What is AION to The OAN?
Aion is the Digital Asset of The Open Application Network
The OAN runs on Aion. As the native digital asset of The Open Application Network, Aion is used to secure and access The OAN.
The OAN builds on mitigating “some consequences of platform economies” including token economics and reward system meanwhile giving users more control over their data. Furthermore The Open Foundation of The OAN plans on leveraging existing platform leaders to join The OAN by enabling users to be in control of their data outside of apps which would like to collect data. By enabling sovereignty of data, it enables users to be in control to who they sell the data, according to Matt Spoke.
“The OAN is an open source public infrastructure for the creation and hosting of Open Apps. Open Apps are programs that put users back in control and are universally accessible across platforms…” as described in the announcement article.
The OAN solves one of the critical problems of Layer 1 inefficiency to scale due to the inherent consequences of the platform economies.
The critical functions are enabled and incentivised through distribution of Aion. The usage of the network is metered and paid in Aion, compensating those contributing to its operations.
UNITY brings Hybrid Consensus Protocol
The OAN runs a unifying Hybrid Consensus Protocol which combines PoS and PoW algorithms. Both mechanisms produce blocks on The OAN with each algorithm having its own difficulty and reward distributed. Aion is the native asset of the Open Application Network. It is rewarded to miners and stakers for participating in consensus protocol with propagation of new blocks on the network.
“We introduce Unity, a new consensus algorithm for public blockchain settings. Unity is an eventual consistency protocol merging the Proof-of-Work (PoW) and Proof-of-Stake (PoS) into a coherent stochastic process. It encompasses hardware and economic security without sacrificing availability, unpredictability and decentralization. Empirical results indicate that the proposed protocol is fair and scalable to an arbitrary number of miners and stakers” (Abstract in A Unifying Hybrid Consensus Protocol, 2019)
With Unity consensus algorithm, the OAN Kernel will upgrade and introduce a staking based block production. As an AION token owner, you will be able to earn rewards for staking your token.
Relevant links and articles on The OAN, Aion and Unity:
- The Making of: The OAN & Aion
- AION blog: https://blog.aion.network/
- The OAN blog: https://medium.com/theoan
- The Unintended Consequences of Platform Economies
- The OAN website: https://theoan.com
🔗Click image: Check out article UNITY — FROM ZERO TO HERO by The OAN/AION team 🔗
🔗Click image: Check out Anonstake’s AION dashboard page 🔗