It was announced today from Aragon, the decentralized management platform to create and run decentralized organizations that they won the bid for the name – company.eth
The name is based on the Ethereum Name Service (ENS) which allows for human-readable names to ETH addresses. This was important for the entire Ethereum ecosystem (including Aragon)— as no longer do you have to send transactions to a series of numbers and letters but by instead using the ENS.
ETH addresses made sending funds and completing transactions for operating a business unnecessarily complicated. Aragon believes all of the benefits of unique ENS company names on the platform will help drive the adoption of the Aragon Network — thus, increasing network effects.
Below, Aragon’s Tech Lead explains how organizations will use the name and the implications for Aragon Network user-adoption.
By locking a certain amount of ANT (Aragon token), organizations on the Aragon Network can register their company name as a sub-domain of company.eth. For example, the fictional character
Gavin Belson from “Silicon Valley” could register Hooli as hooli.company.eth on the Aragon Network.
Unlike the ENS silent auction registration process, company domain name purchases will be determined on a First-in/first-out basis.
After registering a company name, Aragon Network organizations can run sub-registries (for example, nucleus.hooli.company.eth). This means that Aragon users can allocate funds to a specific project, or a subset of the organization.
As previously mentioned, the company.eth domain is important for the Aragon Network and has a number of implications including:
- Improves Usability — By registering a company.eth domain, running Aragon organizations will become even more intuitive and user-friendly.
- Promotes Discovery — Company.eth domain names will organize the Aragon Network, helping users discover great Aragon organizations.
- Increases Network Utility — Organizations that are part of the Aragon Network will be able to cost-effectively register an Ethereum address.
This news comes as Aragon is fresh off its historic ICO, raising $25 million in under 15 minutes.