AION (THE OPEN APPLICATION NETWORK)
This project was rebranded as OAN(The Open Application Network) in late 2019.
What is Aion Token?
Aion is the native token that powers the Open Application Network’s ecosystem, this token is used to pay validators, Aion token is used for staking, it is also used for paying fees on inter Blockchain Transfers on Blockchains supported by The OAN.
|#||Name||Price||Market Cap||Change||Price Graph (24h)|
What is OAN ?
The Open Application Network (The OAN) is an open-source public infrastructure for the creation and hosting of Open Apps. Open Apps are programs built on open standards that strive to put users back in control and are universally accessible across platforms.(aion.network)
What problems does OAN solve ?
The major problem in today’s Blockchain is the problem of interoperability.
Interoperability is a property in which different public and private blockchain can operate independently and can share data between different blockchains and can scale together.
By allowing interoperability Smart Contracts of Ethereum blockchains can share data from ethereum blockchain to different blockchains like BEP2 of Binance or OMNI of Bitcoin
Features of OAN :
- Faster Transaction Speeds.
- Data Exchange Between two Blockchain that is supported by OAN.
- A full-fledged infrastructure to host high-performance decentralized Apps.
What is Unifying Hybrid Consensus Protocol (UNITY)
UNITY is the Consensus algorithm used by the OAn Ecosystem which is the sophisticated mixture of two different Consensus algorithm they are:
- Proof of Work (PoW).
- Proof of Stake (PoS).
How OAN Works ?
Connecting networks are the protocols that enable private and public blockchains to communicate with each other.
Interchain transactions allow the connected blockchain networks to exchange information between each other through the OAN Ecosystem or OAN Hub.
Bridges are a set of validators whose task it is to oversee and validate the interchain transaction. They provide a link between participating networks and connecting networks. Just like Miners validate transactions on Ethereum Blockchain.
A participating network is any network that has fulfilled certain requirements to become part of the Aion ecosystem. Participating networks are not just limited to blockchain entities. They can also be oracles or database clusters. Participating networks are connected via the bridges.
In conclusion, Aion looks like one of the more promising routes to interoperability
End Of Article.———————————————————————————————-