While the crypto domain continues to garner more and more attention by the day, the mainstream adoption of blockchain technology is still hampered due to issues of scalability, privacy, etc. While first and second-generation blockchains such as Bitcoin and Ethereum worked to create decentralized payment platforms that eliminated the need for financial intermediaries such as banks and financial institutions, the latest generation of blockchain is designed to federate data and value assets using a “hub and spoke” model.
Aion is an all-new multi-tier blockchain network that has been created to address issues pertaining to interoperability that currently exist within the blockchain domain. To be more specific, the Aion network is able to support custom blockchain architectures while still allowing for cross-chain interoperability.
Additionally, this third-generation blockchain provides users with an unprecedented level of security and fairness, and provides users with an array of crypto economic incentives. Here are some of the core features of this blockchain:
- Users are able to exchange data between any Aion-compliant blockchains.
- Via the Aion network, customers are able to access faster transaction speeds.
- It allows for the creation of customized public or private blockchains that allow publishers to have full control over consensus mechanics, token issuance, etc.
Overview of Aion
- Compatible with private as well as public blockchains
- Possesses a solid infrastructure that allows for the creation of high-performance decentralized applications
- Has a robust and sustainable economic model
- Makes use of an ERC20-compliant token
While conventional blockchain systems employ point-to-point connections, these protocols result in complicated state channels that can often lead to a single person (or a group of individuals) running the relaying networks. However, Aion makes use of an Interchain framework that allows for messages to be relayed between blockchains in a completely trust-free manner.
Visual representation of how Interchain transactions work (courtesy of the Aion whitepaper)
We can see that Interchain transactions are created on a source blockchain. As time progresses, transactions are processed and relayed via connecting bridges before they finally reach their destination. As a result, users receive incentives at each point within the transmission route.
Another core aspect of the Aion blockchain is its use of a digital framework that creates a federation of “compatible blockchains” that can serve as:
- Purpose-specific blockchains
- Private networks
- Consortium blockchains that represent a collection of virtual entities.
Owing to the high interconnectedness present within this network, users reap various benefits pertaining to transfer efficiency, speed, and transparency.
How Aion Works
While the Ethereum blockchain has already laid the foundation for technologies like smart contracts and digitized agreements, it should be understood that there are many other blockchains out there which offer a wide array of other features such as increased privacy and faster transaction speeds.
Aion-1 (which is the blockchain of the Aion network) is designed to allow other blockchains such as Ethereum to transfer digital information via their native contracts to entities that lie outside of the central chain, as well as to any external network. It acts as an intermediary which allows for transactions that are much faster and more stable compared to today’s solutions.
Simplified diagram representing the workings of the Aion-1 blockchain (courtesy of the Aion whitepaper)
Core functional aspects
- The Aion blockchain allows for different systems and platforms to communicate with one another without having to change their underlying digital frameworks.
- This blockchain allows for the transfer of logic data sets in a completely free and uninterrupted manner.
- None of the internal transactions occur via a centralized intermediary system.
- The Aion-1 blockchain allows for seamless integration of third-party applications, and it creates an incentive-driven ecosystem that promotes interoperability.
History of Aion
Aion is a new venture that is headed by Matthew Spoke. According to his LinkedIn profile, Matthew has been in the blockchain space for over 4 years now and has worked with some of the leaders within the crypto domain. Additionally, he is the founder and CEO of Nuco, a company that operates within the crypto sector and has been responsible for the development of modular, secure, and scalable blockchain networks.
Kesem Frank serves as the company’s COO and development head. He has been in the blockchain domain for 5 years and is an alumnus of the University of Toronto.
Released only a few months ago in October 2017, the price of a single Aion token has risen sharply from a modest US$0.50 to a respectable US$3.11 by February 2, 2018.
Aion token six-month chart (courtesy of CoinMarketCap)
The currency hit its peak value around December of last year, when the price per coin rose as high as US$10.23.
While past performance should never serve as the sole motivating factor for future investments, Aion has serious potential since it is offering its users an all-new blockchain technology that is loaded with advanced privacy and transaction features.
The future of blockchain is extremely promising, and Aion is offering customers a platform that aims to completely redefine what it means to make use of crypto technology.
If the use of blockchain continues to grow at the rate it has been for the past year or so, it is not unreasonable to expect that Aion will flourish and hit new highs in 2018. Also, if Aion is able to deliver on all the fronts mentioned in its whitepaper, it will solve many of the issues that exist within the blockchain sector today.
Considering current market indicators, we would not be surprised if Aion popped up on many top crypto lists in 2018.
If you’d like to start investing in Aion, currency trading pairs are currently being offered on Binance.