Estimated reading time: 1 minute, 14 seconds
This episode of Blockchain Token – What is it? covers AION.
AION is a third-generation blockchain network designed to solve for scalability, privacy, and the interoperability of the many blockchains that exist and will exist.
AION’s network, known as AION-1, will function as a bridge between incompatible blockchain networks. It will follow a hub-and-spoke model, like a computer network, to allow both public and private blockchains to exchange information, logic and value.
Designed to connect with the main Ethereum blockchain, the ERC-20 AION token will exchange seamlessly with the AION network tokens on AION-1 blockchain.
Currently blockchains are not compatible with the AION network. To become compatible with AION-1 they’ll have to meet some standards such as being decentralized and supporting atomic broadcast.
Along with ICON and Wanchain, AION has formed the Blockchain Interoperability Alliance, to form a common set of standards to connect blockchains. Their first priority is research and design of cross-chain transactions and communication.
Some competitors to AION are other bridge blockchains like Ark.
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