinbase or Cex.io. Ethereum can be purchased with cash or with credit card. Once this step is complete, an exchange site like Changelly will allow you to convert the Ethereum into ANT. This is where you’ll need your Myetherwallet address to put the ANT into your wallet.
Ready to sell? It’s just as easy to cashout on your ANT investment as it was to purchase it, as the same basic steps are followed only in reverse. For example, just as Changelly was used to transfer Ethereum into ANT, now you’ll use Changelly to convert the Ethereum back into ANT. Note that depending on the site, you may need to turn your Ethereum into Bitcoin (BTC) in order to exchange fully to USD. Finally, visit an ATM to withdraw your cash.
There are two main ways to use Aragon. The first is to use it a platform or network for running a business. While the decentralized network gives access to the whole world, the user friendly system makes it highly customizable and secure to help you efficiently run your specific business. One of the primary ways this happens is through the digital jurisdiction network. Aragon is unique in that they’re the first cryptocurrency using the power of blockchain as a digital court system to solve everyday human problems. Companies can utilize this power to their advantage to help get jobs done in a timely and efficient manner; one that wasn’t possible before.
The second main way to use Aragon is by investing in it. ANT is a currency that can be bought and stored in your wallet, with the goal of being sold at a higher price. ANT is easily transferred into any fiat currency or cryptocurrency. By tracking the value of ANT and exchange rate into your desired currency, you’ll know whether it’s time to buy, sell or hold.
Aragon can’t be mined as it’s based on Ethereum’s blockchain. However mining Ethereum is possible, and extremely important. Mining is the process of participating on the blockchain to help process the transactions taking place. Miners are validating the transactions, which are done in blocks. As the blocks are officially validated, they are permanently linked into the blockchain. Mining is done with specialized calculators powered by performance computers. It can be challenging to mine, but rewarding as payment is received with more of the cryptocurrency mined.
Often when other blockchains are mined, new coins are created. While new coins aren’t created due to mining Aragon, they are created when new organizations join the network and pay their initial fees.
Mining Aragon can’t be done in the traditional way as other coins are mined. This is because mining is done on a coin’s blockchain and Aragon is built on Ethereum’s blockchain. While you can’t mine Aragon directly, you can trade for it on sites like Bittrex and Changelly. One way to mine Aragon would be to mine the cryptocurrency of your choice, which will earn you more of that coin. Choosing which cryptocurrency to mine is based on the profitability of the coin, which in turn is based on the market cap. Then you can trade that coin for Aragon.
The more a coin grows in popularity, the more transactions are made with the coin. The infrastructure of the coin has to be able to handle the expanded use in order to avoid delays and backlogs in transaction time. This growth is called scaling and it’s a central question for every cryptocurrency. Since Aragon is based on Ethereum’s blockchain, Aragon’s ability to scale will be directly related to Ethereum’s. Online forums regularly discuss this issue, especially concerning the tension between running a full node on the blockchain and keeping the time to process transactions short.
Looking at Aragon’s price chart will show you how popular the coin has become. After a successful ICO, Aragon is looking to do more than just be another coin to buy and trade. It’s looking to be a network for businesses to utilize to help with efficiency and productivity, as they open their borders to the world.