Everything you need to know about Aion, how it works and how to buy or sell this cryptocurrency.
Aion is a multi-tier blockchain system designed to improve the scalability, privacy and interoperability of blockchain networks. A third-generation blockchain network, Aion aims to provide communication between separate blockchains.
Developed by Canadian blockchain company Nuco, the Aion network uses the AION token (AION). For more information on what the token is used for and how you can buy AION in Australia, read on.
Where to buy AION
AION is currently available on the following cryptocurrency exchanges:
A step-by-step guide to buying AION
Want to buy AION? You’ll need to follow these three steps:
Step 1. Create an account on a cryptocurrency exchange that allows you to buy AION
Choose an exchange that lists AION currency pairs and sign up for an account. You’ll need to provide your name and email address, while some exchanges will also require a phone number and photo ID. Don’t forget to set up two-factor authentication on your account to ensure a higher level of security.
Step 2. Deposit funds
At the time of writing it wasn’t possible to directly exchange fiat currency (Australian dollars) for AION tokens. As a result, you’ll need to own or buy a crypto which can be exchanged for AION, such as bitcoin (BTC) or Ethereum (ETH), before you can trade.
To deposit funds, you’ll need to look for the “Deposit” link on your account’s homepage and then follow the prompts.
Step 3. Buy AION
Once the funds have arrived in your account, search for your chosen cryptocurrency pair, such as AION/ETH. Click on “Buy AION” and then enter the amount of tokens you’d like to buy, as well as the type of order (market, limit or some other option your exchange offers) you’d like to place.
Before buying, you’ll usually be given the chance to review the details of your order and check the total price. If you’re happy to proceed, you can then confirm the transaction and finalise your purchase.
How to sell AION
If you want to sell AION, the process you’ll need to follow is quite similar to the buying steps outlined above. However, remember that exchanges only offer certain currency pairings, so it may not be possible to exchange AION directly for your preferred currency.
Which wallets can I use to hold AION?
The AION token is an ERC20 token on the Ethereum network, so you’ll need to hold your AION in an Ethereum-friendly wallet. Examples of suitable wallets include:
How Aion works
Aion is a project of Canadian blockchain firm Nuco and the Aion Foundation. Following a private sale and 2017 pre-sale, Aion raised US$23,010,994 to build its blockchain network.
The Aion network centres on a third-generation blockchain called Aion-1, which aims to make it possible to work with and communicate with other blockchains. With the goal to allow logic and value to pass among participating blockchains as freely as liquid assets, Aion integrates blockchain systems in a multi-tier hub-and-spoke model which allows users to:
- Federate. A bridging mechanism allows inter-blockchain communication of data and value.
- Scale. Aion introduces a virtual machine that allows applications to operate across multiple blockchains.
- Spoke. The network allows custom blockchain design while still allowing interoperability with other chains.
The AION token is described as the fundamental method of interaction within the Aion network. This ERC20-compliant token can be used to:
- Power the mechanics of the Aion-1 blockchain
- Create new blockchains
- Develop software applications on Aion-1
- Monetise inter-chain bridges
- Access and create customised Aion-compatible blockchains
What to consider before you buy AION
Cryptocurrencies are complicated and speculative, so it’s essential to be fully aware of all the risks associated with them before you start trading. If you’re thinking of buying AION, make sure you take the following factors into account:
- Token supply and use. The total supply of tokens is 456,934,587 AION. According to CoinMarketCap, the circulating supply of AION at the time of writing (22/01/2018) was 77,953,424.
- Token use. These tokens can be used for an extensive range of purposes throughout the Aion network; check out Aion’s Token Use guide to find out more about how tokens operate and get a better idea of the factors that may affect their value.
- Commercial partnerships. AION announced a partnership with US defence contractor Moog in October 2017, while parent company Nuco has also partnered with the Government of Ontario (Canada) to improve digital identity verification. It’s also worth monitoring company news feeds and online forums for news of any future partnerships that may be in the pipeline.
- Competition. ARK, Cosmos and Wanchain are all working on similar projects, so compare Aion to these providers when considering factors that will affect demand for the AION token.
- Demand. As more and more blockchains are developed, interoperability between blockchains is a crucial obstacle that needs to be overcome. However, before buying AION it’s important to ask yourself whether the Aion network is well placed to transform blockchain technology, or whether one of its competitors may be in a better position.
- Number of exchanges. At the time of writing, AION was only available to buy on a limited number of cryptocurrency exchanges. Keep an eye out for news of AION being added to a wider range of exchanges in the future, as this will mean easier access for a wider range of buyers and therefore has the potential to increase demand.