AION is a third-generation blockchain whose main focus is interoperability i.e it wants to act as a bridge and connect a host of other blockchains, both public and private. This is achieved with the use of a token bridge enabling tokens from each chain to move flawlessly across all chains.
Interoperability of the AION network
AION is designed for quick processing of the transactions, as well as the higher capacity of data transfer and ability to customize public and private enterprise blockchains.
Key components of the AION network
1. AION token Bridge
This is where AION will connect different blockchains and facilitate the transfer of the tokens. This works bidirectionally and uses Byzantine fault tolerance to come to a consensus.
2. The AION VM
It is the modified version of the Ethereum virtual machine. The difference between the two is that Aion virtual machine is lightweight and performant as well as leveraging certain attributes of the Java virtual machine.
This means AION not only supports applications written in solidity but also applications written in Java which opens development on a large scale due to the huge number of existing Java developers.
3. The AION API
This gives developers an interface for the Java-based dApps. The API supports both java and web3 programming language.
Due to the wide range of tools that AION provides developers can code their own dApps on the AION chain. These tools have given AION developers the ability to deploy smart contracts as well as migrate existing dApps through the AION route chain.
All of these can be completed in less than 5 mins!! This kind of stuff is what encourages development on the AION platform and that’s an important step towards mass adoption.
Something else that is key to the Aion network is their AION token. It is an ERC20 standard token and this works as a fuel for the entire network and is used in the token bridge. AION issued these tokens in the ICO that took place in the 2017 bull market. This included a whopping $23 million private sale and a $20 million public sales.
AION is available on a different number of Tier-1 exchanges like Binance, Kucoin, Bittrex, etc and also it was recently listed on India’s Biggest Exchange- WazirX.
AION has its own proprietary wallet on Mac, Windows, and Linux which you can use to store your AION tokens offline.
AION is quite an impressive project. They have been actively pushing code on GitHub and building on their platform. They have also been meeting some key milestones in their roadmap. There are various projects that are competing with similar ambitions like Cosmos, Matic, etc.
So it will be quite interesting to see how will AION will work in the future to take down this strong competition.