The Aion network is excited to announce the formal transition of its operations from Nuco Global, the original corporate entity that gave rise to Aion, to the Aion Foundation — a non-profit foundation — the focus of which will be to advance research, development, and community building activities related to the Aion protocol.
In short, Aion will now be guided by the Aion Foundation.
This is an important moment for all of us at Aion. As indicated during the AION token sale in October 2017, for Aion to truly and fully represent the interests of the community, and to create an open and inclusive ecosystem, a restructuring from a corporate model to a non-profit foundation model would be essential.
This week, the shareholders of Nuco Global’s parent approved a corporate restructuring that results in the transfer of all IP and assets of Nuco Global to the Aion Foundation. All of the approximately 153 million tokens (over 3-year TRS) that were earmarked for ongoing operations will be transferred to the Aion Foundation*, which will also manage all proceeds from the AION token sale. In exchange, the remaining AION tokens owned by Nuco Global** will be transferred to these shareholders over 28 months, based on their ownership percentage in the Nuco corporate entities.
This restructuring will allow for the launch of new strategic Aion ecosystem initiatives, including many new 3rd party companies and products; some of which have already started and will be announced in the coming months.
Later this year, we will be also publishing a more thorough description of the Foundation’s governance, operating structure and procedures. In addition, we look forward to kicking off our voluntary quarterly reporting process later in 2018.
We look forward to further discussions about our new governance model, and we hope to set a leading example for the rest of the industry to follow.
* Aion Foundation public key: 0x0e24D8Fcdf0c319dF03998Cc53F4FBA035D9a4f9
** Nuco Global public key: 0xb493c9C0C0aBfd9847baB53231774f13BF882eE9
