AION LAUNCHES A ‘TOKEN BRIDGE’ ALLOWING TOKENS TO MOVE BETWEEN CHAIN

 Aion announced that it launches a “token bridge” allowing tokens to move between chain, reported Coindesk on May 14.

The Aion network has been developed to foster interoperability amongst blockchains and was created on the ethereum blockchain.

Currently, Aion’s tokens operate on the ethereum blockchain and the first token bridge will be working between Aion’s network and ethereum. 

 The tokens would then be destroyed as they would be moving so there would only be one token at a time, instead of using a smart contract to maintain copies of tokens, working as pairs of networks.

Matt Spoke, CEO of Nuco, the company behind Aion mentioned that the bridge would then “issues an AION token on the other side.”

He said,

“It’s a micro-network, it’s a collection of nodes that’s decentralized, there’s multiple participants, and those other nodes on the network are acting honestly, but that bridge is responsible for agreeing they witnessed the event. That’s the function that we built in.”

The company also plans to expand its service across all blockchains.“The design of the bridge is going to get more and more generic over time. We want that to communicate with any other blockchain,” Spoke expressed.

He added,

“Even in the enterprise context, interoperability, every one of their RFPs [request for proposals] has an interoperability requirement … Hyperledger networks can all talk to each other and they’re all private. But there’s not a common solution for a cross between protocols.”