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What Is Aion (AION)?

Aion is the token used to secure and access The Open Application Network (OAN). Launched in 2018 in Canada, The OAN is a public network available to everyone. Managed by The Open Foundation, a registered not-for-profit organization, OAN aims to give the public an environment to create Open Apps.

The main purpose of The OAN is to facilitate interoperability between different blockchains, thus allowing users and developers to create a variety of applications. By making the AION token the core of the network, OAN enables users to execute smart contracts, store data, and share it between different networks.

Who Are the Founders of Aion?

The Open Application Network is run by CEO Matthew Spoke and COO Ian Chan. Matthew Spoke is a University of Ottawa graduate and has worked for several blockchain-centric enterprises. He is also the founder of the Blockchain Technology Coalition of Canada. Spoke is also a founding member of Nuco, an enterprise blockchain network solution. In 2020, he started working on Moves, an app designed to stimulate the booming gig economy.

Ian Chan serves as the COO of OAN. He has several degrees from universities including Harvard and the University of Toronto. Specializing in growth mechanisms for the financial industry, Chan has had a wide array of professional experience. In 1998, he became the senior vice-president of the Thomas Cook Group. Later, he moved on to working at Hewlett Packard, and in 2005 he joined Deloitte. Since 2018, he has been focusing on developing The OAN.

What Makes Aion Unique?

The Open Application Network is a disrupting factor in the world of cryptocurrency, as it aims to bridge the gap between different blockchains. The AION token is essentially designed to allow developers and buyers to transfer from one blockchain to the other easily. Not only that, but AION provides for the execution of data transfers and smart contracts on blockchains like Ethereum and NEO.

The lack of interoperability between blockchains is still one of the factors preventing the technology from entering the mainstream financial world. AION aims to create a platform that will effectively be able to replace the current way banks are running global finance. The OAN has already partnered with numerous big names in the industry like CryptoCurve, Nodesmith and BlockX Labs. Not only that, but AION is a member of the Blockchain Interoperability Alliance.

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How Many Aion (AION) Coins Are There in Circulation?

There is a total supply of 487,000,000 AION tokens. Currently, all of the total supply has entered the market and is actively being traded. There is no information on whether OAN plans to release more tokens in the future or if the current total supply will also be the maximum supply for AION.

Founders and other team members received about 40% of the total supply of AION tokens. Another 51.5% of AION tokens were directed towards Token Release Schedule Contracts, which will be gradually made available to the public over time. Finally, the remaining 8.5% of tokens were distributed among private investors interested in the seed phase of AION’s launch.

How Is the Aion Network Secured?

The OAN blockchain and AION token are secured by a combination of delegated proof-of-stake (DPoS) and proof-of-importance (PoI) consensus methods. One important characteristic of the blockchain is that it relies on a Byzantine Fault Tolerance for additional security.

DPoS is a relatively new consensus mechanism, which relies on stakeholders for the validation of new blocks, and thus, the creation of new tokens. Unlike the proof-of-work (PoW) consensus, which requires a lot of computing and electrical power for the mining process, PoS consensus mechanisms are more scalable and environmentally friendly. By placing importance on the number of coins staked.

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