What is Aion? What are they aiming to do?
Currently, for the most part, all the different blockchain platforms, are unable to communicate with each other. Aion are working on building a building a blockchain infrastructure that is designed to be the common blockchain protocol used across all blockchain platforms by connecting all different blockchains, by creating a means to connect them together. They are building this with the intention for it to be fully scalable to cope in the near future, when blockchain is mainstream in every company worldwide. There will soon be a very real need for data, tokens and assets to be moved constantly between blockchains, and Aion are working on building a platform which could fill this need.
Currently, there are hundreds of blockchains. Soon there will be thousands if not millions. Aion is creating their own fully smart-contract ready blockchain platform is aiming to eventually connect together all these blockchains.
The company built their Aion blockchain as a blockchain to connect blockchains. Aion is aiming to be the ecosystem in which the blockchains exist and communicate. They will allow transactions, assets and information to be passed as freely between different blockchains, as it is currently possible to pass value within the same blockchain.
They are currently working at enabling data to be sent between any Aion compliant blockchain and Ethereum- and are building their first bridge connecting the Aion and Ethereum blockchains. Some Apps on Ethereum are already looking at using Aion, or a different blockchain connector, for them to be able to expand their apps’ use, to be used on other blockchains in addition to only working on Ethereum, as is currently the case for the majority of Apps.
Their goal is to have a new public blockchain that is fully scalable and that can work with any blockchain- i.e. one that can cope with mass adoption of millions of users at any time. In theory, in time any blockchain platform can be Aion compatible. Aion could provide a way for any institution’s blockchain- such as Governments, or medical centres private blockchains, to be able to send information or assets between their respective blockchains, without anything leaving the blockchain, so all data and every stage of the transaction will be recorded on the blockchain. This would allow for a much quicker, safer and more seamless transfer of data.
By connecting blockchains directly with each other, Aion are making it possible to not have to rely on any centralised third party for any transaction. They are trying specifically to incentivise decentralisation as much as possible, so that users on a blockchain are reassured that their data won’t be tampered with by a third party.
The Aion token will be used to develop apps, build bridges, create new blockchains, secure the network.
Aion has a long roadmap- the team are clear that it’s a big and complicated project that will take years until the Aion blockchain and bridges are complete.
Aion (together with Icon and Wanchain) is a member of the Blockchain Interoperability Alliance – 3 companies working together to share their resources and knowledge in connecting blockchains around the world. See here for more information on the project.
This is a great 4 min intro video to Aion
How Aion works
Aion have a group of nodes sitting on a bridge (like for example a connection linking the Aion and Ethereum blockchains) that look out for transactions. These nodes can then pull the transactions over onto the other blockchain. Those nodes witness on one blockchain on one side of the bridge, and transmit the transactions on the other side of the bridge, on the other blockchain. The nodes validate any transactions and are rewarded by the network for doing so.
The Aion network rules are focused on rewarding network decentralisation – i.e. on creating a connection between blockchains that is as decentralised as possible.
Aion will be fully scalable, so that multiple bridges, or different sized bridges (with more or less nodes) can be built across bridges, depending on need and the volume of transactions. The more transactions between blockchains, the more fees created, so the more rewards there are for network nodes to add more nodes or create more bridges.
Anyone can create a bridge between blockchains – the Aion design also allows for the creation of cheaper or more expensive bridges – depending on the number of nodes they have – which will affect how fast transactions get processed.
Aion – the Company behind the Aion blockchain
Aion is a Canadian based company, and is developed by Nuco, a Toronto-based blockchain company. Vitalik Buterin (founder of Ethereum) is an advisor to Nuco, and whilst he doesn’t advise specifically on Aion, his experience and connections will surely be of great help. Aion have a close relationship with Ethereum – Matt Spoke, Aion’s founder, is on the Board of Directors at the Ethereum Enterprise Alliance. Aion are currently in huge growth and are rapidly expanding their team and platform.