How AION (AION) Plans To Link The Blockchain World
The blockchain ecosystem is fast evolving, with the number of blockchain projects on a steady rise and looking to gain relevance in every sector of the global economy.
Gaining mainstream adoption, token bridge project stands out for connecting blockchain projects rather than the real world to blockchain technology.
The number of cryptocurrencies porting to their respective MainNet skyrocketed this year, further diversifying the already diverse crypto verse.
The AION project focuses on solving the interoperability problems that currently thrives in the blockchain world by creating a multi-tier blockchain network.
The AION network is the first multi-tier blockchain network designed. AION is often referred to as a third generation blockchain.
As a third generation blockchain, AION succeeds the first generation of blockchain which focuses on anonymity and money transfer, and the second generation focused on building smart contracts on the Ethereum blockchain.
How the AION Network Works
AION has predicted that in the future, blockchains will function like a Hub just like the internet.
AION described the Hub to be a central system that will be the connecting point for various blockchain networks.
AION envisions itself as a network that will integrate several blockchain projects.
Within AION-1; AION’s blockchain, all integrated private and public blockchains can communicate with each other. By communicating blockchains, AION-1 provides:
- A bridging protocol that provides interpretability across all blockchains.
- Use the bridging protocol to route messages between different participating blockchains.
- Provides a decentralized accountability.
AION-1 through its bridging protocol ensures that every transaction or message flowing through different blockchains are correct, so users do not have to worry about managing difficulties or unclear situations while participating in interchain transaction.
AION-1 as a Hub serves as an interconnecting network that connects various integrated blockchain networks into one interconnected ecosystem.
AION-1 implements interchain transaction to connect different blockchains but with a transaction fee attached to every transaction.
These transaction fees are made with the AION tokens, AION.AION-1 Interchains consists of
- Payload: The actual data that the sender intends to send to the receiver.
- Metadata: Includes all the information related to routing between blockchains and the transaction fee.
- Merkle Proof: Is an option that allows users to bypass the bridge of AION-1
The AION Token Bridge
AION launched its MainNet; Kilimanjaro back in April, and the AION Token Bridge two months after.
The Token Bridge was built by AION on Kilimanjaro to facilitate the decentralized transfer of value from Ethereum network (ERC-20 tokens) to the AION network (AION coin).
The AION token bridge is still in its early phases, the Alpha phase to be more precise.
At the moment, the bridge allows only the unidirectional transfer of BTAION (from the Rinkeby network, based on Ethereum’s) to the native AION coins.
AION has stated that the AION-1 will evolve with time, getting more generic with that, integrate more blockchains and tokens.
Status of the AION (AION) Tokens
AION tokens have experienced gross devaluation just like the entire cryptoverse has over the last couple of months.
As at the time of this writing, AION tokens is trading at $0.859 after registering a sharp decline of 11.41% over the last 24 hours.
A market capitalization of $143,999,296 makes AION the 61st largest cryptocurrency.