Aion Network Announces Token Swap Details

Matt Spoke gives Token Swap Overview:
https://www.youtube.com/watch?v=Vxe71es5SPw

Official blog Post:
https://medium.com/@aion_network/introducing-the-aion-token-swap-134e31233d13

On April 25th, 2018 the Aion Kilimanjaro mainnet was released along with the launch of Aion mainnet coin and we are excited to be moving forward with the next stage of this release, namely the ERC-20 token to AION coin swap.

The AION coin is the native asset of the Aion blockchain (as outlined in our Whitepaper), which is utilized for critical network functionality and our crypto-economic mechanisms namely: peer-to-peer transactions, utilization of computational resources, rewarding network operators and ultimately a critical security mechanism for inter-chain bridging and our consensus roadmap

While Aion is not the first organization to be performing a swap, we have taken this opportunity to apply our engineering excellence and provide what we believe to be a first-of-its-kind technology. We will be using a trustless Token Transfer Bridge, which will facilitate the swapping of the ERC-20 Token to the AION coin without requiring any intermediaries.

In addition to the Token Transfer bridge we will be supporting the swap via traditional means of exchanges as described in more detail below.

IMPORTANT: The swap window will be between September and November, and we require all Aion ERC-20 tokens to be swapped for AION coins, as 1) the full supply of AION coin is necessary for the healthy operations and the crypto-economic design of the network, and 2) there will be no future utility for the ERC-20 token and consequently we will be removing support for the token at the end of November.

Next Steps:

Signup here: https://tokenswap.aion.network to receive future updates on the timing and details of the swap process. All updates will also be documented on official Aion blog: https://blog.aion.network/. Well be releasing full documentation outlining the process of the token swap in early September.

FAQ

How many AION Coins will I get for my ERC-20 tokens?

The swap will be done at a 1 to 1 rate, so you will receive 1 AION Coin for 1 Aion ERC-20 token.

Will the swap cost me anything?

Using our Token Transfer bridge there will be no cost for the swap, other than the Ethereum gas cost for the transaction. If you use an exchange there may be a small transaction fee for facilitating the swap. You will need to check with each exchange for their transaction fees.

How do I migrate my Aion ERC-20 Tokens?

There are two paths for managing the swap.

1) Exchanges We are working with a group of global and regional exchanges to provide support for the swap across our diverse community. In the coming weeks we will be updating a list of our partner exchanges that will be supporting the swap. These exchanges will allow you to deposit ERC-20 tokens during the swap period and at conclusion you will be able to withdraw AION coins.

2) Bridge You can access the bridge through our Bridge UI and wallet interfaces such as MEW, MyCrypto, Meta Mask, Coinomi and Jaxx. To create your new Aion public address to input into the Bridge UI, utilize one of the various Aion Coin supported wallets that will be available for the swap. From the Bridge UI and supporting tools you will be able to send your Aion ERC-20, check on the status of your bridge transaction and receive your AION Coins.

Why do I have to switch to the native coin?

The full supply of Aion coin is necessary for the healthy operations of the crypto-economics of the network, and 2) there will be no future utility for the ERC-20 token and consequently we will be end-of-lifeing the token at the end of November.

What if I dont migrate?

If you do not to migrate and you hold onto your Aion ERC-20 tokens, your tokens will not be supported by the Aion Foundation, Aion Network, 3rd Exchanges or 3rd party Wallets.

How do I store and interact with my AION Coin?

You may store your AION Coin with any exchange or wallet which supports the AION coin. Follow our blog for news on any new third-party entities which offer AION coin support.

Why am I seeing dual AION listings on some exchanges such as Bilaxy.

Several exchanges will be hosting the new AION coin while simultaneously hosting the legacy Aion ERC20 coin. Although the legacy ERC20 token will no longer be supported by the Aion Foundation, Aion Network or any third parties it will still be present on exchanges for a short period of time. Over time the ERC20 token will no longer be on exchanges and the only Aion asset listed on exchanges will be the AION coin.

Why is there a price difference between the Aion token and the AION coin?

Although there may be a small variation in price between the Aion Token and the AION coin in the short term, the Aion Foundation will swap at a 1:1 ratio. The Aion Token will have no value or utility after the swap is completed.

AION Coin Supported Wallets

Aion Desktop Wallet (Linux & Windows)

Coinomi (iOS & Android)

Ledger Hardware (Under Review)

Additional supporting wallets will be announced leading up to the Token Swap.

AION Coin Supported Exchanges

We are working with top exchanges to support the Aion token swap. All swap supporting and exchanges listing the AION Coin will be announced leading up to the token swap.

visit: http://aion.network

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