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Aion is a blockchain that allows inter-blockchain transactions. Basically, this coin allows for interoperability across blockchains. It has great scalability. Scalability is important because this blockchain is connecting different blockchains. Therefore, a scalable network is necessary to make this work.
Moreover, the infrastructure is well-developed. It creates a token bridge that allows the system to work. Tokens from each participating chain can move across all chains flawlessly. In this way, Aion acts as a network bridge allowing blockchains to communicate.
The coin is a unique solution to blockchain networks. Its introduction creates a network like the Internet. The benefits of such a system are immeasurable. It is a clear indication that the blockchain technology is evolving.
Aion calls itself a third-generation blockchain. In a way, It does represent the third iteration of blockchains. The first iteration is the Bitcoin technology. Ethereum soon followed after Bitcoin and offered a solution to a problem. Its usage of smart contracts makes it very versatile. Then comes Aion with a solution for blockchains to communicate with each other.
Aion has a multi-tier structure. It carries both value and logic through the blockchains that are compatible with it. The result is transactions carried out entirely on-chain. Further, It uses the Proof of Work consensus mechanism and the Equihash mining algorithm.
Aion burns tokens as they move across blockchains. This ensures the transfer happens for only a coin at a time. This is possible due to the Aion Token Bridge. The bridge transfers its tokens on the Ethereum chain.
These bridges can transfer tokens in either direction. Moreover, they use the BFT mining algorithm to come to a consensus. This is a very effective process. It is very fast and secure.
Bridges have two main functions. The first one is to sign and relay interchain transactions. They do this after the source blockchain settles the transaction. The user must to pay a transaction fee to enjoy crosschain transaction.The second function is informing the connecting network. It relays the merkle hash of the participating network to the connecting network.
Yes, investors can mine Aion coins. the coin's miners allow the network to maintain decentralization by validating transactions on the network. This removes the need for centralized intermediaries to maintain system integrity.
Aion’s mining algorithm is Proof of Work. This means that the more computational power you have, the better chances of solving a block. Aion mining allows for both solo mining and public pool mining.
In both cases, you can use CPU mining or GPU mining. All in all, this process requires heavy computational power. There are several mining pools that you can join. An example is WoolyPooly.
Solo mining is not as profitable as pool mining. In fact, in most blockchains, solo mining is no longer profitable. If you have the computational power, then you go at it alone. Otherwise, it is highly advisable to join a mining pool for your mining operations.
Most blockchain projects have exceptional individuals on the team. Aion is yet another one of these. Aion is an open-source project managed by the community. However, the project has a diverse and experienced developing team spearheading it. Additionally, Aion has partnerships with several experienced individuals.
Mathew Spoke is a key contributor to the Aion project. He is the executive director and has over four years of experience in blockchain technology. He is well-known for his role as a director of the Enterprise Ethereum Alliance. Further, he co-founded of Nuco and remains the CEO of the company. Nuco is a company that delivers blockchain technology into the mainstream. Moreover, he is a project leader for Deloitte Canada.
Some supporters of Aion include Vitalik Buterin, Michael Tang, Alex Tapscott, Dennis Bennie and Scott Robinson. These are all notable names in the cryptocurrency space. It is good to see that they give Aion the vote of confidence. It shows that the company has something to keep an eye on.
The developers of Aion maintain excellent levels of security. They do this through rigorous quality assurance. Moreover, miners play a massive role in keeping the network secure. They validate transactions on the blockchain.
The decentralized nature of this blockchain is another security feature. It ensures that there is no one single point to attack. As such, network nodes work together to keep the system secure. It is too expensive to carry out an attack successfully. It is easier to mine and get a reward. Moreover, they help each other recover in case of an attack.
Transactions are fully transparent on the Aion blockchain. The ledger is open to the public for viewing and maintain. However, transactions are immutable once recorded.
The Aion coins are mostly a utility coin. They help to facilitate transactions on the Aion blockchain. Users can use the Aion tokens to create new blockchain projects. Moreover, they are usable in paying for interchain transactions and to maintain network security Further, Aion tokens are usable in P2P transactions and paying for miner rewards.
Initially, the Ethereum blockchain hosted the Aion token as an ERC-20. However, the company switched to their Kilimanjaro mainnet.
Blockchain technology is taking over the world. Many businesses are moving to blockchain because of the benefits it offers. A way of allowing blockchains to communicate is revolutionary. Aion is offering a practical solution to precisely this. Decentralized applications can finally talk to each other and improve collaboration standards.
This coin will only help taking blockchain to the next step. Businesses will have no reason not to adopt blockchain technology. This means that the coin will only see an increase in value. While it is impossible to predict the future, all indications point to this.
However, It does not come with no competition. A couple of well-funded and talented competitors now offer the same solution. Some of these include Wanchain, Komodo, Ark Ecosystem, Cosmos and Polkadot. This makes it impossible to predict whether Aion will come out on top.
Aion has excellent potential to grow in value. This is because the value proposition is easy to onboard. Therefore, it is a great coin to have in your portfolio. Luckily, there are several exchanges that support the selling of Aion coins. These include Binance, and Bitfinex the largest cryptocurrency exchange.
The price of one of the coin stands at $0.079640. However, the coin is showing a steady growth of value over time. The market cap share for this coin is $38,807,447, placing it at rank 178. The circulating supply of the coin stands at 487,496,874, which is also the total supply in the market.
The coin is barely three years old. Notwithstanding, it is performing better than some cryptocurrencies that are older. This shows the great potential that Aion has. With the world moving into blockchain more and more, Aion becomes more relevant. The value proposition has immense economic incentives for businesses. For this, we expect the to see more adoption. This means that Aion coins will also see more adoption raising the value of the coins.