What is Aion?

Aion (AION) is the digital token that powers The Open Application Network (OAN), a public network that aims to facilitate interoperability between different blockchains. Launched in 2018 in Canada, The OAN is managed by The Open Foundation, a registered not-for-profit organization. The AION token is at the core of the network, enabling users to execute smart contracts, store data, and share it between different networks. The OAN aims to provide an environment for the creation of Open Apps, with AION serving as the key to secure and access this network.

How does Aion work?

Aion operates within The Open Application Network (OAN), which aims to bridge the gap between different blockchains. The AION token is designed to allow developers and users to transfer from one blockchain to another with ease. It also facilitates the execution of data transfers and smart contracts on blockchains like Ethereum and NEO. The OAN blockchain and AION token are secured by a combination of delegated proof-of-stake (DPoS) and proof-of-importance (PoI) consensus methods, with a reliance on Byzantine Fault Tolerance for additional security.

What are the potential use cases for Aion?

Aion's primary use case aims to enable interoperability between different blockchains, a feature that aims to address one of the main challenges preventing blockchain technology from entering the mainstream financial world. By allowing users and developers to create a variety of applications, Aion aims to create a platform that could potentially offer an alternative to the current way banks operate in the global finance sector. AION also enables the execution of smart contracts and data transfers on various blockchains, expanding its potential use cases across different blockchain networks.

What is the history of Aion?

Aion was launched in 2018 in Canada as part of The Open Application Network (OAN), which is managed by The Open Foundation. The OAN was founded by CEO Matthew Spoke and COO Ian Chan, both of whom have extensive experience in the blockchain industry. Spoke is a University of Ottawa graduate and the founder of the Blockchain Technology Coalition of Canada, while Chan has several degrees from universities including Harvard and the University of Toronto. The OAN has collaborated with various entities in the industry, and AION is a member of the Blockchain Interoperability Alliance.