Aeron is a blockchain technology company focused on improving aviation safety through the use of a decentralized record system. Aeron is actively developing a global, decentralized, small aircraft and flight school database and online portal, and through a public funded token sale plans to become the global standard in aviation safety and transparency.
The problems Aeron is trying to solve revolve around erroneous or falsified flight logs, pilot experience, aircraft maintenance records and tracking of spare parts, etc. The company claims, for example, that a major issue in today’s global aviation industry is flight operators under-reporting flight hours to save major maintenance costs for the airline. A decentralized, transparent ledger of such records addresses these issues, making it possible to verify data from multiple sources and find discrepancies.
In essence, Aeron views the modern global aviation management systems as outdated and obsolete and plans to reform the industry by storing aviation records on an immutable database that anyone can reference at any point, and which is encrypted and protected from both attacks and malicious behavior.
How does it work?
Aeron’s core system is the decentralized database for global small aircraft and flight schools. That decentralized database is called the Aeron Register and is built on the Ethereum blockchain and will require ‘gas’ for transactions. In the company’s whitepaper, they specify certain use cases: the passenger, the pilot and the company, but they do not specify how the Register actually works, technology-wise. The pilots, the passengers and the company using Aeron will all have to manually input data into the integrated system through apps and web services, depending on the use case. A pilot application will be used by pilots for personal flight logging, while a company application will collect and verify data from aircraft operators, maintenance organizations, flight schools, and fixed base operators. Blockchain storage will make it easier for aviation authorities to detect any mismatched or falsified data and consumers such as flight school students will have access to the verified global database via aerotrips.com.
Once an aircraft’s or pilot’s log records are stored on the blockchain, they’re available for public audit and cannot be altered or forged. The system will make it possible to track and validate pilot experience and aircraft maintenance, including the tracking of spare parts, The system will make it possible to track and validate pilot experience and aircraft maintenance, in… according to the required standards – though how these will be enforced is not addressed.
Powering all of this is the use of smart contracts the Ethereum blockchain provides. Each Aeron smart contract will contain various log records. Smart contracts will also execute rental deeds or chargers for the aircraft, or execute cost sharing agreements between private pilots and their passengers, with defined protocols to ensure transactions occur in compliance with local regulations.
Aeron says it will work with national aviation authorities and international aviation agencies, including EASA and FAA, to demonstrate the integrity, reliability, and transparency of its system and promote its acceptance. The company envisions its platform as providing a single point of reference for licensed private pilots, aircraft owners and operators, aviation enthusiasts, and people interested in aircraft charters, leisure flights and pilot training.
Project roadmap, taken from Aeron.aero
Aeron’s revenue model is based on fees for write access to the database (with log entry signing and blockchain validation), and on commission fees from transactions between platform users (starting at 2% and averaging at ~5%). Payments will initially be in fiat and processed by a traditional payment system, and cryptocurrency payments will be enabled where possible. Payment will also be possible with ARN tokens.
The ARN Token
The Aeron (ARN) utility token will enable write access to the Aeron database and other on-chain events, in the form of subscription or transaction fees. It is also envisaged as a means of payment for small aircraft charters or promotional leisure flights, via partnership arrangements between the company and aircraft owners. To incentivise participation in the ecosystem, Aeron will offer a seed quantity of Aeron tokens to flight schools, aircraft operators, and aviation companies, and offer discounts for service fees or commissions paid in ARN vs. fiat. ARN will also be the currency of the aerotrips.com club, offering premium access to special offers and discounts.
The company is also exploring the possibility of linking the value of the token to the value of the Aeron platform via “a fee-burning mechanism that slowly decreases token supply”. Currently, however, Aeron provides a link to its Howey Test self-evaluation, whereby ARNs are designated as unlikely to be a security.
60% of the fixed 100,000,000 ARN supply are being offered for sale, equating to
60,000,000 ARN. These will be sold in two stages with limited presale, followed by the general sale. ARN can be obtained online at a price per token of 1 ARN = $0.5 (fifty US cents) with payment in cryptocurrencies accounted at a current exchange rate at the date of transaction. Bitcoin (BTC) and Ether (ETH) will be the only methods of payment accepted in the general sale.
The remaining 40% of the fixed supply (40,000,000 ARN) are not available via the token sale and will be allocated as follows:
- 20% will be allocated for network growth to incentivise participation in the ecosystem.
- 18% will be retained for the development and management team
- 2% will be used to cover the administrative costs of the token sale.
The token sale will be offered until all 60,000,000 ARN have been distributed. Early buyers will receive special bonuses connected to the timing and amount of purchase.