Aragon Considering to Run a Second Network on Polkadot

Ethereum-based startup Aragon is considering to build an additional network on Polkadot's Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term interoperability protocol, according to a Coindesk report.

The prospect was first revealed by the company’s CTO Jorge Izquierdo earlier this week at its Aracon conference. Though not finalized yet, the Aragon developers are exploring the idea of using Polkadot to build a framework to build smart contracts called aragonOS.

Aragon’s CEO Luis Cuende told Coindesk: “The idea is to make most aragonOS transactions almost free and very optimized, so users can seamlessly run [decentralized autonomous organizations] in a cheaper and faster way.”

Despite the inclination towards Polkadot, Cuende clarified that the company is still “bullish” on Ethereum’s potential and will continue to work on its current projects to deploy Aragon Network on Ethereum’s blockchain within 2019.

What is Polkadot?

Developed by Ethereum co-founder Gavin Wood, Polkadot is a is a blockchain interoperability protocol often seen as a complementary to the smart contract leader Ethereum. The developers of the project define it as a “consensus and transaction delivery” system between different blockchain networks.

The protocol went live on a test network in May last year. The potential of the project attracted many investors as it has already raised $145 million through an Initial Coin Offering (ICO) Initial Coin Offering (ICO) An Initial Coin Offering (ICO) is a kind of crypto token sale that is used as a method of fundraising, similar to an Initial Public Offering (IPO), in which stocks are sold to raise money for a company.In order to launch an ICO, a company simply needs to create a website, issue a token, and set a time and date for the sale. Investors buy ICO tokens in exchange for another cryptocurrency, like Bitcoin or Ethereum; after a set amount of time, they receive the tokens they purchased in the sale.Acco An Initial Coin Offering (ICO) is a kind of crypto token sale that is used as a method of fundraising, similar to an Initial Public Offering (IPO), in which stocks are sold to raise money for a company.In order to launch an ICO, a company simply needs to create a website, issue a token, and set a time and date for the sale. Investors buy ICO tokens in exchange for another cryptocurrency, like Bitcoin or Ethereum; after a set amount of time, they receive the tokens they purchased in the sale.Acco Read this Term) in 2017 and is now planning to raise $60 million more with another round of token sale.

Though Polkadot - Parity Technologies and the Web3 Foundation - claims that it is not a competition to the dominance of Ethereum, many are seeing Aragon’s move as a warning sign to Ethereum’s blockchain, which struggling with scalability issues.

“Aragon has not said they’re migrating off Ethereum, just that they’re exploring options … But I do consider it an early warning sign, from one of the most important app ecosystems on Ethereum, and I think we should heed the warning,” Lane Rettig, an Ethereum developer, told Coindesk.