By Holders of the Aragon (ANT) token have voted against using the project’s development assets in order to support work on Polkadot, a blockchain interoperability platform.
Aragon is an ethereum-powered project which develops tools and apps for decentralized companies. Back in 2017, the firm raised an outstanding $25 million from an initial coin offering. Currently, the non-profit entity, the Aragon Association which is in charge of accumulated investments holds as much as $30 million in ETH and an additional $6 million in other fiat and cryptocurrencies.
Over the past weekend, Aragon token holders voted on a proposal to diversity project funds into a new kind of currency which is currently not available to the public yet. Currently Aragon Governance Proposal (AGP) 41 has proposed that the Association purchase as much as $1.5 million in DOT tokens, which would go into continuing the development of Polkadot.
Notably, the price per DOT token was disclosed to AGP 41 for “legal reasons” according to Luis Cuende, CEP of Aragon One. However, back in January, it was reported that Polkadot was trying to raise $60 million in funding after having raised a hefty $145 million during its first token sale.
Despite this great news, there seems to be a fair degree of resistance from the Ethereum community towards Polkadot as many see it as a direct competitor. One ETH developer commented on the speed of Polkadot’s development and was cyberbullied relentlessly, and subsequently quit the ethereum community.
Furthermore, along with AGP 41, a competing proposal was made by CEO of Spankchain, Ameen Soleimani in an effort to hamper the development of Aragon on any other network besides Ethereum.
The Vote:
Aragon (ANT) token holder rejected both proposals as per a tweet posted on Saturday.
It was reported that a landslide 92.29% of votes on AGP 41 were in rejection of the proposal. On the opposite end of the spectrum, only 68.71% were against Aragon’s development being strictly held to the Ethereum network and not Polkadot.
According to Cuende, the main reason for the rejection on AGP 41 was due to a lack of transparency over the pricing of DOT tokens.
Cuende told the press:
“I think if we could make the price public and there was a new proposal with the price public, I think people would be way less concerned and would probably vote yes.”
Cuende, further cite that the AGP 41 rejection came down to token holder trust in the Aragon Association. From Cuende’s viewpoint, ANT holders don’t hold much trust to the Association in order to carry out wise investment choices without knowing crucial details such as token price.
He commented:
“If you want to build a democracy, you have to have very diligent citizens that think adversarially.”
Despite the Aragon Association not investing in DOT tokens in light of Saturday’s vote results, individual board members of the Association such as Cuende have expressed their interest in purchasing DOT tokens at the privately disclosed price.
Comments