The blockchain was introduced to the world through the cryptocurrency market. It was and continues to be the underlying technology that controls and facilitates it all. Over the years, as the blockchain has proved itself as a technology. With that the number of people incorporating the blockchain into their lives, products and companies are on the rise.
Irrespective of when the company launched its blockchain, most of the features and methods are brought in from legacy blockchains like that of Bitcoin and Ethereum. Along with the features that are inherited, a lot of the old problems are too. And the newer blockchains are working on fixing them and bettering the blockchain experience.
But for blockchain, as a technology, to reach its full potential by taking over the financial structures of the world, there is a long way to go. This is because efficiency and speed are directly affected by the volume on the blockchain. And with most blockchains at their critical capacities, the blockchain is struggling to offer basic services.
For this too, the cryptocurrency market and the blockchain industry have a solution. After having identified three main stress points in the blockchain technology and implemented blockchains, this company is trying to better existing blockchains with its blockchain solution.
What is AION Network?
The Aion Network is a company that was founded in 2016. The startup was founded by three Deloitte leads and was a part of Nuco. Aion Network is a blockchain solution that aims to solve the cryptocurrency markets main issues.
The team has essentially identified the cryptocurrency market’s problems. As the number of people on the blockchain increases the efficiency of the blockchain tapers. This is a real hindrance that the blockchain needs to solve and solve fast. Along with this, the team has identified two other problems. And through their solution; Aion Network, they plan to better the blockchain ecosystem.
According to Aion, the cryptocurrency market faces three main problems; scalability, interoperability and compatibility. All three of these problems are very widely discussed and are a real drag on the blockchain and thereby the cryptocurrency market. Probably the most important of these three problems is scalability. With the blockchain technology being projected to becoming the next solution to the financial industry, scalability is something that the technology needs to address right away.
The Aion Network has developed a blockchain solution that solves all three problems; scalability, interoperability and compatibility. The solution is three-forked, as is the problem, and attacks each problem on its own. The Aion Network’s main idea in its solution is to act as a bridge between the blockchains in the market and currently in use by promoting the three. Let us take a closer look.
The Aion Network has identified three problems and they are;
Scalability is one of the biggest problems that the blockchain technology is currently faced with. Scalability is one of the biggest obstacles that the technology has in terms of being able to fulfil its original aim and actually successfully take over the financial industry.
With legacy blockchains like Bitcoin and Ethereum, already at critical capacity, the efficiency and the speed that the blockchain once offered is starting to taper. With this tapering of service quality, the average cryptocurrency market trader is slapped with hefty transaction fees.
To counter this, the Aion Network’s blockchain has tweaked the technology to ensure that an increasing volume of users does not result in the tapering of service quality to the end user and fraying of the network from a technical point of view.
One of the biggest successes that the cryptocurrency market has seen is the large number of altcoins that have been created following Bitcoin and Ethereum. It is a true testament to the blockchain technology.
But with the increasing number of altcoins in the market, the number of blockchains too increased proportionally. With this being the case, the number of individual, separate and isolated blockchains is quite high.
To fix this blockchain isolation problem, the Aion Network has figured a way to allow interoperability between the blockchains and allows them to work with each other to reach faster completion of tasks and projects.
With interoperability being a major push from the Aion Network, so is compatibility. There are too many blockchains in the market as of now and they are all isolated from one and other. Because of this inherent isolation, there is hardly any communication between the blockchains and a data cannot move freely
To solve this particular problem, the Aion Network acts as a bridge between blockchains. By acting as a bridge the blockchain is essentially allowing free flow of information and allowing blockchains to help each other and work towards a common goal.
The AION Coin
The native token of the Aion Network is the AION token. The token first started off as an ERC20 Standard token and then the company launched its own Aion Coin. The token swap is actually currently underway. The AION token is the 67th largest cryptocurrency in the market, according to coinmarketcap.
The coin entered and starting trading in the market in 2017. It has saw quite a hike in the first couple of months and then stabilised following that. The AION token has been in the market for over a year now.
The token’s all-time high is $10.53 USD and the current value of the token is $0.395 USD.
Read this article to know Why you should pay attention to APPCOIN (APPC)
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Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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