What is Aion (AION)?
AION is a cryptocurrency behind the Open Application Network (OAN) blockchain. You can see the current AION price featured on the Aion price chart above.
OAN is a revolutionary cross-chain blockchain protocol designed to solve blockchain network interoperability problems. The project came onto the scene in 2018 when the blockchain industry started experiencing rapid growth. It's a third-generation blockchain platform aiming to create a space where various blockchain projects can communicate and where developers can create Open Apps. Thus, OAN proposes the development of a networked and federated blockchain that integrates blockchain networks that would otherwise remain non-interoperable.
To put it another way, the OAN network resembles a local computer network that connects different blockchain networks. Besides enabling information exchange, the project also enables the exchange of values between networks, creating a chain of transactions.
OAN combines Delegated Proof-of-Stake (DPoS) and Proof-of-Importance (PoI) consensus mechanisms to secure the network. Besides, it also uses Byzantine Fault Tolerance to reinforce additional security.
Use Cases of AION Tokens
Primarily, AION crypto assets enable users to connect with the OAN network. Besides that, holders of AION coins can also stake their assets to secure the network and this way earn rewards. Additionally, these tokens can be traded for other assets in various crypto exchanges. However, the Aion price changes frequently. Thus, before making any moves using the AION tokens, make sure to check the aforementioned Aion price chart.
Who Founded OAN?
The OAN crypto project was founded by Matthew Spoke. The project was launched in 2017, however, its whitepaper only came out on December 31, 2020.
Matthew Spoke has vast experience with blockchain technology. Apart from OAN, he also founded the Blockchain Technology Coalition of Canada and Nuco. Besides that, since 2020, Spoke has been working on an application that fuels the thriving gig economy called Moves.
Another important leading person for the OAN network is Ian Chan. He is the chief operating officer of OAN. He has vast experience in the financial industry. Prior to joining the OAN crypto project, Chan worked at such companies as Thomas Cook Group, Hewlett Packard, and Deloitte.
AION Tokenomics
The total supply of Aion coins fluctuates around 502 million tokens. However, there's no max supply set.
The project’s founders and other team members were allocated 40% of the initial total AION token supply, while 51.5% of the tokens were channeled to Token Release Schedule Contracts. These tokens will be gradually released to the public over time. The remaining portion was allocated to private investors.
