Tim Draper invests in Aragon – blockchain court system
Tim Draper, a VC investor, has invested a million dollars in the Aragon system. It’s a blockchain-based startup to manage the DAO and create “first digital jurisdiction”. He wants to decentralize power by creating a blockchain-based court system for community members to settle their disputes.
Aragon in Draper’s portfolio
tim-draper-s aragonThe legal system may be another social sphere that may be affected by changes in the context of blockchain technology development. Aragon is the newest company from this market, which received support from a legendary investor, Tim Draper.
Aragon is a blockchain for creating and managing “decentralised autonomous organizations”. (DAO). It also establishes the first jurisdiction of a digital court to resolve any disputes that may arise from activities in a world of decentralised organisations. It also allows users from all over the world to interact with each other through the DAO and pursue a common goal, engage in decision-making and manage and resolve disputes in a similar way as the “old” judicial systems do today.
Tim Draper is a very well-known supporter of Bitcoin and blockchain technology. In previous years, he has made several forecasts of the cryptocurrencies rate, which can be considered as accurate. It is worth mentioning that in 2014 he also bought a significant amount of Bitcoins at the U.S. government auction, which auctioned digital currencies taken over by the FBI from the darkweb marketplace Silk Road.
How does it work?
Aragon’s digital court system is now available on the project’s main network. Participants can vote or act as jurors to resolve disputes using the ANT platform tokens or DAI stable MakerDAO coin. As a platform, Aragon appears to be much more idealistic than many other projects in the blockchain market. The team has even published a manifesto describing its vision.
Yaz Khoury, Director of Programmer Relations at ETCCooperative, took part in an experiment to test the Aragon platform. Although the decision of the “court” is not final, Khoury points out that Aragon plans to use the results of the experiment as its legal precedent for similar disputes in the future.