Aragon, the decentralized governance platform for organizations, today introduced their transparency framework – a core addition to Aragon’s transparency model. Following their $25 million USD token sale raise in May 2017, the project aims to encourage other crowdfunded projects to adopt a similar model of transparency, setting a standard within the industry.
“Token sales in the Blockchain space have raised over $1.5 billion USD for innovative organizations; while many have detailed minimum viable products they have largely failed to highlight how funds are being used to further their project,” said Luis Cuende, Aragon Co-founder and Project Lead.
In May 2017, Aragon released a pre-sale transparency report, the first step in establishing a project-wide transparency model. Building upon this early innovation, and adhering to their high transparency standards, Aragon recently announced their decision to report their token buybacks – a move aimed at incentivising external contributions to the development of the project and the Aragon Network.
Today, Aragon introduces their transparency framework which shows a readable description of all transactions that the project makes, detailing the value, destination, and justification for each spend. The introduction of this framework marks the completion of Aragon’s rigorous transparency model and raises the bar for projects within the global Blockchain space.
“We believe that accountability is extremely important for all organizations, especially Blockchain projects. Increased transparency of spending will allow token holders to assure them that funds raised are being used productively and responsibly. This will instill confidence among them in the long-term vision and trajectory of the project” added Cuende.
The constituent elements of Aragon’s pioneering transparency model also include quarterly financial reports, public meetings, and the use of open source to allow participants’ inclusion in decisions relating to project fund management. Each of these measures aims to consolidate an industry transparency standard and serve as an example for other actors within the Blockchain sphere to emulate.
“Our system was inspired by and is an adaptation of the MakerDao transparency model and is open source for anyone to use. We’re trying to boost the adoption of transparency models by other organizations and a make it an indispensable requirement for token sales,” added Cuende.
Since the success of their token sale in May 2017, Aragon have grown their team, hiring an additional five members, including a Head of Strategy and Operations, Community Lead, and Smart Contract engineer.
In addition, Mihai Alisie, one of the original four founders of Ethereum, was welcomed onto the Aragon advisory board. Alisie joined Aragon advisors Kenny Rowe, Chief Operations Officer of the Dai Foundation, and Jake Brukhman, Co-Founder of CoinFund.
“The evolution of industry transparency will mean greater accountability and efficiency for projects, and increased security and involvement for participants, ensuring that the ecosystem filters away non-legit projects and enlightens the transparent ones,” concluded Cuende.
Since February, the number of Aragon organizations deployed to the testnet has grown from 130 to currently over 7,500.