Venture capitalist Tim Draper has bought 1 million ANT tokens, an amount worth approximately $823,000, to join the governance structure of Aragon.
Aragon is an open-source software project for managing decentralized autonomous organizations (DAOs). According to a Wednesday press release, with a purchase of 1 million ANT tokens, Draper now holds control of around 2.5% of the total token supply.
Luis Cuende, executive director at Aragon Associate, told CoinDesk that Draper’s decision was prompted by “the recent launch of Aragon Court and the realization that Aragon can be to governance what bitcoin is to money.” Cuende revealed that Draper is also becoming a member of Aragon’s advisory board.
Announced in Feb. 2017, the Aragon project offers a platform for DAOs to manage their cap tables, vesting, payments, voting, bylaws, fundraising, and identity aspects. According to the company’s official blog post, it now has over 1,000 DAOs created with approximately $8 million under management.
On Feb. 10, 2020, Aragon Court – a digital judicial protocol to mitigate disputes for DAOs – was formally released. The court recruits human jurors to review conflicts and grant them rewards and penalties to motivate them to judge well. Every ecosystem member holding more than 1,000 ANT tokens – a list that now includes Draper – can participate in Aragon Court.
More than 1,000,000 ANT has been staked during the pre-activation period, the firm said. A mock trial of ethereum classic developer Yaz Khoury has since taken place on the platform.