As cryptocurrencies become more integrated into daily life, digital coin developers are becoming increasingly focused on developing practical technology solutions that enable consumers to conduct cryptocurrency transactions by using the ultimate convenient device – their mobile phones. In this regard, AEON is one of the most mobile-friendly decentralized cryptocurrencies out there, with a focus on private transactions.
AEON (AE) is a hard fork of the Monero blockchain that was launched in 2014. On June 6th that year, the new AEON altcoin was generated as a fork of the Monero blockchain by an anonymous Bitcointalk user known as Aeon. Two Bitcointalk users known as Smooth and Arux followed Aeon and joined the project soon after.
By creating the AEON cryptocurrency, the developers of this crypto project attempted to solve some of Monero’s shortcomings, such as speed, privacy, and scalability. They also sought to give users the opportunity for more convenient usage of the coin through smartphones.
In order to achieve this, AEON uses an algorithm with a lower weight, a smaller blockchain, and a customisable anonymity feature. Anonymous transactions are also available as a preselected option for Aeon users. But prior to delving deeper into the AEON cryptocurrency project, let’s take a look at how the Monero blockchain was conceptualized.
What Is Monero (XMR)?
Monero is an open-source cryptocurrency that was established in 2014. The Monero blockchain is designed to hide the data and value of each transaction by masking users’ addresses, which means the project is mainly focused on providing transaction privacy. In addition, this blockchain employs the CryptoNote protocol.
CryptoNote is a platform for cryptocurrency integration that aims to address certain concerns about cryptocurrency that were first raised after Bitcoin appeared, such as scalability, transaction speed, and privacy.
When it comes to online data privacy, CryptoNote incorporates ring signatures, stealth addresses, and one-time keys as a reinforcement of its privacy protocols.
The CryptoNight-Lite Proof of Work Algorithm
The AEON cryptocurrency belongs to the class of privacy coins. This coin uses the CryptoNight-Lite Proof of Work method, which allows for the usage of AEON on mobile devices and for quicker transaction speeds. The CryptoNight hashing technique can be calculated using CPUs and GPUs, however, it is not suitable for ASIC miners.
Stealth addresses help conceal the identity of individuals engaged in cryptocurrency transactions from public view. These addresses provide an extra layer of protection for the receiver of digital assets by necessitating the transmitter to generate a unique one-time address for each transaction.
What Are Ring Signatures?
The Monero platform creates a ring signature by merging the sender’s private keys with the blockchain’s public keys. Because establishing which of the participants’ keys was used to produce the complex signature is computationally challenging, the ring signature is used to disguise the sender’s identity. As a result, the sender’s identity is fused with that of other members of the group, which obscures the identity of the person who signed the transaction.
A cryptographic key is a sequence of data used in the processes of encoding, access permission, and authentication of data. The AEON coin utilizes a one-time-key as a method of cryptography. This is used when the encryption mechanism is set so that just one message can be encoded with a particular key. One-time keys ensure that no one can monitor your public address and observe all of the transactions that are being entered into your system.
How Much AEON Coins Are There?
According to the information provided by Coinmarketcap, AEON coin has a circulating supply of $13,105,957 AEON coins and a total supply of 15,831,459 AEON (AE) coins. Additionally, the 24-hour trading volume of all AEON coins is $15,813 USD, while the coin’s market cap amounts to $13,113,168 billion USD.
Where and How to Buy AEON Coins?
Bittrex is perhaps the most prominent cryptocurrency exchange that you can use to trade this coin. AEON coins can also be purchased on a variety of other cryptocurrency exchanges, including Binance, OKEx, Huobi, TradeOgre, as well as HitBTC. Aeon Coin may be purchased in USD, EUR, GBP, INR, RUB, CAD, and other fiat currencies on some of the aforementioned crypto exchanges.
Trading pairings for Aeon Coin are often combinations of the following cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), Monero (XMR), Tether (USDT), Binance Coin (BNB), among others.
What’s the Future of AEON Price?
The currency had its first significant price increase in January 2018, when it reached an all-time high of about $9.01 USD. As a relatively small-scale crypto project with just as small of a market cap and no publicly available whitepaper, AEON must establish itself as a credible alternative for other confidential, safe, and dependable digital currencies in order to become more widely adopted by crypto investors. If that happens, its price on the crypto market, as well as its future success in the crypto arena, could potentially improve.
The Best Digital AEON Wallet for Storing Your Coins
AEON developers provide the Sophia Client crypto wallet, which is compatible with Windows, Mac, and Linux operating systems. The AEON community has also built several digital wallets. These, however, do not have the currency developers’ approval and you should only use them after you’ve done your due diligence on them.
A Few Words Before You Go…
Aeon is Monero’s lighter and more efficient counterpart in terms of speed. While both projects use the same underlying privacy mechanism, CryptoNote, Aeon aims to be more approachable. The ultimate objective of the inventors of AEON was to bring cryptocurrency closer to people. According to their technological vision and aim, the most convenient way to do this was to build a currency with a smaller footprint in the crypto ecosystem in a mobile-friendly manner, which they achieved.
The AEON coin is a mobile-friendly digital asset that is designed with the user’s privacy in mind. Through the use of the CryptoNote protocol, ring signatures, and one-time keys, AEON’s creators have ensured that nobody will know from who, when, or how users obtain their coin, and all that via a light platform that’s particularly easy to use on mobile devices.