[ANN] Aion Network Announces Token Swap Details

Aion Network Announces Token Swap Detailshttps://cdn-images-1.medium.com/max/800/1*Xlk0TOVN8R8ELTVeavAIHg.pngMatt Spoke gives Token Swap Overview: https://www.youtube.com/watch?v=Vxe71es5SPwOfficial blog Post: https://medium.com/@aion_network/introducing-the-aion-token-swap-134e31233d13On 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 roadmapWhile 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 to receive future updates on the timing and details of the swap process. All updates will also be documented on official Aion forums (blog). We’ll be releasing full documentation outlining the process of the token swap in early September.FAQHow 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-life’ing the token at the end of November.What if I don’t migrate?If you do not to migrate and you hold onto your Aion ERC-20 tokens