The cryptocurrencies are increasing day after day. However, the mainstream of technologies related to blockchain systems are still suffering on the issue of scalability and privacy. The initial cryptos like the Ethereum and Bitcoin aimed at working on the decentralization issue by offering platforms that one could make decentralized payment without intermediaries for instance banks. The recent generation of cryptocurrencies, for example AION is working to federate data asset value by using the hub and spoke models.
AION cryptocurrency is a multi-tier blockchain system crafted to enhance privacy, scalability of blockchains and inter-operability. AION is branded a third generation blockchain network which can offer communication modules between different blockchains. It offers a platform for both private and public blockchains to federate and scale. It simply connects other blockchains but still manages to conduct its operations of their individual applications.
In this article therefore, we are going to talk about the history of the AION platform, its founders and some of its relevant features. I hope by the end of the article you will have a better understanding of the AION cryptocurrency.
History and Founders of AION
AION is a whole new venture in the cryptocurrency world which was spear headed by Mathew Spoke. Spoke has about 4 years of experience in the blockchain and has also worked with other leaders who are within this domain of cryptocurrencies. That aside, Mathew Spoke is the CEO and founder of NUCO which is a company that operates in the crypto sector. NUCO is the company behind the secure, scalable and modular networks of the blockchains.
Other members of the AION team include;
- Alexandria Roatis
- Ali Sharif
- Anakha Palissery
- Benn Godenzi
- Chris lin
- Dipesh Pradhan
- Duncan Cameroon
- Erik Iglikov
Using the AION platform, users are able to federate. This means that each user is able to communicate with another in the bloc chain since the platform makes intercommunication between blockchains easier with its top notch performance bridging mechanism. The platform also has introduced a top notch performance virtual machine that can handle scalability and the performance of the cryptocurrency. This is made possible since the machine offers the chance to maintain a number of multiple chains.
The Aion cryptocurrency network is like a computer network which is based on a blockchain system. Additionally, the network passes logic and value among its users. Moreover, through the network, users are able to pass liquid transaction without having the fear of a third party getting involved. The founders of the AION cryptocurrency network were focused on providing a network that has a third generation blockchain known as AION-1. This blockchain system is designed to build other blockchains and also assist in managing some of their applications.
The first generation of blockchain systems are those systems that were designed by Bitcoin during its launch in 2008. These specific blockchains take advantage of cryptographically secured digital transactions that were P2P of nature. They were recommended on the immutable ledger. They were also verified using the decentralized system in the blockchain.
The 2nd generation of the blockchain systems are those found in the Ethereum. They provide a platform with the capability of creating application which are specific to logic on the same network. This innovation expanded the cryptocurrency to including more than just the usual transactions therefore creating a whole new evolution in the cryptocurrency world.
AION network, being a third generation blockchain system, can federate data and value within the spoke model and the hub similar to that of the internet. It has an active community which is currently ramping up community efforts waiting for the main-net and test-net launches. The community has begun recruiting representatives and organizing public meetups. This is all aimed at preparing for the new launch.
AION cryptocurrency tokens are used to secure the platform, device some inter-chain bridges and create new blockchains. Each of these tokens can be transferred from one party to another. At first, the AION token is offered in the Ethereum token that exists in the Ethereum blockchain. Users then can convert the Ethereum tokens to AION tokens once the users verify. Afterwards, the cryptocurrency token will then be free to move between blockchains as either Ethereum token or AION-1 token.
The AION-1 platform maintains a consensus for both inter-chains and on-chain transactions. It is important to note that the consensus failure of on-chain consensus does not necessarily mean the failure of the inter-chains consensus and vice versa.
A consensus on the on-chain transactions is solved using the mixture of Delegated Proof of Stake known as BFT and a totally different neutral network known as POI (Proof of Intelligence). Whereas the inter-chain procedures are managed by bridges. The bridges use a defined consensus mechanism from the main system of the AION-1 and each bridge is being secured by an individual consensus.
A wallet is a software that is able to store public and private keys and interact with various blockchains to enable the users to receive or send cryptocurrencies as well as monitor their respective balances. Wallets are widely used by the cryptocurrency users.
The AION token, since it is based on the Ethereum systems, can be supported by wallets that are compatible with ERC-20 Ethereum tokens. These wallets include;
The crypto coin is also compatible with other hardware wallets for example;
Future of AION Cryptocurrency
- In 2017, the white paper and token event where they were generated for the AION platform. Additionally, the team behind this platform also released a new tech that will allow users to build their own AION platform compatible blockchains.
- 2018, the team started with the introduction of AION crypto virtual machine paper which changed the game for the platform.
- 2019, the team hopes to finalize the network infrastructure which will allow faster and efficient inter-chain applications and communications.
In conclusion, I hope with the above descriptions, you now have a better understanding of the AION cryptocurrency. With the constant growth in the cryptocurrency, need for a blockchain that allows communication with other blockchains is also growing and the concept of side-chains is expanding. This will eventually increase the need for crypto coins like AION.