New young projects focused on providing businesses with tools based on blockchain technology increasingly began to appear on the cryptocurrency market. One such project is the Aragon cryptocurrency.
General information about Aragon
The development process of the Aragon cryptocurrency platform was launched in 2017, immediately after the completion of the ICO. Thanks to the attraction of serious investments, the creators of the project managed to obtain the necessary financial instruments at their disposal to finance further developments aimed at improving the basic characteristics of the ANT coin and its parent crypto platform.
The main goal of creating the Aragon token was to form a platform to accelerate business processes using blockchain technology. When developing the platform, its authors focused on creating a convenient tool to ensure the decentralization of the management, accounting, and financial transactions. The site’s functions are easily customizable thanks to a well-thought-out option scheme and a friendly user interface.
The Aragon development team is positioning their brainchild as a project that helps create organizations with a decentralized management structure, which will help commercial enterprises gain complete independence from intermediaries. Such technology should help to solve not only problems in the structure of office work but also reduce the financial costs of maintaining staff.
Features and characteristics of Aragon
According to some information, in essence, the Aragon project is a kind of operating system. Because this site is still at the development stage, its source code remains open to third-party developers.
The main advantage of Aragon is the simplicity of the crypto network and its versatility. At the same time, the technology used for creating smart contracts was greatly simplified in comparison with Ethereum. It made it possible to use them even by inexperienced users. A well-thought-out scheme for configuring the operation of a crypto network helps to debug the operation of the technology, taking into account the specifics of each commercial organization.
An interesting solution of the creators of Aragon is the use of a unique arbitration technology based on the principles of decentralization. All this made it possible to form a kind of judicial cryptosystem, allowing, if necessary, to resolve emerging disputes and disagreements between the participants of the site.
Separately, it is worth considering the possibility of using the ANT cryptocurrency. These tokens were specially created to provide the ability to use the internal tools of the Aragon platform. At the same time, the cost of these coins has a direct relationship with the success of the popularization of the parent platform and its relevance.
Advantages of Aragon
Decentralized cryptocurrencies have many advantages over traditional fiat money. As for the Aragon project and its internal digital token ANT, it was no exception.
The advantages of Aragon include:
- ensuring the highest security indicators for transactions carried out and funds stored inside the site in the format of a cryptocurrency. All this is provided by the technology of decentralization of user information, so it will not be possible to get unauthorized access to it and the stored money;
- open-source software code. It allows everyone to control the progress of the project development, as well as create their decentralized applications based on Aragon technologies;
- the minimum commission within the crypto network. The fees inside Aragon are minimal compared to other leading altcoins, which makes this project attractive to most users;
- ensuring complete privacy of users. The principles used by the platform are based on technology that makes it impossible to identify users, as well as to obtain information about ongoing transactions;
- limited issue size. The ANT coin, unlike traditional fiat money, has a limit on the number of digital assets issued. It minimizes the likelihood of serious inflationary processes, which, in turn, makes the coin more attractive to investors.
Taking into account the above factors, we can conclude that the outlook for the ANT cryptocurrency is seen as quite positive, especially against the background of the expected rise in the cryptocurrency market after a prolonged recession.
Disadvantages of Aragon
Despite the advantages of this site and its coin, the ANT token is not devoid of certain negative features:
- inability to cancel erroneous transactions;
- the complexity of the structure of the system for tracking financial transactions;
- the possibility of banning the work of the site. Until now, digital money has no legal regulation or legal formulation. Several large states refuse to recognize crypto as a real payment instrument, imposing a ban on the use of such digital assets. Therefore, it is still difficult to make predictions fate of the entire cryptocurrency market, as while the legal status of such money is in limbo;
- lack of real security for the value of the digital currency. Unlike fiat money, the value of Aragon is not backed by gold and foreign exchange government reserves or the size of the gross domestic product. Therefore, many investors working with traditional assets are not in a hurry to invest in cryptocurrency yet;
- a significant risk of losing access to your cryptocurrency wallet. Despite the use of the most advanced security solutions, there is still the possibility of a hacker attack on the crypto site. It may result in the loss of all or part of the funds of the platform users. Also, do not forget that if the password from a digital wallet is lost, its owner will permanently lose access to it, which will mean the actual eternal freeze of his crypt;
- significant volatility of crypto coins. Due to the specifics of cryptocurrency assets, it is almost impossible to predict the direction of movement of changes in the exchange rate quotes of such coins;
- lack of any guarantees. All participants in the decentralized cryptocurrency market take the risks associated with investing in crypto on themselves;
- lack of the ability to mine ANT, including with the help of cryptocurrency pools.
True, it is worth noting that most of the listed problems are common to all cryptocurrencies.
