AION - New Platform Third Generation Blockchain Network

syella (25)in #cryptocurrency • 7 years ago

Mainstream adoption of blockchain systems has been limited due to unsolved questions of scalability, privacy, and interoperability. In this paper, we will outline a proposed design for the Aion Network; a 3rd generation multi-tier blockchain system designed to address these challenges. Core to our hypothesis is the idea that many blockchains will be created to solve unique business challenges, within unique industries. As such, the Aion Network is designed to support custom blockchain architectures, while providing a trustless mechanism for cross-chain interoperability. At the root of this system is the world’s first dedicated public enterprise blockchain, Aion-1; a state of the art blockchain that introduces a new paradigm of security, and fair, representative crypto-economic incentives.

First-generation blockchain
Bitcoin led the way in the creation of numerous alternative currency platforms as the first generation of blockchain technology. These first-generation blockchains provided a solution to conventional transaction limitations by implementing cryptographically-secure, peerto- peer, digital transactions that are verified by a decentralized global network and recorded into an immutable public ledger. Resulting in a platform that leverages the advantages of being digital, while preserving the economics of scarcity.

Second Generation Blockchain

With the second generation of blockchain, Ethereum introduced the ability to build application-specific logic upon a blockchain network This enabled new capabilities beyond transactions to incorporate state, business logic, and multi-party contracts to be stored and executed on a blockchain and written to an immutable ledger. These concepts have been incorporated into other distributed ledger technologies and have led to the distinction of building a blockchain and building upon a blockchain. The emersion of blockchain-based applications is positive for the industry. Applications with novel use cases further demonstrate, and validate, the technology’s ability to evolve beyond just a means of transferring value. However, these separate networks are becoming disparate as they are isolated and able only to transfer data off chain or transfer value through centralized exchanges. In a sense, tiny kingdoms with borders between economies and industries are being cemented. As the number of networks grow, the more disconnected and sparse the industry becomes.

Just as in the early days of the internet, disparate blockchains networks have yet to truly realize the benefits of being connected. While specialized blockchain networks will and should be developed, being able to communicate on chain to other networks offers significant benefits, particularly if privacy and scalability can be maintained. A mechanism for joining disparate networks will unlock enormous value for every participating network.

What is AION ? AION, The Third Generation Blockchain
In the future, blockchains will federate data and value in a hub and spoke model similar to the internet. The future of mainstream blockchain adoption will be achieved by the development of a networked, federated blockchain to integrate these separate spokes. That integrated blockchain network is Aion.

Aion is a third-generation blockchain network that will enable any private or public sector organization to :

Federate: Send data and value between any Aion-compliant blockchain and Ethereum.
Scale: Provide fast transaction processing and increased data capacity to all Aion blockchains.
Spoke: Allow the creation of customized public or private blockchains that maintain interoperability with other blockchains, but allow publishers to choose governance, consensus mechanisms, issuance, and participation.

At the root of the Aion network is a purpose-built, public, third-generation blockchain called Aion-1. Designed to connect other blockchains and manage its own robust applications, Aion-1 also provides the economic system that incentivizes interoperability in the ecosystem.

AION tokens are the fuel used to create new blockchains, monetize inter-chain bridges, and secure the overall network.

AION, Multi Tier Blockchain Network
The Aion multi-tier blockchain network is like a computer network, providing a protocol and standard for dissimilar systems to communicate. However, in addition to information, the Aion network will pass logic and value among participating blockchains to create a contiguous value chain where every transaction occurs on-chain, with logic and value passing among chains as freely as liquid assets.

These infrastructures, protocols, and concepts will work together to guarantee transmission from an origin to its destination through interchain communication. The value of these technologies is that they enable one blockchain to transact with another blockchain, as well as one blockchain to transact with every connected blockchain.

The First Cross Blockchain Token
The AION token is initially being offered on the Ethereum blockchain as an ERC-20 token. As soon as the Aion network is operational, these ERC-20 tokens can be seamlessly converted to AION network tokens, and will continue to be able to flow freely back and forth between these two blockchains.

Roadmap
Phase 1
The focus of the first phase in the Aion release schedule is the interchain communication and bridging infrastructure. With this in mind, phase 1 functionality will include:

Modified, high-performance EVM
Functioning bridging and interchain communication
Modified proof-of-work consensus algorithm

Phase 2
The second phase of the Aion release plan is targeted towards the migration from our modified EVM architecture towards the proposed AVM architecture. Development priorities of this phase include:

Aion Virtual Machine
The Aion scripting language
EVM legacy codebase continued support

Phase 3
The third phase finalizes the envisioned network infrastructure, providing infrastructure for fast, efficient interchain communication and interchain applications. In addition to the interchain functionalities from Phase 1, and the VM implementation from Phase 2, this phase will introduce our representative consensus including the representative consensus algorithm.

TIM