Nework NKC to Aion AION Exchange

Crypto Pair Details: NKC to AION

Nework NKC

The bitcoin network is a peer-to-peer payment network that operates on a cryptographic protocol. Users send and receive bitcoins, the units of currency, by broadcasting digitally signed messages to the network using bitcoin cryptocurrency wallet software. Transactions are recorded into a distributed, replicated public database known as the blockchain, with consensus achieved by a proof-of-work system called mining. Satoshi Nakamoto, the designer of bitcoin claimed that design and coding of bitcoin began in 2007. The project was released in 2009 as open source software. The network requires the minimal structure to share transactions. An ad hoc decentralized network of volunteers is sufficient. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will. Upon reconnection, a node downloads and verifies new blocks from other nodes to complete its local copy of the blockchain. A bitcoin is defined by a sequence of digitally signed transactions that began with the bitcoin's creation, as a block reward. The owner of a bitcoin transfers it by digitally signing it over to the next owner using a bitcoin transaction, much like endorsing a traditional bank check. A payee can examine each previous transaction to verify the chain of ownership. Unlike traditional check endorsements, bitcoin transactions are irreversible, which eliminates the risk of chargeback fraud. Although it is possible to handle bitcoins individually, it would be unwieldy to require a separate transaction for every bitcoin in a transaction. Transactions are therefore allowed to contain multiple inputs and outputs, allowing bitcoins to be split and combined. Common transactions will have either a single input from a larger previous transaction or multiple inputs combining smaller amounts, and one or two outputs: one for the payment, and one returning the change, if any, to the sender. Any difference between the total input and output amounts of a transaction goes to miners as a transaction fee. In 2013, Mark Gimein estimated electricity consumption to be about 40.9 megawatts (982 megawatt-hours a day). In 2014, Hass McCook estimated 80.7 megawatts (80,666 kW). As of 2015, The Economist estimated that even if all miners used modern facilities, the combined electricity consumption would be 166.7 megawatts (1.46 terawatt-hours per year). To lower the costs, bitcoin miners have set up in places like Iceland where geothermal energy is cheap and cooling Arctic air is free. Chinese bitcoin miners are known to use hydroelectric power in Tibet to reduce electricity costs. Various potential attacks on the bitcoin network and its use as a payment system, real or theoretical, have been considered. The bitcoin protocol includes several features that protect it against some of those attacks, such as unauthorized spending, double spending, forging bitcoins, and tampering with the blockchain. Other attacks, such as theft of private keys, require due care by users.

Aion AION

Aion is a revolutionary multi-tier blockchain platform that has been created to solve the pressing issue of limited operability between existing blockchains while still remaining capable of handling its own applications. It supports custom blockchain architectures, and it provides cross-chain interoperability. The Aion project comes at a very appropriate period, in a time where there’s an ever-growing number of blockchains.Thus, interoperability is more important now that it ever has been. Interoperability will expand the horizons of multiple other blockchain platforms, not to mention those of enterprise-oriented companies. The project is led by Matthew Spoke, the CEO of Nuco and board member on the EEA. Other big names include Jin Tu, Nuco’s CTO, who has more than 15 years of experience in enterprise engineering and more than four years in the blockchain industry, and Peter Vessenes who has co-founded the Bitcoin Foundation. The token is the blockchain’s power-source. It’s used for securing the network, for creating new blockchains, as well as for monetizing inter-chain bridges. AION token is actually an ERC-20 token. In fact, the token is first offered as an ERC-20 token on the Ethereum blockchain, and only then it can be changed to the official AION network token. When that happens, the token can freely stream between two blockchains. The best thing about this is that investors are not required to change their Aion Ethereum token (ERC-20) for the Aion-1 token, as they will always be interchangeable. In order to buy AION, you will need to first purchase another cryptocurrency, preferably Bitcoin or Ethereum. Fortunately, AION is supported by some very popular crypto exchanges out there such as BitForex, Binance, Ethfinex, Liqui, and Bancor Network. There's a good chance that Aion, with its unique approach of solving interoperability issues, will become somewhat of a necessity for the cryptosphere in the following period.

SOURCE: COINGECKO

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