Aion is a Canadian 3rd generation blockchain platform that seeks to add interoperability across blockchains, be it public or private. To achieve this, it uses a “token bridge” which enables tokens from separate chains to move freely and easily across all chains.
They basically intend creating a platform similar to the internet, but designed specifically for blockchain. The way Aion works is like a network bridge for the transfer of data and value seamlessly across Aion-compliant blockchains.
The Aion platform was designed with high scalability, which leads to faster processing of transactions, as well as higher data transfer capacity and the ability to customize public and private enterprise blockchains.
The Aion Network
The Aion network is familiar to most because it is a multi-tiered network, which is much the same way a basic computer network is constructed. Aion passes value and logic across Aion-compatible blockchain and this yields a value blockchain where transactions are carried out wholly on-chain. Aion operates using the Proof-of-Work consensus mechanism as well as the Equihash algorithm.
Aion Token Bridge
Aion is not like most smart contracts because while they preserve tokens, Aion destroys tokens as they move from one chain to the other. Which ensures only one token is active at any given time. To do this, it uses the Aion Token Bridge and transfers Aion ERC-20 tokens on the Ethereum network. Bridges work in two directions and come to a consensus using an algorithm based on Byzantine Fault Tolerance. Before transactions are verified, they have to receive two-third consensus. There are two main functions that bridges serve:
- To sign and broadcast interchain transactions as soon as they are packaged in a block and transaction forwarding fee paid.
- Keeps connecting network informed of merkle hash updates with regards to the contributing network.
There can be more than one bridge on a blockchain if multiple verifiers sign up and use identifiers that are not similar. Each bridge is seen as distinct by the connecting network, even though messages are being broadcast and received towards the same network. It is then the user’s responsibility to identify the bridge they would like to use by providing their network ID.
This intends to benefit the network and users since it creates a competition between several bridging networks with regards to stability and pricing. A reputation is developed by each network, as market demand ensures the best pricing for bridge users.
The Aion Blockchain Team
Nuco was the company behind Aion is now run by Aion Foundation a nonprofit organization. Nuco is an enterprise software company that specializes in building modular, scalable and secure blockchain networks for regulated markets. Aion was founded when Nuco was working on the development of a blockchain solution for Deloitte.
The Aion team is led by CEO Matthew Spoke who is also on the board of directors for Ethereum Enterprise Alliance, CTO Jinius Tu and COO Ian Chan and other experienced members who together found an opportunity to resolve the issue of blockchain Interoperability plaguing the crypto industry.
Aion will be Listing on Atomars
Aion (AION) has announced that it will be listing on Atomars on the 14th of November and trading pairs will be: AION/BTC and AION/ETH.
Atomars is a new digital assets trading platform on the cryptocurrency marketplace that is currently bridging the gap between fiat and cryptocurrencies. The Atomars platform is a fast, safe, secure and user-friendly platform that seeks to make trading easy for everyone. You can find any cryptos such as Bitcoin, Ethereum, USDT, Litecoin and more on the platform. They have a web and mobile app which makes it easy and fun trading on the go.