Crusher of the Month – AION – October 2018 - Crush Crypto

Crusher of the Month – AION – October 2018

In the Crusher of the Month series, we will write about a coin/token that we have the most conviction in each month. The time frame will be around 1 month, or until we publish the next Crusher of the Month. In October 2018, our Crusher of the Month is AION.


Why do we like it?

More Than Just an Interoperability Project

Most people know AION as a project focusing on interoperability, but the AION team is also hard at work to make sure the AION root chain will have usage.

In addition to create new blockchains, monetize inter-chain bridges, run cross-chain decentralized applications, AION coins are also the fuel used to secure the overall network. We believe that the market is discounting the potential usage the AION blockchain will have for running decentralized applications (dApps) and smart contracts.

AION has built a lot of tools for developers to build on the AION blockchain. After token swap is completed in November 2018, developers can deploy smart contract or migrate dApps from Ethereum to the AION root chain. CEO of AION, Matthew Spoke, mentioned that it is a 5-minute effort to port existing Ethereum dApps to AION.

The Aion FastVM is a modified Ethereum Virtual Machine (EVM), and Aion virtual machine (AVM) is a performant, lightweight, and stable virtual machine that leverages key characteristics of the Java Virtual Machine. Solidity apps will be supported, but there will also be a new option for running apps in a Java language.

Impressive Development Progress

Since AION is an open source project, its development progress can be tracked on their GitHub.

The token swap from ERC-20 token to native AION mainnet token is currently taking place. The token bridge used in the token swap is the foundation of the interoperability technology used for other tokens. We believe the progress that AION has made in the interoperability front is ahead of many of its competitors.

AION also embraces the permissionless nature of blockchain. Anyone can run a node on the AION blockchain. There are more than 2,100 miners securing the AION blockchain.

The team is also encouraging more contribution from the community. The Gitter where developers chat about the project is fairly active. Since AION is an open source project, anyone can contribute to the project. Developers can also submit AION Improve Proposals (AIP).

There are bounty and grants that are up for grab for anyone. We believe the welcoming stance towards contributors is a key ingredient in building a vibrant community that ultimately helps in the adoption of the blockchain protocol.

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Technical Analysis – Primed for Breakout

The daily chart of AION/BTC is shown below:

Source: Coinigy

After a huge drop in the past months, the bottom of around 6,500 sat has been tested several times and the support had been strong. There was strong accumulation under 6,000 sat. Therefore, it looks like the coin has found a bottom.

The last tranche of Token Release Schedule (TRS) will be distributed on November 9, 2018 . Therefore, the monthly selling pressure from the newly minted tokens will subside.

The inflation rate (or validator rewards) is going to be 1% per year based on the total Aion supply, or around 2% based on current circulating supply. This is fairly low compared to other major blockchain protocols.

With a number of other altcoins breaking out in recent weeks, we believe AION is a good candidate to break out in the near future, especially if Bitcoin continues to trade around the $6,500 range.


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