What exactly is Aion?
Before we describe what Aion is, it’s necessary to examine the industry’s blockchain projects. In general, blockchain initiatives may be classified into three distinct generations. Initial blockchain initiatives are those that aim to provide an alternative currency. Naturally, the first example is bitcoin. Second-generation blockchain projects are essentially Ethereum-like decentralized application platforms. The third generation of blockchain initiatives, which receive less attention, were formed out of a new requirement: the desire to properly integrate disparate blockchain networks. Simply put, these initiatives are attempting to bring to the blockchain what the internet did for mobile phones.
AION is one of the blockchain initiatives referred to as ‘third generation’ in this article. What distinguishes this project from others is that Aion is the first blockchain network to enable the communication of blockchain networks on a ‘global scale.’ Hundreds of blockchain networks currently exist, and the Aion team believes that if this technology is broadly embraced, we will witness millions more projects requiring integration and communication.
What Is AION’s Purpose?
Aion seeks to resolve the following problems:
Blockchains function as distinct, self-contained networks.
Certain blockchain networks employ disparate programming languages and protocols, complicating communication.
Scalability difficulties negatively impact blockchain initiatives.
AION’s mission is to provide a link between all other blockchain initiatives (both private and public). The Aion blockchain will enable the following:
To facilitate the transmission of data and value between Aion-compatible blockchains (including Ethereum).
Increased data capacity and processing speed.
Developing customizable private and public blockchains that prevent communication with other blockchains while also granting control over consensus methods and token production to the blockchain founders.
You may find below the primary characteristics of Aion, which address the aforementioned issues and perform the functions:
A distributed application platform with its own virtual machine router that facilitates the movement of values between networks.
It is a framework for scaling chains developed on the Aion network in order to attain extremely fast transaction rates.
AION is a utility token that powers the Aion network. AION, which functions similarly to ETH on the Ethereum network, is used to transfer value and other assets on the Aion blockchain. By utilizing it in business, it enables the protection of network integrity. This cryptocurrency is now available for trading on Binance Kucoin and Bitfinex.
Aion is one of the first blockchain projects that comes to mind when considering interoperability; it is a critical blockchain project that optimizes inter-network communication through its integration with major networks like Ethereum. Aion, which is not listed on any major exchanges except Binance (but is listed on Bitfinex with a very low trading volume), might be considered a long-term investment due to its low trading volume and low market value. Although I classify AION as hazardous, I feel that it can create a niche for itself through new collaborations and project integrations, I believe that its potential is fairly great, as is its risk.