AION Token Swap Scheduled for September to November 2018

AION is a blockchain project focused on interoperability of blockchains. This simply means the ability of different blockchains to communicate with one another. AION is designed such that anyone can build a bridge on it with any network. Learn more about the project in our What is AION? article.

AION launched its Kilimanjaro mainnet on April 25, 2018. This launch will be followed by the transition of the AION ERC-20 token to the native AION coin, which is the utility coin of the network. It will enable transactions on the network, reward network operators, and allow developers to utilize the platform.

The AION ERC-20 token was delivered to investors after their token sale ended. Now the AION ERC-20 has to be exchanged for the AION coin. The AION ERC-20 will not be useful or have any value from the AION foundation after the token swap, and they will move forward on their roadmap with the AION coin.

What You Need to Know About the AION Token Swap

The AION token swap will take place between September and November 2018.

All AION ERC-20 tokens are required to be swapped for the native AION coins because the full supply of AION coins is necessary for proper functioning of the network. The ERC-20 coins will be useless after the token swap.

The token swap will be done at a 1:1 ratio. This means 1 AION ERC-20 token will be exchanged for 1 AION coin.

There will be 2 basic ways of participating in the token swap. The first is through the Token Transfer Bridge, and second, through some exchanges.

AION is working in collaboration with several exchanges to facilitate the token swap. The exchanges will allow deposits of the ERC-20 token which can then be withdrawn as AION coin. The names of exchanges to participate in the token swap will be released before the swap begins in September.

Using the Token Transfer Bridge, there will be no cost for the swap except the Ethereum Gas cost for the transaction. Each exchange will determine their own fee if the swap is done through an exchange.

To swap using the Token Transfer Bridge, access AION Bridge UI from wallet interfaces such as MEW, MyCrypto, MetaMask, Coinomi, or Jaxx. Create an AION coin wallet address from one of the AION coin supported wallets available for the swap. From the Bridge UI and supporting tools, you would be able to send your AION ERC-20 token, check the status of your transaction, and receive the new AION coin into your wallet.

Note: The AION coin is not an ERC-20, it is the native coin of the AION blockchain, so remember to double-check whether the coin is to be sent to the right address. Currently, the wallets that will support the AION coin include the AION desktop wallet (Windows and Linux) and the Coinomi wallet (iOS and Android). More supporting wallets are expected to be announced in the near future.

Subscribe on the AION website for upcoming updates on the token swap.

Upcoming AION Developments

Since the launch of the Kilimanjaro mainnet, AION has been working towards actualizing its roadmap for 2018. The token swap is an important part of the AION Core implementation, according to the roadmap seen below:

Source: https://aion.network/

The next in development according to the roadmap is the AION APIs, which are already underway. The release of the APIs will be quickly followed by Phase 2 of the roadmap which the AION team hopes to complete before the end of 2018. The team is striving to kick off phase 3 with the start of 2019.

Conclusion

The launch of the native AION coin marks a fundamental step in the development of the AION network. The new AION coin is already listed on Bilaxy, a global cryptocurrency exchange. Miners on the AION network have already mined over 800,000 AION coins since the release of the Kilimanjaro mainnet.

The development of the project shows the intensity and drive towards the mission of AION, which is to decentralizing the internet. Stay up to date with news on the AION blog and Twitter.

Related: The Race for Cross-Chain Communication: 11 Projects Working on Blockchain Interoperability

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.