On February 10, the highly-anticipated Aragon Court finally open its doors to Decentralized Autonomous Organizations (DAOs) that are looking for a more private and faster way to settle community disputes.
Notably, the development of Aragon Court took three years. Before the launch, the team responsible for the project stressed that they have already rolled out several helpful tools for DAOs to exist. Their efforts had reportedly given birth to over a thousand DAOs with $8M under management.
According to a blog post, the concept of Aragon Court was first discussed in 2017. The team realized that DAOs need to break free from their comfort zone, which is their respective Blockchains and smart contracts. Furthermore, the team figured out the organization’s need for subjective agreements. Thus, the group decided to provide DAO developers and users with a legal system that wouldn’t feel unfamiliar to them.
The main goal behind the project is to open a decentralized court that would operate as a digital jurisdiction. Notably, with regards to adjudicating disputes, concerned parties would have nothing to worry about national authorities. Aragon Court employs Schelling Game, a game theory technique that would allow jurors to come up with a subjective decision to the dispute.
How to be an Aragon Court juror
The good thing about Aragon Court is that anyone can be a juror, so as long as they hold a minimum of 10,000 ANJ tokens that are staked and activated. When a dispute is raised, the dedicated system will select the set of jurors for that particular case. As confirmed, the chance of being selected as a jury is in proportion with the total supply of activated ANJ on the platform.
Aragon Association’s executive director, Luis Cuende, told the press that Aragon Court would have no problem in terms of dealing with relevant regulatory bodies who are in the position to authorize their judgments. He reiterated that Aragon Court is entirely decentralized, which makes it unique compared to traditional courts.
In terms of executing the rulings, Cuende explained that the decision would be bestowed in forms of smart contract rewards for the winning party and penalties for the losing party. Notably, there is no centralized party that can tamper the system so the court’s decision can be fully trusted.