At the moment there are hundreds of blockchains. In the coming years, more and more will be added and we may have thousands or millions of blockchains.
All these block chains do not communicate with each other at the moment and are similar to computers from the 1980s. They all have a lot of potential but only come to life when they are connected together. Aion wants to do the same for blockchains as the Internet has done for the computers: connect them together and create endless possibilities. In this article you will find an explanation of what Aion does and what they want to achieve.
How To Buy AION
So you’re interested in buying AION? Currently, there is no way to buy AION directly with fiat, so the best way to buy AION is to first purchase Ethereum, transfer it to your chosen trading platform and change it to AION. We’ll show you how.
2. Once your account has been created and confirmed, log into your Binance account. Once you have logged into the account, go to the menu, click on the funds section and then deposit on the drop down bar.
3. Once you’re on the Deposit section, click the drop down menu labeled “Select Deposit Coin” and look for Ethereum, or type ETH and select.
4. This is your Ethereum Deposit Address, we have chosen Ethereum instead of Bitcoin due to the lower fees and transfer times. Next we’re going to look at buying Ethereum and depositing it into your Binance account.
1. First change the Buy option from BTC to ETH for USD and then choose your amount.
2. When you have chosen the amount of Ethereum you want to purchase (A minimum of 0.05 ETH is required), you will need to register and confirm your CEX account and payment details.
Once that has been confirmed and the ETH has been deposited into your account, we will then need to move it over to Binance.
3. Select the Withdraw option at the top of the site and select Ethereum as your currency. You will then be given a field, where you will add a wallet. This is where you can transfer your money to Binance.
4. Go back to your Binance Account and copy the alpha numeric code under your Ethereum Deposit section and paste it into your Ethereum Withdrawal section on CEX.io. Confirm that this address is correct and press “Withdraw“.
Your Binance account will now be credited with Ethereum.
2. On the trading platform, select the ETH section and use the search function to search for AION/ETH and confirm.
3. On the AION/ETH trading section you can now choose how much AION you want to buy with your Ether. Once you have chosen your amount, press Buy AION and place your order.
Once your order has been fulfilled, your account will be credited. Congratulations you’re now the proud owner of AION.
What is Aion?
Blockchain technology will become mainstream faster from the moment it becomes possible to have all individual blockchains communicate with each other. At present, they still exist separately from each other because privacy is an important aspect and should be safeguarded at all times. If a solution is found, the insulation can be broken and the chains can work together. This will take us to the third generation of blockchain technology. Just to explain that:
The first generation blockchain was built as cryptocurrency, like Bitcoin.
The second generation blockchain was developed as a network on which developers can build blockchain applications. Ethereum is a good example of this. This generation can be compared to computers in the 1980s. They have a lot of potential but do not yet see how much value they can have when they are connected and can work together.
The third generation of blockchain technology will bring this connection and thus bring us closer to mainstream adoption. Aion belongs to this generation and makes it possible with its network:
Collaborate: You can move data and value between all connected blockchains within the Aion network.
Scales: The Aion network increases the transaction speed and data capacity of the connected blockchains. They achieve this with their new Virtual Machine and by making it possible for applications to run on multiple blockchains.
scalability aion network. png
Create: you can create customized public and private blockchains that can work together with other connected blockchains. This allows you to determine the consensus mechanism, the type of coin/token and the policy yourself.
spoke aion network. png. png
To realise all this, the Aion network itself runs on its own blockchain, called Aion-1. It is made in such a way that it can let blockchains work together and support its own applications. Aion’s token is used to make everything work and secure.
Potential of Aion
At the moment there is an incredible amount of interest from companies in blockchain technology. Some companies such as IBM invest heavily in its development and others create their own blockchain, such as Disney with DragonChain.
By July 2017, more than 150 companies had already registered with the Enterprise Ethereum Alliance (EEA). This alliance unites companies that all want to learn about what blockchain can bring them.
Despite the great interest, few companies still actually use the new technology. The current block chains are facing problems of scalability and privacy.
At the moment a lot of money is being used to build the perfect blockchain, but it is better to find the solution in making these block chains work together. Aion, together with ICON and WanChain, is the first to pursue this goal.
Characteristics of the Aion coin
- It is an ERC-20 token based on the Ethereum Blockchain. So you can store them in your MyEtherWallet and put them on a hardware wallet.
- When the AION-1 network is operational, this ERC-20 token can be converted to AION-1 tokens. You can then always move them back and forth, Ethereum is a connected blockchain.
- The ICO price was $1.00. This was in June 2017. Here you can find the current price.
- Aion will work in three phases, with each phase focusing on different aspects of the technology.
During the first phase, they will focus on the mutual communication between blockchains and programming of bridges between these chains.
The second phase will focus on the transition from the Ethereum Virtual Machine to Aion’s Virtual Machine.
The third phase will complete everything and optimize the speed and efficiency of mutual communication between blockchains. It will also introduce their own consensus algorithm.
Aion is followed most often on Twitter (33k). In addition, people also keep an eye on developments via Telegram (8.5k), Facebook (1.3k) and Youtube (1.1k).
On Google,’ aion coin’ is mainly a common word combination.
If we compare this search term with the frequency of the other cryptoprojects that focus on interoperability (connecting different blockchains), we see, based on these search terms, that ICON is currently the most popular of the three.