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Aeon (AEON)

Feb 10, 2018 Admin Currencies
Name
    Aeon
Aeon (AEON) image

AEON is a “CryptoNote coin”. This means it is a cryptocurrency that is developed on the CryptoNote protocol, which consists of CryptoNight “PoW hash algorithm”. The CryptoNote protocol is an advanced technology in the cryptocurrency world because it offers superior privacy. This cryptocurrency is listed on exchanges such as Bittrex and HitBTC.

The value of cryptocurrencies is also determined by their availability in the market. Limited numbers of Aeons are available in the market for mining. Therefore, overall there can be 18.4 million Aeons. From 6th June, 2014, so far, approximately 15,366,183 Aeons have already been mined and available to investors. The value of Aeon as on June 2017 was $0.48, and today, i.e., in mid-January, 2018 it is $5.09, bringing its market capitalization to approximately $78,270,874 USD. This proves that this cryptocurrency is highly valued by investors.

Features:

  1. Fungible.

Like Monero, Aeon is fungible, i.e., its units can be substituted by another unit. The difference can be better understood by comparing its blockchain system to that of Bitcoin, which is also a decentralized public ledger system for recording cryptocurrency transactions. In Bitcoin, users can blacklist addresses that have coins linked to some undesirable activity and the users can refuse them. In Aeon users cannot do that because of the obfuscation procedure integrated in its blockchain. The mechanism by which Aeon and other CryptoNote based cryptocurrencies achieve superior privacy is by mixing the address of the “spender” with other addresses in group. Similarly, stealth addresses are generated to camouflage the address of the receiver. Even the transferred amount is hidden behind a mechanism called “ring confidential”. Another difference between Aeon and Bitcoin, and cryptocurrencies similar to bitcoins, is that Aeon cannot be mined with an “application specific integrated circuit mining” making it considerably more secure.

  1. Faster, better anonymity, and scalability


 

It is faster because of the CryptoNight algorithm, which increases the speed of verification on blockchains. It improves the anonymity feature by pruning blockchains keeping them small and preventing the need to have more storage.


 

  1. Faster synchronization

There is more verification in CryptoNight based cryptocoins, which leads to the creation of a higher number of “orphaned” blocks. In Aeon, a 4 minute “blocktime” system is incorporated, and this helps in bringing down the time for sync. Because of the CryptoNote protocol, this system enables Aeon to sync even with lower end devices.


 

  1. Traceability possible


 

This is a superior feature when compared to Monero, and gives Aeon its distinct identity. Users can opt to trace transfers. When this option is used, fees are lower, and transfers are processed faster.


 

  1. Compatibility:

Like Monero, this cryptocurrency is supported by Android, Linux, Mac OS, and Windows apart from FreeBSD. For mining Aeon, hardware units such as GPUs, x86, ARM, and x86-64, are needed. It can be used on mobile gadgets, along with desktops and laptops.

Pros and cons:

Pros:


 

  1. It helps to reduce fees on transfers by enabling the user to opt for traceable transfers, which bring down some verification procedures that are unnecessary for “non-sensitive” payments.

  2. It offers better anonymity with its obfuscation procedures and ring confidential technology.

  3. It can be traded, sent, or received faster, because of CrytopNote protocol.

  4. It can be synchronized easily even with lower end devices

  5. It does not require much storage

  6. Its value has increased considerably since last June.

  7. It can be traded or sent on hand held devices as well as desktops and laptops.

Cons:

  1. Hacking possibilities:

Like Monero, Aeon also facilitates CPU mining, which enables hackers to cleverly distribute miners by embedding them in malware, effectively utilizing the hardware as well as electricity of victim for financial gains. The process begins with JavaScript implementation of Aeon. This script enables embedding miners on websites. When the visitor is visiting the website, and reading the content, his or her CPU can be utilized for mining cryptocurrency. The visitor’s consent is not always obtained for such activity. Therefore, it can be used to hack into others’ devices.

  1. There is scarcity of Aeon Wallets, i.e., few wallets support this cryptocurrency storage. The best known options are AEON “desktop wallet”, and AEON “Endorsed Windows GUI Wallet”. That said, the exchanges on which it is listed can be used as “hot wallets”, for storing moderate amounts of Aeons.

Conclusion:

This cryptocurrency holds considerable promise. While returns may not be as stupendous as Bitcoin, in the immediate future, they are considerably higher than what other forms of investment can offer. The real potential of this cryptocurrency will be unveiled when there are no more coins remaining to be mined and that era does not seem to be very far.

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