A General Guide on Aion (AION)
What is AION?
Aion is a blockchain platform that lets developers create Java apps on a blockchain network. The primary aim of Aion project is to give everyone access to Blockchain technology and accelerate its integration as well. Aion Network seeks to bring transparency, which is essential in solving issues that concern scalability, privacy, and security.
Aion enables private organizations to share data and value with Aion-compatible blockchains and Ethereum. The platform ensures faster operation processing and higher data capacity for all Aion blockchains and for the creation of private or public blockchains that are compatible with other blockchains, enabling publishers to choose management and consensus mechanisms while regulating output and participation.
Aion stands out from the crowd mainly due to its Aion Virtual machine. This is the world’s first blockchain machine created specifically for Java developers. This Virtual machine provides a large collection of tools for developers and makes it easy to access blockchain programming more available.
Aion Technical Overview
At the core of the Aion project is solving the issue of interoperability, but the team handling the project development is working to ensure that the root chain of Aion is leveraged. What this means is that, not only will the Aion token run cross-chain dApps, monetize inter-chain bridges, and create new blockchain platforms, but it will also be used to secure the entire network. There is massive potential for the Aion platform and smart contracts execution as well as running dApps of all kinds.
There are plenty of tools provided by the platform for developers to create new dApps on the Aion chain. The tools make it possible for developers to deploy smart contracts and to migrate Ethereum dApps to the Aion root chain. This migration can be completed within five minutes, thanks to the simple process.
Aion Fast Virtual machine was released in June 2019, and is mostly a modification of the Ethereum Virtual Machine. However, the Aion VM is not heavy and leverages certain attributes found in the Java Virtual Machine. This means Aion supports applications written in Solidity as well as in Java, which provides a new world of development possibilities to Java developers.
AION Token Performance
Aion held its ICO in late 2017, at a time the cryptocurrency markets rallied hard and investors willingly paid for any token that came along. This does not make Aion a bad token, but this was crucial to helping the team reach its $20 million hard cap quickly.
Also, when 10% of total tokens were sold in the private sale of October 2017, the team was reported to have brought in a total of $23 million in BTC, ETH, and fiat currency.
The sales model was quite interesting, as it benefited those that bought early during the ICO. Within the first 10 minutes, tokens were priced at $0.75, with the price increasing by $0.05 every 10 minutes till it reached $1.00.
When crypto markets rallied in December 2017, Aion price jumped right from the beginning and by January 8, 2018, it reached an all-time high of $11.51. It began to fall right after that, reaching just $1.84 three months later.
A recovery occurred following the drop, seeing the token rise to about $4.00 which lasted about a month before it began another slide throughout the rest of 2018 and ending early 2019 with the token hitting an all-time low of $0.10. The token has, however, recovered since then.
The Aion Team
Aion was founded by a team consisting of former team employees of Deloitte Blockchain. Matt Spoke is the CEO and Jinius Tu (or Jin for short) is the Chief Technical adviser. There are 49 employees under the company operating from several offices around the world. Most of the employees are based in Toronto, Canada. Other employees work from the UK, China, and Barbados.
While the founders were working together at Deloitte, they saw a need for a public blockchain capable of connecting the many other blockchains. They formed the company which was known as Nuco Global until July 2018, when it then switched to Aion Foundation. This switch changed the company from a public corporation to a non-profit organization.
The entire team is experienced in blockchain development and marketing, which has seen the Aion project rise over the years and is billed to enjoy more success in the future.
Buying & Storing AION
If you are looking for bargain pricing for the AION token, you can find it on many exchanges, but Binance has the largest trading volume. Some good volumes can be found at LATOKEN with smaller numbers found on exchanges like DragonEX and KuCoin.
At the moment, there are a number of options for storing AION tokens. The most popular of them all is the Aion Desktop wallet (available for Windows, Linux, and Mac OS). For mobile users, there is a wallet called Trust Wallet that supports AION tokens and for those who are security conscious, the Ledger Nano S also supports them.
The last option is a third-party multicurrency wallet called Coinomi wallet which is available for desktop and mobile devices across different operating systems.
How Aion Differs From Other Cryptocurrencies
Many blockchains similar to Aion exist for public and private blockchain services. Some of these competitors are Wanchain, Chain, Cosmos, and Polkadot. Aion’s service is different from these platforms in a number of ways.
- Aion-1 Blockchain network provides a secure platform for two or more blockchains to communicate. It is unique because of the robustness and sustainability that make it unique.
- Blockchains connect to each other through Aion’s bridge. This provides interoperability for the Aion protocol.
- Aion uses consensus for on-chain transactions and communication among chains.
- Aion’s scalability meets the needs of millions of users.
Within one year, Aion has been able to meet all of the milestones they had laid out for the first of their Roadmaps called “Kilimanjaro”.
These include some very important releases such as their Fast Virtual Machine and EVM source code implementation. They also built the token bridge which serves to migrate ERC20 tokens to AION coins.
The team is, at the moment, working on the second phase which they have called “Denali”. They will then move to achieve blockchain interoperability when they move to their “Everest” phase.
Much remains to be seen whether Aion’s developers can meet all of their future milestones to the same degree as they have done in the past.