Aion (AION)

Aion (AION)

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June 1, 2018 by matthewrobinson
2047
What is Aion? According to the Aion website “Aion is a multi-tier system designed to address unsolved questions of scalability, and interoperability in blockchain networks.” The project enables custom blockchain architectures and provides solutions for cross-chain interoperability. Matt Spoke, CEO of Aion, categorizes three types of Aion users: 1) people who want to build on
aion thumb final

What is Aion?

According to the Aion website “Aion is a multi-tier system designed to address unsolved questions of scalability, and interoperability in blockchain networks.” The project enables custom blockchain architectures and provides solutions for cross-chain interoperability. Matt Spoke, CEO of Aion, categorizes three types of Aion users:

1) people who want to build on top of a public network

2) people who want to build bridges between various public networks

3) people who want to use the codebase to build their own network (with different configurations).

Aion believes that the future of blockchains will likely be a complex integrated system between private and public blockchains and that many different blockchains will co-exist.

example of Aion's network

Problem?

The problem with blockchains today is that they operate as isolated networks. For blockchain technologies to realize their potential, they will need to transfer value and logic seamlessly across platforms. Some blockchains use different programming languages and protocols, which complicates inter-blockchain communication. In addition, DApps clog blockchain networks due to scalability issues.

Aion Solution

The network has three features that solve the problems mentioned above:

  1. DApp platform with its own Virtual Machine. This enables sections of code to be processed simultaneously instead of sequentially (like adding lanes to a highway).
  2. Router that transfers value and logic between networks
  3. Framework for spoke chains that can scale to achieve infinite transactions per second

Aion is a third generation blockchain network aiming to connect different blockchains together. Matt spoke believes that scalability can be achieved by bridging together public and private blockchains. He believes that different use cases will require different blockchain configurations. This is why Aion encourages people to use and alter the Aion codebase to create different networks. Anyone can create a bridge on Aion to any other network as long as it is compatible. The Ethereum-Aion bridge that they have already built proves their ability to build these bridges.

The interoperability alliance is an example of Aion’s willingness to partner with other blockchains to try solving these complex problems. This alliance includes Aion, Wanchain and Icon. The nature of this relationship is to open up communication between the different platform’s developers. The networks plan on creating interoperability among themselves in order to prove their ability to do so with all blockchains. They have also partnered with Bancor, Bitt, Enigma, Metaverse, SingularityNET and SONM.

Cons

One con of the Aion project is the fact that the interoperability space is becoming very competitive. If a different blockchain were to solve interoperability, it could make the Aion project obsolete. Another potential concern is that Aion uses a proof-of-intelligence consensus algorithm which is experimental and could fail. Despite their Ethereum-Aion bridge, it is uncertain if Aion will be able to connect other blockchains.

Point of Aion Token

The Aion token is the sole method of value transfer on the network. The token can be used to deploy software applications, pay for fees, establish secure bridges between networks, create and configure new connected blockchains, and can be staked to secure the network.

BlockWolf Summary

BlockWolf believes that Aion is in a good position to succeed but there is so much uncertainty about the project’s future developments. Aion’s partnerships, team, and leadership impress us and Matt Spoke can captivate an audience. The amount of developer support behind the project shows that they have a strong community supporting them. However, despite their industry alignment, Aion still has many challenges in becoming the standard for interoperability.