After attempting to thwart what it called a ‘coordinated’ attack on its town square, Aragon reiterated its “code is law” position.
Aragon’s key backers doubled down on their controversial banning of Discord members, arguing in a Friday blog post that the decentralized crypto governance project can be a DAO even if its town square is on lockdown.
“Discord servers and other trusted coordination platforms are tools used by DAOs, but they themselves are not DAOs,” wrote the Swiss nonprofit Aragon Association in a statement circulated via Aragon’s weekly newsletter. The statement served to justify Aragon’s exile of at least half a dozen community members for “spamming” Aragon’s Discord server with questions over its finances.
The response escalated a brewing fight between Aragon and a cadre of activist investors who have taken interest in the project’s ANT token and multimillion-dollar treasury. But the nature of Aragon’s response also raised thorny questions over proper implementation of crypto governance itself, the subject at the center of the Aragon project.
A DAO, or decentralized autonomous organization, is a method of governance in which crypto investors vote over how a project is run. Aragon builds tools to help other DAOs operate and is itself partially governed by a DAO. This week it began moving its multi-million dollar treasury toward community control, an effort nearly a year in the making.
While governance decisions over those riches will happen via votes on the blockchain, it is on Discord and project governance forums that members of Aragon’s community – like those nearly every other DAO – organizes its thoughts and coordinates action.
On Wednesday Aragon insiders booted a subset of its community whose speech it deemed detrimental to its community. Many – but not all – of the members it exiled are aligned with crypto’s underground activist investor movement, the RFV raiders, who have taken an interest in Aragon. In its Friday blog post, Aragon declared it would stand firm against them.
“The AA will continue to carefully and empirically pace our decentralization to ensure that individuals and groups cannot use ANT for personal profit at the expense of building the technology which ANT is intended to govern,” the Aragon Association said.
The Aragon Association gave no timeline for future efforts to move its treasury to community control. This week’s governance debacle had concluded with the mass banning and an announcement that Aragon had moved $300,000 of a nearly $70 million treasury to a wallet that the DAO will ultimately operate.
It also gave no timeline for reinstating the banned members to Discord, some of whom told CoinDesk they were also booted from Aragon’s governance forum.
One exiled observer who asked not to be named told CoinDesk the Aragon fight was just getting started.
Disclaimer: CryptoNewsBook is an online aggregator that fetches latest crypto news from different sources. This article is provided for general information purposes ONLY and contains data fetched from third party sources; hence, we do not endorse its accuracy. For more details, kindly visit The Source. Please report any fake news or false statement to Our Support Team. If you are the original owner of this content and wish it to be removed on this platform, kindly forward your request to Our Support Team.
Also Note: Cryptocurrencies are unregulated, and no part of this article should be understood nor interpreted as a recommendation/advice. #s5