Name: AION - Scalability, privacy and interoperability
Price Info: - https://coinmarketcap.com/currencies/aion/
AION is a 3rd generation blockchain that will have exponential gains over the next few months. Over 91% of the circulating tokens are locked up in the TRS
Aion was designed to support custom blockchains and act as a bridge between them, allowing trustless crosschain interoperability, meaning that you can interact with different blockchains through Aion. Aion-1 is their first public, dedicated blockchain. Aion’s team have strong figures such as Alexandra Roatis, Ali Sharif, and Anakha Palissery.
Matt Spoke is the founder and CEO of AION.
The team is composed of a dozen developers and 23 team members. Notable advisers include Anthony Di Iorio, a co-founder of Ethereum and the CEO of Jaxx; Michael Terpin, the founder of Market Wire and Transform Group; and John Lee, managing director at TMX Group, home of the Toronto Stock Exchange and TSX Venture Exchange.
Matt is also a founding member of the Ethereum Alliance and counts Ethereum founder Vitalik Buterin among his friends. Vitalik is also a formal adviser to Nuco. (Vitalik is NOT an adviser to Aion.)
Matt Spoke started in crypto in January 2015 at global accounting rm Deloitte. While there, he acted as an adviser to blockchain companies.
In 2016, he left Deloitte and started his own blockchain development company, Nuco. At Nuco, his team focused on building blockchains for large enterprises.
While at Nuco, Matt quickly realized that without interoperability, the blockchains Nuco was building would have limited use. He then pivoted and decided to throw all his resources into creating blockchain interoperability.
The internet solved this problem with routers and TCP/IP. That’s why when you click on a Facebook or Wikipedia link from a Google search page, you arrive on their respective websites. Even though Google, Facebook, and Wikipedia use different computer systems, they all use the unifying language of TCP/IP.
Aion is an early-stage project that will enable all blockchains to communicate with one another.
On December 5 2017, wildly popular trading game CryptoKitties created so much traffic, it brought the Ethereum network to a virtual standstill.
Transaction fees ballooned by 500%.
It got so bad, many blockchain projects had to postpone their initial coin offerings (ICOs). CryptoKitties highlighted two major problems with Ethereum: low speed and high cost.
That’s not a huge problem yet because most of the projects launching are still in startup mode. Outside of speculation, their tokens are used for little else. But what happens when a project takes off and requires scale and speed? The project will have to leave Ethereum and move to a different blockchain with faster confirmation times and lower costs.
Some projects which have changed Blockchains
Mobius, a universal protocol suite for blockchain ecosystems, also chose to hold its ICO on Stellar over Ethereum.
Shifting from one blockchain to another isn’t an easy process.
Another Big Project moving is https://Eos.io
Eos makes software for decentralized applications. The current EOS tokens are ERC20 tokens that were issued on the Ethereum blockchain.
The new EOS platform is scheduled to go live on June 1, 2018. When the EOS blockchain goes live, it will run on new EOS tokens.
Since the tokens can’t cross from one chain to another, users must “map” their coins from the old blockchain to the new blockchain. Essentially, mapping cancels the old coins and replaces them with new coins issued on the new blockchain.
This is one of the many problems that Aion solves.
By using its “bridging” technology tokens can move seamlessly from one blockchain to another.
For Ethereum, this functionality is greatly needed.
Many blockchain projects complain that the Ethereum Network is too slow and expensive but projects continue to use Ethereum for fundraising because it has an easy-to-use and well-accepted infrastructure.
With Aion’s solution, projects will be able to launch on Ethereum and then offload expensive and resource-intensive aspects of their businesses to cheaper blockchains.
With Aion’s “bridge” technology, Projects won’t be tied to just one blockchain. They can use multiple blockchains to handle different aspects of their business.
There are essentially two critical pieces to the Aion solution. They’re called interchain transaction protocol (ICT) and bridges.
Think of ICT as the common language blockchains will use to communicate with each other. The concept is similar to TCP/IP.
TCP stands for transmission control protocol. This is a set of rules that governs the exchange of packets of data over the internet.
IP stands for internet protocol. This is a set of rules that governs sending and receiving data at the internet-address level.
IP by itself is something like the postal system. It allows you to address a package and drop it in the system, but there’s no direct link between you and the recipient. TCP/IP, on the other hand, establishes a connection between two hosts, so they can send messages back and forth for a period of time.
Just like TCP/IP, ICT standardizes how blockchains communicate with each other.
A “bridge” is exactly what it sounds like. It’s a connection built from the Aion blockchain to another blockchain. To create a bridge, a user will have to stake (commit) a certain number of AION tokens.
Developers who build bridges can collect fees from all the traffic that crosses the bridge.
Anyone can create a bridge. Aion expects fierce competition among bridge builders to the most popular blockchains. This competition will keep fees reasonable.
To create trust in these bridges, there are third-party “validators.” The validators provide an oversight function. 75% of the validators must agree before a transaction can cross a bridge. The validators share the fees collected from crossing the bridge.
Like bridge operators, validators must stake a certain amount of AION coins. That stake incentivizes everyone to act ethically. If you’re a dishonest validator or bridge operator, you risk losing your staked coins.
Other aspects of the Aion solution includes proof-of-work mining, an Aion virtual machine, and an Aion development platform to build your own blockchain.
Aion’s first bridge will be with the Ethereum blockchain.
Ethereum is one of the most active blockchains in the world. 76% of all ICOs launch on its blockchain. By focusing on building bridging technology to Ethereum first, Aion positions itself to dominate the space.
Aion will automatically attract a host of developers who want to build bridges between their projects and Ethereum. By connecting to Ethereum via Aion, a project can access all the users on one of the world’s most popular blockchains. In the same way, building a cross-chain bridge to Ethereum will automatically make the other blockchain more valuable.
Aion has recently launched their Virtual Machine: FastVM. Its purpose is to improve the performance and efficiency of their platform. FastVM is a core module of the Aion proof-of-work release, which is currently in its beta testing phase.
March will be a busy month for Aion. They will be attending the Canadian FinTech conference, and will be releasing the 4th round of AION tokens for those who participated in Aion’s Token Release Schedule. Their testnet, wallet, and explorer will be available early in the month for download.
The engineering team recently released FastVM, a virtual machine that paves the way for powerful interchain applications.
In testing, FastVM showed it could execute computations at higher speeds and lower costs than the Ethereum Virtual Machine. FastVM was 59% faster per execution and used 50% less space. That resulted in a 72% decrease in execution costs.
This means we could see Ethereum developers “oﬀ load” much of their processing needs onto the AION network while still working on the Ethereum network. This can create a “virtuous cycle” that attracts more and more developers to the AION platform.
Remember, the more a platform is used by developers the more valuable it becomes.
Aion also recently released its hashing algorithm, Equihash2109.
What’s important about Aion’s hashing algorithm is it is designed to be resistant to future ASIC designs (ASIC is a form of computer chip used by large scale crypto miners.) And that will help keep the network decentralized.
Lastly, all code for the Aion PoW (PoW means “proof of work,” a form of securing the blockchain and issuing new coins) release is now open-source and published on Github. This opens the door for third-party testing and development.
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