AragonOne, currently running on Ethereum blockchain platform is introducing a new Proof of Stake blockchain - Aragon Chain.
Association with Ethereum
AragonOne has long association with Ethereum. Since inception, it was warmly welcomed by the Ethereum community. Aragon made history by conducting 2nd largest token sale in the blockchain space on Ethereum platform. They raised 275,000 ether, roughly $25 million in 26 minutes to build Aragon and the Aragon Network. At the time, Luis Cuende (Project Lead) expressed sincere belief for Ethereum blockchain. In an interview to EtherWorld, he said
Aragon also gave back to the Ethereum community by building and maintaining infrastructure which are common goods for the entire community and says that they will always be forever grateful.
Introducing Aragon Chain
Jorge Izquierdo, Cofounder Aragon Project published a blog that states, Ethereum has been critical for Aragon's success so far. However, in order to deliver maximum value to the Aragon community and expand the Aragon Manifesto in the world, they must take control of their platform from the bottom up. He further said,
"While Ethereum was the best and only platform to build Aragon, we now see alternatives that are better suited for our needs and reaching our goals"
Aragon Chain expects to be the only real proof of stake EVM chain available and have more throughput than Ethereum mainnet. Even though non-Aragon contracts and protocols will be able to use Aragon Chain, optimizations at the native level can be done to optimize for Aragon's needs, making it the best possible platform for running Aragon organizations.
Aragon Chain will deliver the promised proof of stake Ethereum, at least a year before Ethereum 2.0 is usable.
Why disunite Ethereum?
Among other reasons, Gas price of Ethereum is the significant one. Project developers feel using Aragon on Ethereum is way too expensive. They further claim, "Ethereum is almost at capacity at this point in time, if just one dApp manages to get traction and considerable growth, gas prices could increase by two or three orders of magnitude almost overnight."
Aragon were clear about not being so happy with the selection of protocols for Istanbul upgrade. It may break close to 5,000 Aragon smart contracts which they believe are the implications of bad protocol design.
“Up until now, DAOs could receive ETH from one another, this will no longer be possible after the Istanbul hard fork.” said Izquierdo. Calling it an unfortunate “tradeoff” from Aragon’s point of view, Izquierdo said:
“The issue were going to have hasn’t been deemed important enough for this hard fork not to happen, which from our point of view is unfortunate but it’s a hard balance we understand.”
Aragon needs to ensure for a scalable platform to serve the amount and type of users that need the product. Jorge believes that Ethereum 2.0 won't reach feature parity with the current Ethereum mainnet until 2021 or 2022 and they must find product-market fit before 2022. However, they are not dropping Ethereum support and will likely make the needed changes for Aragon to work on Eth 2.0. Important projects will still be deployed to mainnet Ethereum by the end of the year.
____________________________________________________________________________________________________ Disclaimer: This is not an investment advice and should NOT be viewed as project endorsement by EtherWorld. Readers are suggested to do their research before investing into any project.
Disclaimer: This is not an investment advice and should NOT be viewed as project endorsement by EtherWorld. Readers are suggested to do their research before investing into any project.