Aion (AION) – A Multi-Tier Blockchain Network
What is Aion?
Aion is designed as a multi-tier blockchain network that serves the purpose of supporting custom blockchains and providing a trustless mechanism for cross-chain interoperability. It aims to connect all the different layers that are built in the blockchain stack at the moment, for example, there are different blockchains and therefore different layers for computing, storage space, bandwidth, value transfer, etc. that are all operating independently.
The goal is to function as a bridge between these layers. Aion itself is built with different layers, the root layer is public blockchain called Aion-1, which is designed to connect other layers and provide economic incentives for Interoperability. It allows anyone to build custom blockchains that are tailor-made to specific needs and all of these custom blockchains are anchored into the Aion-1 root layer.
All of these custom chains can then communicate with each other and exchange value cross-chain through Aion-1. This root layer features a performance-optimized Ethereum virtual machine, called FastVM, and a mechanism that allows AION ERC20-tokens on Ethereum to become native AION coins (token bridge). The native asset is called AION.
History
Nuco, a team of former Deloitte blockchain executives founded Aion. CEO and public spokesperson is Mathew Spoke. Aion has collected 23,010,994 USD through private sales in late 2017. Because the reached their target before the date of the public token sale, they decided to cancel the public sale.
Can it be mined?
Yes, the consensus mechanism is Proof-of-Work, and the mining algorithm is Equihash.
What differs it from other Cryptocurrencies?
It is aimed towards interoperability and it strives to provide an environment were different chains can communicate with each other seamlessly cross-chain value transfers are possible.
How much is it worth today?
What is the total and the circulating supply?
The total supply is 465,934,587 and the circulating supply at the time of writing is 133,073,439 AION.
Where can you buy AION?
You can buy it on several cryptocurrency exchanges, most notably Binance and Ethfinex.
Can it be sold for cash?
You can sell it for cash on several cryptocurrency exchanges that have fiat-pairings, most notably Koinex (not recommended).
Future Development
It is far from finished; it plans to release Version 1 of their Virtual Machine and their scripting language in 2018. Version 2 of the VM, complete validator nomination and network bridging is scheduled for 2019.
Additionally, it plans to switch its consensus mechanism from Proof-of-Work to a hybrid system which contains elements of Proof-of-Work and Proof-of-Stake. For now, the tokens are ERC20 tokens existing on the Ethereum blockchain.
Verdict and Rating
4.5/10 Interoperability is one of the most important topics in the blockchain space at the moment. It is necessary for the further evolution of blockchains. It appears that they don’t really want to integrate and cooperate with existing blockchains, but instead only facilitate interoperability inside their own ecosystem. Another concerning part is the very high supply of Aion tokens.
References
Disclaimer
The writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.More Posts
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