Sunday, December 26, 2021

Aion Network and Blockchain Interoperability

What is Aion?

Aion Network is a platform for building decentralized applications created in the fall of 2017 by Nuco, a team of former Deloitte executives. Its third-generation blockchain, Aion-1, aims to manage sophisticated software and communication between many separate blockchains. The Aion-1 token (AION) was successfully transferred from Ethereum to the mainnet in late 2018.

What is AION

Federate, Scale, Spoke

The main idea behind this platform is to address the lack of interaction among established blockchains. Aion’s bridging mechanism allows an organization to transfer information and assets between Ethereum and AION-compliant public ledgers so that applications can function simultaneously in multiple chains. Handling multi-signature accounts in Ethereum is costly, so a computationally light BFTbased algorithm is used to optimize the process. Other existing blockchains can be linked with bridges to the Aion Network in a similar fashion as well. A powerful virtual machine handles execution and adaptability while enabling fast transaction verification and high data capacity. Nevertheless, publishers are free to choose their types of governance, consensus algorithms, forms of issuance, and participation models.

What is AION

Here & There

One of the greatest advantages of Aion-1 is its consensus mechanism. It is a hybrid and consists of backing by staking, which is similar to Proof of Stake (PoS), and backing by solving, in which the computing power put into solving the puzzle is leveraged for actual utility. The latter is done with the Proof of Intelligence (PoI) algorithm, created to promote the development of machine learning specialized hardware. Unlike Proof-of-Work, this approach does not involve the waste of electricity and other resources.

Where to store Aion?

Providing interoperability is the revolutionary feature that drives this platform and token. Several cryptocurrency wallets around allow you to keep and manage Aion. Whether a security expert or a brand new user, with our Magnum Wallet, you can send, receive, store and trade your Aion tokens safely and securely.

Leave a Comment