Aion Launches First Public Blockchain Network WORK
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Today, there are hundreds of blockchains. In the coming years, those hundreds will become thousandsandwith widespread adoption by mainstream business and governmentmillions. Blockchains donttalk to each other at all right now; they are like the PCs of the 1980s.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.At AION, we are looking for bright intelligent minds who will contribute in defining the future of Blockchain technology globally. Being bold, taking risks and moving fast is our DNA. Living on the cutting edge of technology, we come to work everyday with unbounded enthusiasm for pushing the boundaries of what's possible with Blockchain technology. AION is a multi-tier blockchain platform designed to address unsolved questions of scalability, privacy, and interoperability.Our organization is committed to these guiding principles:- Engineering Excellence- Extreme Ownership- Think Big- Lead with Passion- Speak Your MindFor more details visit
Aion is an open-source, public blockchain network focusing on providing the infrastructure for scalable, business-oriented applications. Emphasizing decentralization and censorship-resistance, Aion targets production-grade applications built in the popular programming language Java. Aion offers a suite of development products and tools for users, including an SDK, mobile APIs, and a series of plug-ins. Aion caters towards enterprise applications and making the consumer onboarding process much more appealing to the mainstream.
Blockchain technology is one of the key pillars and an integral part of how cryptocurrencies work. It allows cryptocurrency to move trustlessly from one person to another and keeps a record of all the transactions. Any concise history of blockchain technology should start with Bitcoin. Bitcoin was the first major innovation of blockchain technology that has now extended into everything from insurance, supply chains, healthcare, voting, transportation, and more.
A blockchain protocol is a combination of blockchain technology with a network, governance, and consensus mechanism. A blockchain is any distributed ledger that can store data in a hash chain, whereas a blockchain protocol is a technology stack with different layers, similar to the TCP/IP protocol used in the modern internet.
Double spending refers to a flaw in the early variants of the digital cash system, in which a single digital coin can be spent more than once. If you have a $10 bill, you can only spend that once. If you spend $10 in a digital form (using debit card or PayPal), the payment processor ensures that money is deducted from your account. However, in a decentralized mechanism without the bank or a central intermediary, it is difficult to keep track of ownership. Consensus mechanisms solve the double spend problem by keeping track of the ownership of coins from the genesis block (the first block on the blockchain). If you spend a coin, the ownership changes and the transaction is recorded on the blockchain.
Before the public launch of the Bitcoin mainnet, blockchain technology was merely the topic of research. Satoshi Nakamoto gave a practical use-case to blockchain technology by making it part of a bigger protocol, which we now call the blockchain protocol. The first major innovation of blockchain technology was Bitcoin that aimed to democratize currency after the 2008 financial crisis. Bitcoin is the new form of digital gold, a new asset class for the store of value. With Bitcoin, we saw the first generation of blockchain technology, the blockchain 1.0, a super-secure distributed ledger to record and transfer value. Ethereum laid the foundation of the second generation of blockchain technology, the blockchain 2.0, which can not only transfer value but allows the execution of smart contracts to build decentralized applications. This flexibility opened up a new dimension of Decentralized Finance (DeFi) to enable use-cases such as lending, borrowing, staking, and yield farming. Over just a few years, DeFi has grown to become a $71.8 Billion industry and has been growing at a much faster pace.
The Bitcoin blockchain is very simple yet powerful. Satoshi Nakamoto launched the Bitcoin network after the 2008 financial crisis, with this simple message that he embedded in the genesis block. This can be thought of as the start of bitcoin blockchain history.
For instance, if we look at the Ethereum blockchain, we can see that there are many different tokens associated with individual networks on the blockchain. This has given rise to a series of decentralised exchanges, or dexes, that allow people to trade in cryptocurrencies without having to worry about whether the exchange deals in the coin or token they want.
Parity Technologies has taken all of its lessons learned building clients for Bitcoin, Ethereum, and Polkadot and distilled them into a development stack called Substrate. Substrate is a development framework for building tools and blockchains with maximum freedom and minimal effort. All blockchains share some functionality like networking, consensus, and storage. Substrate allows you to simply plug in this functionality, freeing you to focus on your application logic.
Whether you plan to build a parachain for the Polkadot network or you are just looking for the most convenient way to develop your blockchain solution, you can get started building your chain with Substrate. Here are some resources to get started:
With the help of blockchain technology, we have access to an immutable, anonymous, and decentralized public ledger where all information is cryptographically recorded. Today, blockchain networks offer a viable solution for keeping track of data and verifying its authenticity, which businesses and users can adopt to once and for all let go of trust-based systems.
The easiest way to understand blockchain technology is to view it as a public ledger where every single transaction is permanently recorded and cannot be deleted or edited. Users have the ability to anonymously create transactions that transfer either data (in the form of messages) or money. These networks are decentralized and hence remove any need for a central authority that guards and manages the ledger. Moreover, it is also distributed to the point that every participant has a transparent and full copy of the ledger.
The first blockchain network arrived consequently with the creation of Bitcoin. The anonymous creator Satoshi Nakamoto published a whitepaper called Bitcoin: a Peer-to-Peer Electronic Cash System in which he described the mechanisms implemented in this decentralized, distributed, anonymous, and immutable technology.
With the arrival of computers, we had the chance to see one of the first real implementations of timestamping. However, none of these methods were secure enough. A major problem was that they required a centralized infrastructure. These systems inherently lead to data manipulation in spite of using complex methods for encrypting timestamps. The only way to solve this problem was through decentralization, and blockchain networks are the only practical implementation of decentralized timestamping so far.
Blockchain technology has the potential to completely replace traditional public notaries, which are far too inefficient to process large amounts of information. Their digital versions appeared for the first time in the early 1990s in the form of e-notaries. However, neither an e-notary nor modern public notaries have the properties that could make data authorization, procurement, and processing safe or cost-efficient.
With the previous brief explanation of how decentralized networks work, we can conclude that blockchain-based timestamping is a completely secure way of tracking the creation and modification time of a document. More so, it is secure enough that even the owner of a document does not have the power to change any data once a document has been recorded.
As we see with Bitcoin, the very first use case for blockchain technology was sending financial value and information through transactions. There are hundreds of cryptocurrencies and blockchain networks that facilitate payments in a trustless, decentralized, and cost-effective way.
Of course, decentralized timestamping had its first real use cases with the emergence of cryptocurrencies. As previously explained, blockchain-based timestamping originally came with the creation of Bitcoin. Its blockchain network made it possible to create timestamps for every transaction within the ledger. This enables a sort of Proof of Existence where we know exactly at what point a transaction was created and what it contained.
Insurance claims represent another important financial use case. Blockchain technology enables a more transparent and fraud-free insurance system. Any insurance company can create its own public or private blockchain network to store data regarding insurance claims as the information is permanently recorded and immutable. Moreover, there is no way to manipulate or edit the information once it is written.
From the moment a product is processed or developed to the day it is delivered, we can track every single step in the production line. This is especially important as using blockchain networks reduces administrative costs and the paperwork needed to physically track and record this data. Furthermore, it improves visibility and compliance, removing any need for outsourced contract manufacturing. Again, the transparent aspect of blockchain technology minimizes the market share counterfeit products and gray market trading have.
In practice, blockchain-based supply chains would work by digitizing physical assets and recording them in a public ledger. This way, all participants in a decentralized supply chain network can track the state of a product, as well as all of its previous states and modifications. 2b1af7f3a8