A quick guide to buying Aragon tokens (ANT) and the real world applications they can be used for.
Aragon aims to tackle the issues faced by traditional, centralised organisations (such as a central point of weakness and the use of expensive intermediaries) by providing a decentralised management platform built on the Ethereum blockchain.
ANT is the native currency of the Aragon platform and will be used for governance as well as to pay for services on the network.
We will look at how to buy ANT, how it works and some of its real world use cases.
Where to buy, sell and trade ANT in Australia
A step-by-step guide to buying ANT
Step 1. Open an account with an exchange that lists the ANT token.
Some exchanges, such as CoinTree and Livecoin, will allow you to buy ANT directly with fiat currencies. You can make payments in AUD through CoinTree or pay in USD through Livecoin. All the others will require you to buy Ethereum (ETH) or bitcoin (BTC) first and then exchange that for ANT tokens.
Our beginners guide to buying ETH will walk you through the process of buying and holding ETH tokens. If you are thinking of purchasing different coins, note that Ethereum tokens can be used to buy most cryptocurrencies.
An exchange popular with beginners is Bittrex. It has an easy-to-follow user interface and simple two-factor authentication setup. If you are planning to withdraw more than 0.4BTC per day, make sure you enhance the verification of your account which will push the withdrawal limit up to 100BTC per day.
Step 2. Move your ETH or BTC to the cryptocurrency exchange.
Before you can start buying ANT you will need to transfer the ETH or BTC that you purchased in the previous step to your account on the exchange.
You can do a transfer directly from your crypto wallet. All you need is the address of the exchange (essentially the account number) where you’ll be sending the funds. This address is the long line of letters and numbers, often found in the “Wallet” tab on exchanges.
Enter the address in your crypto wallet to start the transfer. Make sure you enter the correct address. One misplaced digit or letter will result in you sending the funds to the wrong place without the option of getting it back.
Step 3. Buy ANT
Once you have your ETH or BTC in your exchange account, you are ready to buy ANTs.
You will have two markets, i.e. BTC or ETH. If you are using the Livecoin exchange, you will also have a USD market. Go to the market of the token that you are holding, say ETH, and enter ANT in the search box to bring up the current exchange rate and availability of tokens.
You can either enter the amount of ANT you want to buy or specify the amount of ETH/BTC you want to spend and the exchange will do the conversion.
For security reasons, it’s good practice to move your ANT off the exchange wallet once you’ve bought it into your personal crypto wallet.
Storing ANT coins
ANT is an ERC20-compatible token so any Ethereum wallet can be used to store your ANT coins.
Ethereum wallets come in five different formats, including desktop, web, smartphone, hardware and paper. Our useful wallet guide will help you choose the right format for you.
There are many Ethereum wallets on the market today but below are some of the more popular options:
How ANT works
Aragon lets users manage their entire organisation on a blockchain network. Its main aim is to make it as easy as possible for anyone to a run a business while at the same time eliminating unnecessary intermediaries and organisational bureaucracy.
These organisations will be in the form of a DAO, or Decentralised Autonomous Organisation, designed to support all the components of traditional businesses, such as accounting, payroll, fundraising, transfers, etc.
The protocol is open source, meaning anyone can develop applications on top of it, and easy to use, so you don’t necessarily have to be a coder to understand it. The ANT token itself has three functions on the network:
- Gives users access rights to the Aragon network
- Serves as a payment method for core services
- ANT will also be used for governance of the network, such as voting
Real world applications for ANT
Aragon states that its mission is to make it easy for people to run a business on the blockchain. To make this a reality, it lists a number of functional applications as part of the core protocol:
- Identity verification. This will help users establish the identity of entities before operating with them.
- Establish ownership. The number of digital tokens of a decentralised organisation an investor holds will determine their level of ownership, just like with traditional shares. Aragon enables organisations to distribute their own digital tokens.
- Company governance. ANT tokens can be used as a currency for voting on important organisational matters. The more ANTs a person holds, the more weight their vote has.
- Fundraising. Companies can issue their own tokens to raise capital on the Aragon network.
- Payment processor. The Aragon protocol provides users with the ability to make and receive payments over a secure network.
- Accounting. By utilising blockchain technology, Aragon allows transactions and other information to be recorded on a ledger which they state is secure, transparent and immutable.
Key considerations when buying ANT
If you are interested in buying ANT, you should bear in mind that cryptocurrencies are volatile and unpredictable. In particular, some key factors you should consider include:
- There is no fixed supply of the ANT token. New tokens will be created over time as the network funds itself. This does mean that the tokens could be subject to inflation and decrease its buying power.
- Aragon claims to be everything you need to run your company on the blockchain but there are only a set number of functionalities. It is a module system so further functionality can be built on top of it if needed, but the user will have to develop these functionalities themselves.
- ANT is a functional token with real world use cases. This is a good foundation for possible mainstream adoption and value increase.
- Aragon had the fourth highest token sale at the time of its initial coin offering (ICO), raising $25 million in under 15 minutes.
- The founder, Luis Cuende, is a tech prodigy with a number of accomplishments, including best underage European programmer, listed in Forbes 30 Under 30 and MIT TR35.
- Aragon formed a partnership with 0x to allow Aragon users to interact with any other token on the Ethereum blockchain, and Status.im, to capture the multibillion-dollar smartphone market.