What is AION? Blockchain Technology 3.0
There are currently 3 generations of blockchains. The first generation are alternative currency projects, this generation is led by Bitcoin. The second generation of blockchain projects is essentially the foundation for dapps. The current leader in this generation is Ethereum. Generation 3 grew out of the need to fully utilize the power of seamless connectivity across separate blockchain networks. These blockchain 3.0 projects aim to bring to blockchain what the internet brings to mobile phones.
What is AION?
AION is the first blockchain 3.0 network that allows different blockchain networks to communicate with each other on a global scale. There are hundreds of blockchain networks today, and AION believes there will be thousands and millions upon widespread adoption. This then creates a need for blockchain networks to integrate and communicate.
AION CEO Matt Spoke categorizes AION users as those who want to build on public networks, those who want to build bridges between different public (and private) networks, and those who want to use them. use the codebase to build their own network.
What does AION do?
The problems that AION intends to solve are as follows:
- Blockchains, as they are, act as isolated networks.
- Some blockchains use different programming languages and protocols, making communication difficult.
- Blockchain networks suffer from scalability problems, as they are clogged with dapps
AION is a blockchain project that aims to be a bridge connecting all other blockchain projects (both private and public). The AION blockchain network will enable:
- Exchange data and value between any AION compliant blockchain (Ethereum included)
- Fast transaction processing and increased data capacity
- Create custom public and private blockchains to maintain interoperability with other blockchains, while allowing publishers to have control over consensus mechanisms, token issuance, etc.
The main features of AION that solve the above problems and enable the above functions are:
- Dapp Platform with its own Virtual Machine
- Routers that transfer values and logic between networks
- The framework for generated chains (on the AION network) scales to achieve very high transaction speeds.
Anyone can create a bridge on AION with any other network, as long as the other network is compatible with AION. The AION network is built in such a way that most (if not all) blockchains will be compatible with AION.
The AION platform has a different consensus mechanism for both cross-chain and online transactions. This implies that consensus failure in inter-network transactions does not lead to on-chain consensus failure and vice versa. The on-chain consensus mechanism combines BFT (Byzantine Fault Tolerance), DPoS (Delegated Proof-of-Stake) and a new neural network-inspired verification algorithm called Proof-of-Intelligence.
Link transactions are managed by bridges. The bridges use a deterministic consensus mechanism from the main AION chain, and each bridge is secured by a separate consensus. Bridge validators will be rewarded with affiliate transaction fees and (possibly) a block reward.
History of AION
Matt Spoke, CEO of AION, started as an Accountant at Deloitte in Canada. He turned himself into a blockchain expert after gaining an interest in the blockchain space. This interest led him to buy bitcoin in 2012, and in 2014 he wrote an article with the premise that bitcoin would leave auditors out of place. This article is addressed to the CEO of Deloitte, and an R&D team (Rubix) has been created based on it. Spoke led that team for two years.
Seeing a gap in the interoperability of blockchains, Spoke left Deloitte to launch Nuco, an enterprise software company, in May 2016. Spoke’s work also helped lead to the founding of the EEA (Enterprise). Ethereum Alliance), where he sits on the board of directors. Nuco, of which AION is a subset, existed until June 2018. Now, the AION network stands alone as a project and an organization.
The COO (and co-founder) is Kessem Frank. He is AION’s head of development. He has been active in the blockchain world for more than 5 years and he worked with Spoke on Deloitte’s Rubix team.
Jinius Tu is the CTO. He works as a Blockchain Architect and Lead Developer on the Deloitte team from Rubix. He was a Senior Risk Engineer at Morgan Stanley for 2 years and for over 1 year held the position of Chief Architect and Senior Developer for a Bitcoin exchange system.
Jason Burke is the CFO. He has held CFO positions at several small companies.
AION advisors include Anthony Di Lorio (co-founder of Jaxx), Eric Gu (founder of Metaverse Foundation), Jeff Pulver (founder and CEO of pulver.com).
Vitalik Buterin, co-founder of Ethereum, is one of Nuco’s advisors but not AION’s advisor. AION is considered a complement to Ethereum.
Challenges and competitors
The big challenge of most blockchain projects is timing. Most struggled to keep up with the timelines in their roadmap because of the complexity of what they were trying to achieve. Estimating the timeline of a future task based on past experience. Meanwhile, most projects are very unique and encounter unexpected problems on their road map. This road map struggle has also proven a challenge for AION.
AION’s direct competitors include Cosmos and Polkadot. Cosmos is a decentralized network of independent parallel blockchains, each powered by a Byzantine fault-tolerant consensus algorithm like Tindermint. Polkadot is an interchain blockchain protocol that allows independent blockchains to exchange information.
The AION token is the utility token that powers the AION network. It is quite similar to ETH in functionality. AION enables the movement of value on the AION blockchain, payments for operations in the blockchain, deployment of software applications, creation of new participating blockchains, and network integrity security.
AION seems to be the current leader in blockchain 3.0 projects. AION is a partnership with Bancor, Bitt, Enigma, Metaverse, SingularityNET and SONM.
However, there is still a lot to be achieved before AION can become a leader in cross-blockchain interoperability.
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