Aion is a multi-tier open-source blockchain infrastructure of the Open Application Network (the OAN), designed for the creation and hosting of Open Apps. These apps are designed to help users regain control over all aspects of their data, including privacy, digital assets, and ownership rights. Open Apps are universally accessible across the blockchain platforms, thus making Aion enterprise a centric network enabling the interconnection of permissioned blockchain systems. The founder of the platform Matt Spoke perceives the Open Applications as a new category of digital assets representing the future of the blockchain.
The AION coin is a utility token designed for the smooth work of the 3rd generation blockchain platforms helping to resolve the problem of interoperability. Aion creates an ecosystem helping different blockchains to communicate with each other. The project was launched by Nuco, a Toronto-based IT startup in 2017.
What problems Aion aims to resolve
Aion aims to support future blockchain platforms and solve some critical problems which the blockchain industry faces nowadays. One of the key problems that Aion targets to resolve is blockchain interoperability as numerous blockchain projects operate within their own universes and have no means to communicate with each other. Aion joined Blockchain Interoperability Alliance backed by ICON and Wanchain, the main goal of which is the promotion of interconnectivity between the isolated blockchain networks.
The mission of Aion is to become the common protocol for the blockchains enabling dApps to be adopted at scale. Different blockchains need a hub for connecting with each other, and Aion plans to become one. With the help of this platform, it’s possible to transfer data across numerous blockchains making different platforms interoperable.
Aion aims to become a glue connecting different blockchains and keeping them together despite the fact that they are built securely on different architectures. The problem is very acute for the blockchain industry. Being envisioned as something to replace banks, blockchain-based projects haven’t achieved the goal yet because instead of consolidating their efforts, they have created numerous isolated blockchains with cryptocurrencies that are not connected and cannot be freely exchanged between each other. There is no technical infrastructure for this connection to provide communications and transfers across the networks. Aion came up with a technical solution and offers the infrastructure of this type.
The Aion platform and technology
With Aion, the open application architecture provides an alternative business model that is applied to decentralized platforms. Blockchains give the opportunity for the decoupling of data from services leveraging that data, offering more control and privacy to its owners, and delivering a wider spectrum of services to be built.
The Aion network uses a combined Byzantine Fault Tolerance and Delegated Proof of Stake algorithm, which was connected with a neural network-powered Proof of Intelligence to ensure consensus. The networks resemble a local network serving as a mediator between different blockchains to bring them all to a certain standard for the exchange of values and the creation of a chain of transactions.
The AION is a utility token of the platform that fuels network transactions. AION is mined using a modified Equihash Proof-of-Work mining algorithm. Initially, the algorithm was called ASIC-resistant, but the mining gear has developed since then. The Everest version of Aion launched a DPoS-PoI hybrid consensus mechanism employing Validators and Backers. If Backers stake the computing power or AION, the validators distribute rewards when a block is validated. This scheme of action was developed for balancing financial and computing power.
The Aion network uses bridges (communication protocols) for interchain transactions. The individual consensus is required on each bridge employing a certain consensus mechanism from the main chain. Validator nodes earn mining and transaction rewards as they validate these transactions, which afterward are distributed among node backers. Intertain transactions are created on a source blockchain and then after processing and forwarding by bridges and connecting networks, they reach the required destination, i.e. the targeted blockchain. The routing of an interchain transaction is a multi-phase process, during which the transaction is verified by validators and consensus is reached. The platform offers a bounty program rewarding its users for technical support and any type of assistance.
In October 2017, the blockchain company Nuco announced that Aion has raised 22 million US dollars’ worth of ETH during the ICO token sale for the building of the first interoperable blockchain network. At that period, AION was an ERC-20 token on the Ethereum blockchain. The Aion blockchain mainnet called Kilimanjaro was launched later, in April 2018.
The AION token swap from ERC-20 to native AION blockchain came to an end by December 2018. More than 97% of the tokens had been swapped by then. Those who missed the swap can submit a request on support service to get their tokens swapped. The company used its own technology to transfer tokens, so the Token Swap employed a Token Transfer bridge demonstrating the potential of its system.
AION is traded on such platforms as DragonEX, Binance, BCEx, and a few others. The cryptocurrency can be stored in the official AION wallets with versions for different operating systems. Also, Trust wallet added support for AION, both for iOS and Android mobile wallets. Besides, Syná wallet is available for AION holders. The software comes as a fully integrated suite with Android, iOS apps and Google Chrome plugin supporting AION tokens.
The head of the company is Matthew Spoke, CEO, who enters the Board of Directors of Ethereum Enterprise Alliance. Kesem Frank, co-founder, and COO, is in charge of roadmap execution. Jin Tu, CTO of the company, has immense experience in the corporate engineering and blockchain industry.
The OAN started collaborating with the University of Waterloo in November 2019 to explore solutions to the challenge of preserving privacy in the context of Open Applications on blockchain networks. In particular, work will be conducted over the development of cryptographic techniques, for example, Zero-Knowledge Proofs and Fully Homomorphic Encryption, to enable privacy-preserving interactions between user data and applications operating on this data.
The company New Alchemy provides advisory assistance for Aion. Also, Vitalik Buterin, the founder of Ethereum, acts as an advisor of the platform.