🚨 NEW CRYPTOCURRENCY RECOMMENDATION: Anonymous Electronic Online Coin (AEON) 🚨
CryptoNote is an open source application layer protocol which powers Monero, Aeon and several decentralized, privacy-based cryptocurrencies. Back in 2017 all CryptoNote based cryptocurrencies faced a major problem. The Infinite inflation bug which allows for the creation of unlimited number of coins (double-spends) in a way that it is impossible to detect by an observer. Monero (XMR) was the first coin to diagnose and patch this bug. Followed by Monero; Aeon and few other early CryptoNote coins reacted to it and fixed this issue immediately.
Currently there are so many cryptocurrencies based on CryptoNote protocol with each focused on different ideas. Before Electroneum (ETN), the first coin that aimed to be lighter and that focused on mobile friendly ecosystem is Aeon. Aeon coin was all started as an experimental project but since then the community is going strong and the project has evolved greatly. So what makes Aeon special compared to Monero and other CryptoNote currencies and is this is coin worth considering now?
Here let’s see what is Aeon coin, how it is different than Monero and how it all began. Then we’ll see all of its features and technical specifications.
What is Aeon coin (AEON)?
Including Monero there are so many privacy cryptocurrencies that are more popular than Aeon such as Dash, ZCash, PIVX etc. The technology behind each of these privacy coin varies but among the list Monero remains the most favorite privacy coin for many. Monero project is focused towards privacy and anonymity but from usability point of view it stands behind and that is what Aeon coin is focused on. Just like how Litecoin is the lighter version of Bitcoin, Aeon coin aims to be the lighter version of Monero. Aeon is the little brother of Monero and this anonymous cryptocurrency is designed to be faster, lighter, highly-scalable and more mobile-friendlier than Monero.
Aeon (Anonymous Electronic On-line Coin) is an open-source, decentralized cryptocurrency that is aimed towards community. Everybody can use it without any restriction and anybody is allowed to contribute to the project. Aeon was launched on June 2014 by an anonymous user, but for some reason the original developer abandoned the project. Later the community took over and handed it over to “smooth” who is also a core developer of Monero. Now the developer “smooth” leads the project and there is no official roadmap for Aeon. Also there was no premine or insta-mine and it is a pure community based cryptocurrency. As we said anybody can be part of the project.
Aeon is a private, secure and untraceable crypto currency. You are the bank, you control your funds and nobody can track any of your transactions. It has similar emission curve and same max supply as Monero (~ 18.4 Million). The block time is 240 seconds and it uses egalitarian Proof of Work algorithm called CryptoNight-Lite.
Aeon is a fork of Monero which is a fork of Bytecoin. All three are anonymous egalitarian digital currencies that uses same CryptoNote technology and hence all these coins possess the following features:
- Ring signatures: Makes payment untraceable
II. One-time keys: Unlinkable transactions
III. Double-spending proof
IV. Blockchain analysis resistance
V. True anonymity and data protection
VI. Egalitarian PoW: CPU / GPU Mining
For more detailed information on all these features check this link:
Now Aeon is not only about privacy, security and untraceability. It is also about speed, simplicity and usability. Following are the key difference between Aeon and Monero.
Aeon vs Monero
- Aeon uses different PoW and its network has a block time of 4 minutes. Compared to Monero and other CryptoNote coins; Aeon’s light weight PoW allows faster verification of the blockchain. This along with 4 minutes block time the sync times becomes much faster; even on low end computers.
- Less resource usage compared to Monero. Aeon is one of the few CryptoNote coins that has blockchain pruning for scalability. Other coin that has this feature is Masari (MSR). Blockchain pruning aka light full nodes is an option that reduces blockchain file size. With this option anybody can run a full node with worrying about storage limitations.
- Monero and basically all coins that uses CryptoNote protocol are anonymous. Aeon is also anonymous but aside from being fully anonymous Aeon also features traceable transactions. This is optional and it can be used for faster and light weight payments.
- Aeon is a mobile friendly currency and it is designed to run efficiently across all devices such as smart phones, laptops and desktops.
But can mining be done via mobile devices?
Apart from Aeon, there is Electroneum and Stellite (XTL) which is also focused on mobile mining. Also there are some mobile miners which you can find in both Google Play and App Store. But mining using mobile is not as feasible or efficient as you might think and we’ll explain more about this in Aeon coin mining guide.
Now since I’ve covered most of the coin features lets see the technical specifications of Aeon.
Aeon technical specifications:
Coin Name: Aeon
Forked from: Monero
Coin Type: Proof of Work
PoW Algorithm: CryptoNight-Lite
Max coin supply: ~ 18.4 Million
Block Time: 240 Seconds (4 minutes)
Block Reward: Smoothly varying. [Formula: (M−A) / (218) / (1012) where M = 264 −1 and A = supply mined to date].
Difficulty re-target: Every block
Now whether you wish to mine Aeon or Buy Aeon coins you need a wallet to hold funds. You can download Aeon GUI and CLI wallets from their site.
Since Aeon is based on Monero the wallet is also forked from Monero. The usage of both AEON GUI and CLI wallets are same as Monero and since many of you know how to operate this wallet I’ll not go through the setup process in this post.
If you are looking for a paper wallet then you can quickly generate one from this link
Choose Aeon and click on generate wallet to create a new wallet address. But remember to copy all the information shown in the page especially the wallet mnemonic seed. This is what you need to restore your wallet later and to know how it’s done check their guide on restoring Monero wallet.
Aside from paper wallet there is online web wallet called Aeon Pocket. But the team who developed this wallet recently announced that they will shutdown the service soon. So do not use this.
Aeon: market, price and final thoughts
During its early stage Aeon was priced too low and just like every other cryptocurrency the price of Aeon also spiked during the 2017 bull run. It hit as high as $9 and since then the price has dropped significantly. At the time of writing this post Aeon is priced at $1.04 (9,530 Satoshi) and its current market cap is $16.4 Million USD.
The volume is steady and following are the list of exchanges where you can buy sell Aeon coin.
HitBTC (Not recommended)
Bisq (Best for privacy and avoiding KYC)
But is this the right time to buy Aeon?
Both Monero and Aeon are based on same privacy protocol and the lead developer of Aeon is also a developer for Monero. This similarity makes community think Aeon as a test bed for Monero. Aside from this similarity Aeon has its own development goals and it has got an independent community but not anywhere close to Monero.
The Bull 🐃 Case for AEON
Some of our early members remember how LTC rose from $1.20 to $48 in the span of 3 months which is a 40x gain. I see AEON as having similar opportunities.
If AEON reaches 5% of Monero’s marketcap that would imply another 5x gainer in your portfolio. But here’s the kicker…Monero is massively undervalued as well which I’ve posted on dozens of times and this therefore ads exponentially more potential hidden upside to AEON. This is a high risk, high reward play!
In overall, Aeon seeks to be the lighter and faster version of Monero. It has features such as light weight algorithm, optional anonymity and smaller blockchain.
CALL TO ACTION: Buy one position of AEON at current market prices. Please understand, I am recommending AEON as a long term hold. Be mentally prepared to hold this one for considerable time. Since AEON is so small in comparison to Monero, there is a strong possibility of significant growth in the next alt coin bullmarket.