In cryptocurrency, good software communication can bring harmonious transactions among users and platforms. Customers want fast, smooth, secure, and efficient performance; however, there are certain occasions that cannot be avoided.
Certain flaws in the blockchain system can cause additional delays and cost to users and also negative feedback towards the crypto platforms. Cryptocurrencies are doing their best to resolve these problems, and they are almost perfecting it; however, single-tier and first-generation cryptocurrencies are still having trouble with it.
Multi-tier cryptocurrencies, like AION, saw these system problems that prompted them to take actions and make changes for improvement.
What is AION?
To have a decentralized and cashless transaction is the purpose of creating a cryptocurrency. However, first-generation cryptocurrencies like the popular Bitcoin have inefficiencies in privacy, scalability, and interoperability that need some fixing.
Canadian multi-tier and the first third-generation cryptocurrency, AION was founded by Matthew Spoke who is also the CEO and focuses on solving the problems encountered by the different crypto platforms especially by the first-generation blockchains. AION network gives an eye in solving the interoperability problem since it is the main issue.
AION’s another strong point is its ability to connect both the private and public networks to communicate harmoniously.
What are the Benefits of AION?
People who engage in the blockchain industry can enjoy numerous benefits and advantages of every platform. Each blockchain wants to provide the best service to their users. AION, on the other hand, has been doing vast tests and research to provide the best service it can give to its customers.
- On the technical side, being a third-generation cryptocurrency is one of AION’s main strength that allows the network to connect different blockchains aside from its own functions. Thanks to its blockchain – AION-1. Its 2 main elements are:
- In cryptocurrency, consensus algorithm is the achievement of computers to communicate properly with each other. It connects two or more blockchains. The consensus is essential among blockchains for better performance. There are several types of consensus, and somewhat they are related to each other. These are Proof of Work (PoW) consensus algorithm, Proof of Stake (PoS) algorithm, Proof of Burn (PoB) algorithm, the Byzantine Fault Tolerance (BFT) algorithm.
- AION Virtual Machine (AVM). The purpose of AVM is to run Java in bytecode in order for developers to establish applications in Java that are blockchain-based. It enables the blockchain applications to perform with stability and synchronism.
- The multi-tier network of AION works as an agreement to let different systems communicate with each other. The following components of the network allow interchain communication.
- Connecting Networks. These are system rules wherein both public and private blockchains will be able to exchange communication through AION’s network.
- Interchain Transaction. Since there are countless blockchain platforms, communication among them can be tricky. In an interchain transaction, these platforms can communicate with each other safely and conveniently.
- The main task of bridges is to monitor and validate the messages between the connecting networks and the participating networks.
- Participating Networks. These are any networks that are successful in passing the requirements. They are not only confined to the blockchain platform, but they can also be cryplets, oracles, database, and more. If the met the set conditions, they will then be connected by the bridges to the connecting networks.
Best AION Wallets
Wallets are used to store coins and tokens from different platforms. Although there are many wallets that support various cryptocurrency, it is still advisable to do further probing for better transactions.
- AION Wallet Ledger (hardware wallet)
Nano S ledger was founded in 2014 and is considered as one of the wallets that have strong security features yet user-friendly. It can make payment transactions fast and more. Since it is a hardware wallet, once it is not connected to the computer, getting hacked is impossible. Users are still advised to take necessary precautions as they might use an infected computer that can put their security at risk.
- AION Wallet (desktop wallet)
The coins are stored in your personal computer or laptop if you’re using a desktop wallet. AION desktop wallet is finally made available in Windows, Linux, and MacOs platforms after the development team and other partners worked extensively for the progress. Users must take not that this wallet only supports the AION coin. If a customer has the AION ERC-20 tokens, and he wants to save to his AION wallet, he needs to swap his tokens via the AION token swap first.
AION blockchain acknowledges the AION coin as its native asset that used for analytical network functionality and crypto-economic operation. Another good thing for this wallet is the availability to see the transaction history.
- AION Trust Wallet (Mobile Wallet)
Many users are impressed with how user-friendly AION trust wallet is. It is considered in the market as one of the best mobile wallets. It does not access any of the personal information, and there’s also a simple recovery feature because it has a backup service.
This wallet supports cryptocurrencies like Ethereum, Ethereum Classic, ERC20, and ERC223. It can be downloaded for free in the Google Play and Apple Apps Store.
- MyEtherWallet (MEW)
MyEtherWallet is another user-friendly that is good for starters which makes it one of the best wallets. Released in 2015, it supports the Ethereum, Ethereum Classic, EOS, and ERC20 tokens.
AION users can easily use this wallet because MEW is considered one of the most secured wallets for ERC20 tokens. On a large-scale, the security still has more to do with the users. They should use the tool properly and adhere to the regulations.
- Trezor (Hardware Wallet)
Trezor wallet was launched in 2014, and its security is top-notch. It can even be used in an infected PC or laptop as it has the ability to protect your coins and data from any theft. This key-sized wallet supports AION tokens, and it has a high rating as a hardware wallet. It is also a beginner friendly, and if it is lost, assets can be recovered.
- Magnum Light Web Wallet
This light, anonymous web wallet allows its user to have total control concerning their private keys and does not require creating an account. Magnum wallet also gives its users the opportunity to earn passive income.
The cryptocurrency market will keep on looking for ways to improve every flaw they see to provide the best service they can to satisfy their customers. Users need to check if the wallet supports their platforms or coins to avoid further problems. Be mindful too for any malicious activity that can compromise your coins and security.