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AION

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Description

What does AION do?

There are hundreds of blockchain projects that make all sorts of new things possible. However, they are currently operating independently of each other. Most public and private blockchains have no way of sharing information with each other. AION is a project that aims to solve this problem by acting as a connective system that allows all blockchains to communicate with each other.

Unlike projects that stand alone, like Ethereum, AION will allow users to create blockchains, smart contracts, and decentralized applications that are compatible with all other cryptocurrencies. As a result of bridging different cryptocurrencies, value transfer between blockchains will become possible without the need for an exchange. For example, a user will be able to trade ETH for its equivalent in BTC with another user thanks to AION’s smart contracts.

What are AION coins used for?

AION coins have three main uses. First, they are needed to create new blockchains. Second, building bridges between blockchains (making them compatible) will require AION coins to be locked up. Finally, the project uses a proof of stake consensus mechanism, which means that AION coins need to be staked to verify transactions. Users that stake AION coins for this purpose are called “validators” and assist in the creation of new blocks of transactions on AION’s blockchain. With this consensus mechanism, staked AION coins are returned to validators once it’s verified that consensus has been reached without any problems.

How can AION coins appreciate?

With so much valuable information stored on so many different blockchains that cannot currently communicate, it’s only logical that this lack of connectivity must be solved. If AION proves to be a good solution to this problem and gains adoption, AION’s bridges will be used to make different blockchains compatible. Since AION coins will be locked up for each new bridge that is created, wide adoption will quickly create scarcity, causing the coin’s value to skyrocket.

What is the difference between AION and its competitors?

The most significant competitor of AION’s is another project that aims to provide connectivity between different blockchain networks: ARK. ARK may be a more ambitious project, because it aims to provide more features than simply connecting blockchains. However, AION may be more suitable for developers as its API has been reported to be more flexible and powerful than ARK’s.

  • Mainnet Launch: -
  • Open Source: No
  • Consensus Type: Ethereum consensus (currently PoW, will be PoS later on)
  • Technology: Ethereum
  • Total Coin Supply: 465,934,587
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Description

What does AION do?

There are hundreds of blockchain projects that make all sorts of new things possible. However, they are currently operating independently of each other. Most public and private blockchains have no way of sharing information with each other. AION is a project that aims to solve this problem by acting as a connective system that allows all blockchains to communicate with each other.

Unlike projects that stand alone, like Ethereum, AION will allow users to create blockchains, smart contracts, and decentralized applications that are compatible with all other cryptocurrencies. As a result of bridging different cryptocurrencies, value transfer between blockchains will become possible without the need for an exchange. For example, a user will be able to trade ETH for its equivalent in BTC with another user thanks to AION’s smart contracts.

What are AION coins used for?

AION coins have three main uses. First, they are needed to create new blockchains. Second, building bridges between blockchains (making them compatible) will require AION coins to be locked up. Finally, the project uses a proof of stake consensus mechanism, which means that AION coins need to be staked to verify transactions. Users that stake AION coins for this purpose are called “validators” and assist in the creation of new blocks of transactions on AION’s blockchain. With this consensus mechanism, staked AION coins are returned to validators once it’s verified that consensus has been reached without any problems.

How can AION coins appreciate?

With so much valuable information stored on so many different blockchains that cannot currently communicate, it’s only logical that this lack of connectivity must be solved. If AION proves to be a good solution to this problem and gains adoption, AION’s bridges will be used to make different blockchains compatible. Since AION coins will be locked up for each new bridge that is created, wide adoption will quickly create scarcity, causing the coin’s value to skyrocket.

What is the difference between AION and its competitors?

The most significant competitor of AION’s is another project that aims to provide connectivity between different blockchain networks: ARK. ARK may be a more ambitious project, because it aims to provide more features than simply connecting blockchains. However, AION may be more suitable for developers as its API has been reported to be more flexible and powerful than ARK’s.

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