If you imagine blockchains will proliferate within the coming years, it stands to motive that you will want some form of mechanism to maneuver info between them, a community of blockchains with bridges and processes for sharing info between entities. That is strictly what The Aion Network is offering with a brand new blockchain community launched as we speak.
The firm needs to be the underlying infrastructure for a community of blockchains in an identical method that TCP/IP drove the proliferation of the web. To that finish, the corporate, which initially began as a for-profit startup called Nuco, has determined to grow to be a not-for-profit group with the purpose of establishing protocols for a set of interconnected blockchains. They now see their position as one thing akin to the Linux Foundation, serving to third get together firms construct merchandise and creating an ecosystem round their base expertise.
“The core design of network we have been building is to connect various networks, and route data and transactions through a public network. We are launching that network today. It allows you to build bridges to other blockchain networks. That public network acts as relayer between blockchains,” Matthew Spoke, CEO and co-founder at Aion Networks instructed TechCrunch.
While there clearly might be safety considerations with a public by-way for blockchain knowledge transferring between methods, Spoke says that may be minimized. Instead of transmitting a medical document between a hospital and insurance coverage firm, you ship a proof that the individual had an operation, which the insurance coverage firm can verify in opposition to the protection guidelines it has created for that particular person and vice versa.
The thought behind this enterprise is to supply the underlying plumbing to encourage extra extremely scalable blockchain use instances. Spoke and his crew as soon as ran the blockchain follow at Deloitte earlier than beginning this enterprise, and so they noticed roadblocks to scaling first-hand. “When we were doing enterprise projects, our biggest realization was that the plumbing wasn’t sophisticated enough. The scaling wasn’t meeting specs that enterprise companies would need long term. Because of that, we were not seeing anyone moving beyond proof of concept projects. What we are doing is trying to mature the possible use cases,” he stated.
In order to drive adoption, the corporate is introducing a token or cryptocurrency for use to maneuver knowledge throughout the community and construct in a degree of belief. Spoke believes if the customers have pores and skin within the sport within the type of tokens, that might create a better degree of belief on the system.
“Instead of paying for infrastructure, you are going to pay to be part of a common trusted protocol. It comes down to the mechanism of consensus and being incentivized to do business in an honest way,” Spoke stated
This might be not one thing that can get adopted broadly in a single day. Just as a result of they’ve constructed it, they nonetheless require a degree of utilization for it to actually take off, and that can require extra blockchain initiatives. “We still need a few years of pure focus on infrastructure to make sure we are getting these layers right. Every time you move data of any kind there are security vulnerabilities and we need to make sure there are good specs and comfort in using it,” he stated.