What is Aion?
Aion (AION) is a cryptocurrency built around a novel blockchain architecture and describes itself as “a multi-tier system designed to address unsolved questions of scalability, and interoperability in blockchain networks.” At its philosophical root, Aion realizes that in the future there will likely be many blockchains used for many different purposes – some will be used for cryptocurrencies, some for individual businesses, and some for entire industries – yet there is no pre-existing way to connect these blockchains in a manner which allows them to communicate with one another. Aion attempts to solve this problem with the development of a “federated blockchain network,” which makes it possible to integrate different blockchains into the same system, similar to how the internet ties together multiple computers into the same network.
History of Aion
Aion was founded in 2017 by Matthew Spoke, out of a mission to fix the infrastructure of the internet via means of decentralization. He is also the co-founder and CEO of Nuco, a blockchain enterprise infrastructure provider, and thus has a strong background in blockchain development. Aion was first announced to the public in September 2017, and after a successful ICO, was listed on the markets the following month. The project briefly enjoyed a $600 million market cap in December of the same year and has attracted the attention of some popular blockchain experts, like Eric Vorhees and Andreas Antonopoulos.
How Aion Works
Aion is a “third generation” blockchain that uses its own technology to allow for the cross-talk of any public (or participating private) blockchain, in effect making it possible for dissimilar systems to communicate. Its platform-specific blockchain, known as Aion-1, also allows for the development and operation of robust decentralized applications (DApps). Aion-1 uses its own Proof-of-Intelligence consensus algorithm to deter denial of service attacks by requiring network participants to perform artificial intelligence (AI) computations. The results will be used to help create AI hardware that will be used by Aion for machine learning and neural network training.
Aion tokens (AION) are described as “the fuel used to create new blockchains, monetize interchain bridges, and secure the overall network.” AION is an ERC20 token, which can be easily converted to AION network tokens after the main net for the platform is launched. Unlike “token swap” events where one token is redeemed for a coin or another token, the AION ERC20 token will remain functional and serve as a link between Aion and Ethereum.
In addition to the groundbreaking premise of enabling blockchains of all sorts and sizes with the ability to communicate with one another, Aion offers to following benefits:
Cross-chain asset transfer. Allows for seamless transfer of assets from the Ethereum network to the Aion network.
Supply chain logistics. Allows for the streamlining of supply chains to enable tracking of goods from their origin to destination in a transparent, safe and efficient manner.
Cross-chain DApp development. Using Aion’s API, Virtual Machine and platform bridges, developers can build decentralized applications that can be run simultaneously on multiple blockchains.
Fast transaction times. Aion has an average 10-second block time, meaning its transactions can be confirmed around 60 times faster than bitcoin.