Updated: Dec 21, 2019
Aion is a third-generation, multi-tier, Canadian blockchain network, which is designed to support a future that allows multiple blockchains to co-exist to solve unique industry problems. The network also allows these blockchains to power the services of the modern world. The AION coin is useful as a value and data exchange. It enables a smart-contract network to work similarly to Ethereum and NEO. AION was initially released as an ERC-20 token, which was later swapped to native AION network coins.
This guide will explain what Aion is designed for, the team behind it, the way it works, and various uses and applications.
What Is Aion Designed For?
Some of the basic blockchain limitations haranguing the crypto industry for a long time involve interoperability, scalability, and privacy. To allow for the mainstream adoption of crypto coins, it is important to develop a platform that actively resolves these issues. Aion is created to be the first multi-tier blockchain network that actively works to resolve these problems by developing a federated blockchain network.
The cryptocurrency was initially developed as a replacement for traditional banks with the creation of Bitcoin during the 2008 American economic meltdown. However, the result was thousands of independent and isolated blockchains built using Bitcoin’s tech.
The non-profit Aion Foundation is developed to capture whatever markets it can by using an open-ended system, which can connect to virtually anything. However, this Canadian multi-tier blockchain 3.0 platform is far from the only blockchain project working towards this goal. They are all members of the same Blockchain Interoperability Alliance looking to replace current database solutions used for health records, insurance, and savings products, streaming media, supply chains, IoT, and more.
Who Is the Team Behind Aion?
Aion’s founding team includes COO Ian Chan, CEO Matthew Spoke, and CTO Jinius Tu. The team was originally established as a company called Nuco that was working on a target-specific blockchain solution for Deloitte. The company is now run by the nonprofit Aion Foundation while retaining much of the core team.
Each team member has a wealth of blockchain experience and noticed the issues of interoperability in blockchain tech early. They jumped on the opportunity to develop Aion, a third-gen multi-tier blockchain solution that could bridge interchain transactions.
How Does Aion Work?
The Everest version of Aion is intended to implement a DPoS-PoI hybrid consensus mechanism by using Validators and Backers. Backers tend to stake either AION or another computing power to back Validators. These Validators are responsible for distributing proportionate rewards upon validating a block. The Aion model perfectly balances financial power with computing power to help democratize power over the network.
AION coin is currently mined using a modified version of the Equihash Proof-of-Work mining algorithm. This Equihash algorithm was initially touted to be ASIC-resistant. However, Bitmain has since developed multiple mining rigs. It seems that these rigs are not currently being used for the Aion network. It is still unclear whether ASIC rigs like Bitmain’s Z11 can be configured to handle Aion’s specific modifications.
What are Current and Future Applications of Aion?
AION tokens are primarily used to power cross-chain transactions, whether they are of value or data. These tokens are mined using a hybrid PoI and DPoS consensus with a Byzantine Fault Tolerance. The Aion Virtual Machine allows the platform to stand out from the crowd. It provides a whole gamut of tools for developers that make blockchain programming available and operable.
AION can be best described as the “fuel” of the network. It is largely used for the creation of new blockchains and monetizing various bridges between chains. However, there is a third function as well for which AION is very useful – for network protection in general. The purpose of AION is to allow users unrestricted access to the entire functionality of the Aion network.
Aion has a bright future ahead of itself. In 2018, ICON and Aion were integrated into the CryptoCurve platform. This move allowed the users of Curve wallet to store AION. Further, CryptoCurve is one of the first initiatives launched through Wanchain’s WanLabs. Aion, ICON, and Wanchain are prominent members of the BIA. Other supporters include BlockX Labs and Nodesmith, which could soon grow into partnerships.
The platform has enormous potential which only suggests that the AION token has the necessary infrastructure it needs to grow. Creators of the Aion network have already established interaction among blockchains and various existing platforms. Their virtual machine has also been designed to support EVM code (the system offering various construction tools).
However, the network is not without its share of competitors. Chain, Polkador, Wanchain, and Cosmos are some of the main competitors of Aion.