AEON

 
AEON logo

Contents

AEON review

AEON is a privacy driven open source cryptocurrency that allows anonymous payments. AeonCoin uses a CryptoNight-Lite – a CryptoNote protocol-based CPU/GPU friendly algorithm for the maintenance of its Proof-of-Work. As a cryptocurrency relying on CryptoNote, AEON, similarly to other coins of the family, uses ring signatures to make transactions untraceable and utilizes a cryptographic system to transfer funds without the identifying information of each user becoming visible on the blockchain. It was announced on June 06, 2014 on the BitcoinTalk forum and was launched on the same day. AEON has launched with no premine.

AEON is a fork of Monero and is ultimately a mobile-friendly version of Monero which is more approachable for miners with poor mining equipment and has some additional features. The mobile friendliness of AEON makes it suitable for the usage with mobile applications, making it potentially the easiest way of introducing the inexperienced users and users with smaller computing resources than the average miner to the blockchain technologies. AEON seeks to become a cryptocurrency that would be both mined and used with mobile phones which will significantly broaden the potential user base of this cryptocurrency. However, the current technological development of AEON does not provide users with the mobile blockchain interactions.

As a fork of Monero, AEON also seeks to be a secure and private network. AEON is resistant to blockchain analysis and provides untraceable transactions. By default, AEON utilizes cryptographic methods to send funds with no identifying information. However, this feature can be turned off by the user so the transaction fees will be lowered, but the transaction and sender information will become public. Besides Monero, prominent AEON competitors include such privacy-centered cryptocurrencies as Zcash, Komodo, Dash and Bytecoin.

Aside from making mining more approachable, Cryptonight-Lite is accelerating blockchain verification making AEON’s network faster than the networks of the other CryptoNote-based cryptocurrencies. AEON also implements a practice of the “blockchain pruning” meaning the removal of the information that is stored in the blockchain but is no longer needed. Pruning is a feature that aims to upgrade the scalability of the AEON’s blockchain by reducing RAM’s usage required for the interactions with the blockchain. The implementation of the pruning makes AEON resistant to the age-based attacks and it helps to establish additional improvement of anonymity within the network.

Here are some of the AEON specifications in accordance with its official website:

  • Max supply is around 18.4 million coins
  • Block time is 4 minutes
  • Difficulty is retargeted after every block generation
  • Block reward: smoothly decreasing

The formula for the block reward decrease is stated in the AEON’s announce:

AEON formula


The AEON team is actively working on the project. The current leader of the project is a person under the nickname “smooth”, but the project is community-driven and everyone is welcomed to make their contributions. AEON’s bitcointalk topic and GitHub project is updated monthly (sometimes more frequently), and the crypto continuously gets new features.

One can exchange and buy AEON on the following exchanges:

CryptoNight-Lite

Main page: CryptoNight-Lite

For the purpose of becoming a lite version of Monero and saving most of Monero’s advantages AEON team developed a CryptoNight-Lite hashing algorithm. CryptoNight-Lite is an upgraded version of CryptoNight algorithm that has smaller scratchpad for hashing. AEON’s version CryptoNight uses 1 MB of RAM in comparison to the original’s 2 MB. The smaller scratchpad size results in the reduction of the mining requirements that demand only half as many iterations as the original CryptoNight. CryptoNight-Lite was a unique feature of AEON, but today there are also some other CryptoNight-Lite based coins including TurtleCoin, Iridium and some others.

CryptoNight-Lite aimed to be as ASIC-resistant as the original CryptoNight, but modern ASIC developers managed to optimize their products for CryptoNight-Lite mining and cryptocurrencies are now in a search of the best solutions for the fighting against ASICs.

AEON coin price

The price of AEON token is always chaining, however, BitcoinWiki gives you a chance to see the prices online on Coin360 widget.

 

Mining

Technically, AEON could be mined with CPU, GPU, ASICs and cloud mining services. However, AEON is one of the cryptocurrencies that are actively opposing ASIC mining and is constantly developing anti-ASIC solutions. It is currently using v7 of CryptoNight-Lite that is not available for the mining with current ASICs. However, it can be a target for the development of new mining solutions of ASIC manufacturers. Due to the being CryptoNight-Lite-based cryptocurrency, AEON coin provides mining options that are some of the best suited for CPUs. However, even AEON CPU mining isn’t very profitable and efficient, but its a best option to gain some additional income or to make first attempts at CryptoNight mining. Cloud mining services are mostly not profitable as well, but they have a high probability to turn out to be a scam and are mostly discouraged.

GPU mining shows the most efficiency, is available for all versions of CryptoNight-Lite, meaning it is fit to mine AEON. The CPU mining solutions for AEON mining are provided by JCE Cryptonote CPU Miner, CPUMiner-Multi and XMRig. Most of GPU mining solutions are made specifically for GPUs of particular manufacturer (AMD or NVidia). Only a small amount of GPU mining software is suitable for both GPU providers. GPUs of AMD are widely considered to be better suited for CryptoNight-based cryptocurrencies of both versions, but NVidia GPUs also can provide profitable mining. AEON coin is pretty popular cryptocurrency with relatively high hashrate. For the majority of the miners solo mining of AEON would be too hard and can provide no profit at all. It is widely recommended to use mining pools for the mining of CryptoNight-based coins. Mining pools request some fees (mostly between 1-2 percent), but provide miners with a steady income and the increase in the efficiency of all mining participants by combining their hashrates.

Wallets

The AEON coin wallet is available both as a Graphic User Interface (GUI) solution and Command Line Interface (CLI). Both versions can be downloaded from the official site of AEON. AEON client is available for Linux, Windows and MacOS. Unofficial Web-version of the wallet was developed by the community members and announced on reddit on January 14, 2018 but its download site is not active at the time of writing this article. Of course, cryptocurrency exchanges also provide wallets for the storage of AEON, but its usage is correlated with risks of fraud, theft, bankruptcy of the exchange and some others.

See Also on BitcoinWiki

Resources