In this article, we tried to answer questions such as what is AION coin, what is cryptocurrency AION, how to buy AION coin. Here are the details about AION coin comments and future…
Do you believe that blockchain technology will continue to become popular in the future? If so, you will definitely need mechanisms, bridges and processes to move your data between various blockchain networks. After all, the world is working on networking and knowledge sharing. This is exactly the service that the AION network provides in the blockchain-driven world.
What is AION Coin?
Nuco, a Canadian enterprise blockchain company, developed the AION network using the AION coin.
AION is a multi-layered blockchain system designed to solve privacy, scalability and interoperability issues with existing blockchain networks.
First-generation blockchain projects like Bitcoin allow people to record peer-to-peer transactions on a public distributed ledger. Next came second-generation blockchain projects such as Ethereum, which allowed developers to create and host their own projects using more complex algorithms.
However, both first- and second-generation projects are not tapping into the global-scale interconnection power of the blockchain network.
Thus, third-generation blockchain networks emerged, enabling discrete blockchain communication. And AION is the world’s first third-generation blockchain network.
Branded as a blockchain network, AION allows seamless communication between various blockchains and contributes to the management of their applications.
What is AION Network?
AION Network supports proprietary blockchain structures and provides a reliable mechanism for cross-chain interoperability. It transmits value, logic, and liquid assets between network users where transactions take place without intermediaries.
The first dedicated public, enterprise AION network is known as AION-1. This best-in-class, third-generation blockchain demonstrates the next security and crypto economic motivational incentives in the crypto space.
The mainstream adoption of blockchain technology requires interoperability. Blockchain networks must be able to communicate with legacy systems such as financial institutions to be successful.
Unfortunately, as of now, communication between the cryosphere and the old world is difficult.
Ethereum, Bitcoin, Zcash etc. Different cryptocurrencies, such as cryptocurrencies, cannot communicate with each other. It’s hard for Bitcoin to know what’s going on on the Litecoin network and vice versa.
Although crypto exchanges provide a portal between digital currencies, there is still a problem. The problem is that crypto exchanges are not decentralized. They are extremely vulnerable to security breaches such as long-term hacking and blackouts.
AION Blockchain aims to support interoperability and security in the cryptosphere. It provides a reliable solution for scalability, security, and interoperability issues to both private and public blockchains.
AION Team
Matthew Spoke, CEO of Nuco Global Inc., founded AION in 2017. Nuco also launched the Aion foundation and the Aion ecosystem.
The team behind this community-led project consists of talented software engineers Ali Sharif, Chris Lin and Alexandra Roatis, each with years of technological experience. Nuco CTO Junius Tu has over 15 years of blockchain leadership experience.
The business developers are Duncan Cameron and Dipesh Pradhan. CFO, Jason Burke, and COO, Kesem Frank, also has extensive experience in the cryptosphere and entrepreneurship.
AION Token
Aion uses the ERC-20 compatible AION token. AION is initially facilitated on the Ethereum blockchain. However, users can easily convert it to the AION network and transfer between both blockchains.
Ideal Users of AION Blockchain
According to the AION founder and CEO, five types of users can use the AION blockchain:
1. Startups
An explosive number of startups are now seeking blockchain technology to support their businesses. They usually have deep knowledge of their business, but they don’t know much about blockchain.
AION helps connect their business to different blockchain-based solutions related to their niche. Startups using the Aion network and solutions can focus on their areas of expertise.
2. Businesses
The interoperability offered by the Aion blockchain seamlessly connects legacy industries with the cryptocurrency industry. The Aion team has spent a lot of time understanding what is stopping large businesses from harnessing the power of the cryptosphere.
3. dApp Developers
Many developers are using Ethereum, Bitcoin etc. based dapps (Decentralized Applications). But the lack of interoperability limits developers to just one protocol. Aion solves this problem by enabling dapp developers to switch between multiple systems.
4. Validators
The main users of Aion are validators who are responsible for consensus in the Aion ecosystem. They monitor and verify every transaction to check its validity before transferring it to the target blockchain network.
5. Bridge Builders
Another group of Aion core users are bridge builders who will monitor cross-chain transactions.
Benefits of AION
Aion offers the following benefits to both private and public organizations:
1. Unified Blockchains
Aion provides interoperability and communication between various blockchain networks using a high-performance bridging mechanism. Users can transfer both value and data between blockchains using this bridging mechanism.
2. Enhanced Scalability
Scalability is one of the biggest problems with first and second generation blockchains. Aion solves this scalability issue by using a virtual machine. The virtual machine enables applications to run on multiple different blockchains with enhanced performance and scalability.
3. Customized Blockchain
You can design a customized blockchain using the Aion ecosystem while maintaining interoperability with other blockchain networks. Your blockchain may contain different consensus algorithms and virtual machines.
Build Your Own Customized Aion Compatible Blockchain
The Aion network compatible blockchain provides each AION ERC-20 token holder the ability to create their own blockchain and alpha capabilities. It comes with a complete ecosystem of tools and services that provide next-generation blockchain functions. Features:
- Enterprise security and quality, BFT core
- Massively scalable functionality to deploy a large network
- Compliance with ERC-20 policies and management tools
- Low latency and high bandwidth Java API
How Does the AION Network Work?
The multi-layered Aion network consists of the following components:
1. Connecting Networks
Connectivity Networks are protocols that enable communication between private and public blockchains in the AION blockchain ecosystem. It provides path for message transfer between participating blockchains using a bridging protocol.
Networking manages challenges while also ensuring smooth flow of transactions between networks.
2. Cross-Chain Transaction
Cross-chain transactions allow all connected networks to communicate with each other. Cross-chain transactions are created on the source blockchain and flow over bridges and networks of connections to reach the destination blockchain.
Each cross-chain transaction consists of:
- Load – Actual data
- Metadata – Information about routine and fee
- Merkle Proof (Optional) – Used if the sender wants to bypass the bridge
At each stage of this process, a verifier verifies the validity of the transaction. If it rejects invalid transactions and the ecosystem returns to the state it was in before the transaction occurred.
3. Bridges
Bridges are validators that validate cross-chain transactions in the network. It will validly sign and publish the transaction only if the source has been sealed by the blockchain and has paid the forwarding fees for it.
Multiple validator groups can register multiple bridges in the same blockchain network. The user specifies which bridge to use by mentioning the target network.
4. Participatory Networks
Any network eligible to join the Aion ecosystem is called participatory networking. It could be a blockchain project, oracles, database cluster or cryptocurrency. Each of the participating networks:
- Distinguish between regular and cross-chain transactions
- He is familiar with the consensus protocol used by the bridge to store a valid transaction.
- When a cross-chain transaction is put on hold, there must be a deadlock period.
AION Coin Review and Future 2022
Blockchain and decentralization will be the spirit of the times. Therefore, mastering interoperability is crucial and adopting AION seems like an incredible idea.
With the continued growth in the cryptosphere, the fastest expanding sidechain concept, and the increasing demand for interaction between blockchains, AION looks promising for the future.
