Aion

AION
1.03 % (24hr)

$ 0.1309789875

❝ Aion is a third generation blockchain technology which addresses the issues of scalability, privacy and interoperability of existing blockchain networks. ❞
Market Cap

$ 34.75M

Current Supply

$ 265.3M

Max Supply

$ NA

24hr Volume

1.189M

Proof

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website

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Overview

AION is a third-generation multi-tier blockchain network that is created to address the key issues of scalability, privacy and interoperability present in the existing networks. And, according to AION team, it is the first blockchain network to address all these issues. AION blockchain operates as a hub and spoke system model similar to internet providing a trustless mechanism for cross-chain interoperability. At its core, the AION-1, a state-of-art public blockchain that brings a new dimension to security, connects the other blockchain while incentivizes the ecosystem.

Problem

The existing system of Blockchain networks, in both public and private system, it cannot communicate or transfer value to each other which specifically brings the interoperability challenges like the PCs of earlier generations. Also, the initial design of blockchain technology are not scalable thus increasing the transaction time on-chain which is the major drawback of the system.

How AION works

The Blockchain revolution started with Bitcoin, which is the first generation of blockchain technology that allowed traditional transactions to be verified in the peer-to-peer network of nodes on global scale and stores in an immutable public ledger.

The second generation of blockchain technology was introduced by Ethereum, that allowed building application-specific with business logic upon the blockchain that enabled new capabilities beyond verifying and recording transactions.

But, as blockchain going mainstream and without communication with other blockchains, the system cannot attain its full potential. AION blockchain, which terms itself as a third generation blockchain is like a computer network that allows dissimilar network structures to communicate with each other. Thus enabling any institute types to Federate, Scale and Spoke with other chains. 

  • Federate: Allows transfer of data between any AION compliant blockchain and Ethereum
  • Scale: Provide increased rate of transaction processing and data capacity to all AION Blockchain
  • Spoke: Allows creation of customised chain that maintains interoperability with other chains and also allows the publisher to choose governance, consensus mechanism, issuance and participation. 

AION's multi-tier blockchain network will send logic and value to participating blockchains to create a connected value chain where every transaction occurs on-chain,  in a free manner.

The root of the AION network is the AION-1 Blockchain. AION-1 is built as a fair, distributed and open blockchain architecture that is capable t0 meet the requirements of multi-tier blockchain with following goals.

  • Connecting blockchains and external services through a continuous network and maintaining accountable communication through a decentralized network. 
  • Providing necessary infrastructure to develop decentralized, inter-blockchain applications.
  • Creating a maintainable network through a robust and sustainable economic model.

AION tokens, initially a ERC20 standard token but later changed over to Aion network tokens, set up the base for interactions within the Aion network and act as a fuel to create new blocks, monetize inter-chain bridges and securing the whole network.

Key Features

  • Aion Blockchain is compatible with both public and private chains that allows transfer of logic and value in the participating network in a free manner.
  • Allows interactions of different systems and platforms with each other without changing their underlying digital framework.
  • The AION-1 blockchain allows for seamless integration of third-party applications and sustainable economic model that incentivizes interoperability.

Founding Team

Aion project is headed by Matthew Spoke, CEO and Founder of NUCO which is also in the crypto space working on to develop modular, secure and scalable blockchain networks. Both NUCO and Aion are separate where NUCO is a company and Aion is the project which will move to a non-profit organization.

Key Links

Website: https://aion.network/

Whitepaper: https://aion.network/downloads/aion.network_technical-introduction_en.pdf