Blockchain’s First Interoperability Token: Aion

Blockchain | Crypto News | Technical Analysis

Aion is the first third generation multi-tier blockchain network focused on interoperability between other blockchains on a global scale. There are hundreds of blockchain networks today and it is only logical to premise that they will increase in number. The Aion coin is going to be used for data and value exchanges, by enabling a trust less, smart contract between blockchain systems.

The token was produced by a Canadian blockchain enterprise firm Nuco, which was initially working on a blockchain solution for Deloitte, and in a nutshell the token will transform blockchain into some sort of decentralized internet. That could replace current database solutions as well, such as those used in health, insurance, streaming media, savings products, supply chains, etc. Aion is born out of the Blockchain Interoperability Alliance, in which many other projects on interoperability are underway, such as Ripple, the Fusion platform and the Lightning Network.

Cross chain technology strives to bring together many independent blockchain systems onto a single decentralized, world-class supported platform, using a ‘token-bridge’. For example, if a business is run on a specific blockchain network, clients from other blockchain networks can also transact with that business.

Aion has also partnered with Moog Inc, to build a blockchain solution that will propel the aerospace and defense company into the fast evolving crypto world. The company also partnered with Amberdata, a data processing company specializing in blockchain intelligence, infrastructure, token utilization and transactions, and on-chain decentralized applications. In October 2018, Aion and ICON were both integrated into CryptoCurve Platform, which was the first to be launched through Wanchain’s WanLabs Initiative.

As regards performance, Aion current circulating supply is 291,866,662 out of an estimated supply of 465,934,587. The highest price peaked at $11.10 in January 2018. At the end of the token sale in November 2017, it had raised $20,000,000 worth of Ethereum and was an ERC-2- token on the blockchain. The Aion Bridge (launched in April 2018 and dubbed Kilimanjaro) allows the transfer of ERC-20 token on Ethereum to become native Aion coins. Aion is mined via a modified Equihash algorithm and has a bounty system that rewards community members who contribute technical support.

The token swap from ERC-20 to native lasted until November 30th 2018. It is accepted on several crypto exchange markets like BitForex, DragonEX, CoinBene, Binance, Bilaxy and BCEx, and trades over $4 million on a daily basis.

Aion founders stated that there are five types of users that can use the Aion blockchain:

  1. DApp developers – the lack of interoperability limits blockchain developers from making advised transitions across different platforms.
  2. Enterprises – crypto industries can now be easily connected seamlessly.
  3. Validators – people who monitor and validate blockchain ecosystems can now use a single platform to do the same.
  4. Bridge Builders who can scrutinize interchain transactions.
  5. Start-ups – cryptocurrency and blockchain is steadily being adopted worldwide and providing blockchain based solutions related to their niche will be more efficient via the Aion platform.

Aion’s future seems greatly achievable in terms of replacing the internet as we know it. Third generation blockchain evolution aimed at bridging participating networks is a crucial milestone that will hopefully be achieved by Aion and pave way for further implementation of projects in the background. If this works, cryptocurrencies that are open to adoption will gain value and stabilize.

 

 

 

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