Aeon Cryptocurrency – A Decentralized Lifestyle

Today, cryptocurrency has become a global phenomenon. Almost everyone who is enamored by the digital age has been buying them, selling them or simply investing in them.

While still geeky and difficult for some people to grasp, most companies, governments, and banks are all well-aware of the emerging boom of cryptocurrency.

Aeon Cryptocurrency is a privacy-centric, light-weight and mobile-friendly cryptocurrency. It is considered a light version of the Monero cryptocurrency. Not light in terms of privacy, but light in terms of resource usage and thus its mobile friendliness.

It is designed to be scalable and prune-able, and it also gives an option to make your transaction traceable at a small extra cost.

cryptocurrency aeon

Image source via https://www.aeon.cash/

What is Aeon Coin?

Aeon coin was forked from Monero by a Bitcointalk user named Aeon on June 6th, 2014 and later Smooth and Arux joined him to contribute in this project. While these three people are anonymous, but you can always reach out to them on the Bitcointalk forum. They have been quite active on Twitter too with announcing the latest releases and patches.

There is no public roadmap of Aeon’s development and next goals, although its Github is active with weekly (if not daily) commits. You can follow the latest updates on the Bitcoin Forum itself.

Now that you know about the Aeon cryptocurrency, let us dig a bit deeper into what makes Aeon different from Monero or as their founders say – what makes Aeon coin a lifestyle.

Key Features of Aeon Cryptocurrency

Mobile Friendly

1 MB scratchpad allows Aeon coin to run efficiently on low-end systems and even on mobile phones. The hashing algorithm behind this cryptocurrency is Cryptonight-Lite, which uses a smaller scratchpad for hashing, 1 MB instead of 2 MB, as in the case of Cryptonight used in Monero.

This closely aligns with the cache size on low-end processors.As per their road map, it is anticipated to be mineable even on smartphones.

Different Proof-of-work

Aeon’s faster and light proof-of-work, Cryptonight-Lite, allows faster verification of Blockchain transactions than on Monero in order to preserve efficiency.

With the scratchpad being half in size, only half the iterations are needed for hashing, thus making it feasible to run on low-end processors.

It prunes the Blockchain to support its scalability, which improves the anonymity and thus preventing age-based attacks.

Ring Signatures

Another privacy-centric feature of the Aeon cryptocurrency is the use of ring signatures for verification. A ring signature is a group of public keys tied to each transaction in a way that makes them untraceable.

People can only know the address which initiated the transaction, but they can never identify the exact starting node.  

Fast Syncing

CryptoNote coins have a higher verification procedure, which leads to more orphaned blocks. Aeon coin, on the other hand, handles this issue by increasing the block-time to 4 minutes, thus fewer blocks need to be synced regularly as compared to Monero with a block-time of 2 min.

Coupled with lighter Proof-of-Work (PoW), sync times can be improved by 10x or more on lower-end devices.

Optional Traceable Payments

Being a CryptoNote coin, all payments are anonymous by default. But what differentiates Aeon coin from Monero is its ability to make transactions traceable. You can turn off the privacy functionality for a small extra fee.

This exemplifies the user’s willingness to sacrifice some privacy for a better user experience. This feature can be used in case of transferring to/from exchanges, or for small day-to-day transactions where extreme privacy does not matter much.

Where to Buy Aeon?

Until the Aeon developers make Aeon cryptocurrency mineable on smartphones, enthusiasts are limited to buying it on three major exchanges – Bittrex, TradeOrge, and HiBTC. The most preferred platform for buying Aeon coin (AEON) currently is Bittrex.

Considering its high-end privacy features, we can soon expect Aeon to be listed on Russian and Chinese exchanges.

Buying Aeon using funds from your bank requires a 2-step process. You will need Bitcoin or Ethereum in order to purchase Aeon from any of the three exchanges. But in order to maintain privacy, you need to use a peer-to-peer solution to purchase Bitcoin and then later exchange it for Aeon.

You can also set up a private transfer with someone you trust. Still, 98% of the total trade volume of Aeon coin is being exchanged via Bittrex.

An Aeon coin desktop wallet was also released by a third party in January 2018, but it has no legal connection to Aeon. Currently, this wallet is available for Windows, Mac, and Linux.

Though a mobile Aeon coin wallet is in the production pipeline as per the Aeon development team. It is still uncertain when the release-date will be.

Aeon Coin Price Performance

The price of Aeon cryptocurrency has seen abrupt ups and downs in the last few years. The price of the coin was relatively flat in its first year of existence.

It experienced its first upsurge at the end of August 2016 reaching a local high of $0.195. The next spike was noticed in September 2017.

Then again, just like the entire cryptocurrency market, Aeon coin was on the bull-run in December 2017 and January 2018, reaching an all-time high of $9.04 in early January. Since then, the price has fallen significantly, and as of now, it’s all the way back down to about $0.54.

The project has a small market cap, which makes it difficult to establish any correlation between these price movements. With no discernible news about any upcoming developments related to this project, it is not entirely wrong to state that a coordinated pump ‘n dump has likely led to the volatility of its price.

Where it Stands Now

Aeon cryptocurrency has a current market cap of $9.676 million, with the overall ranking of #376. It has an algorithmic score of 2.4 out of 5, as per Coincheckup. The maximum supply of Aeon coin in circulation is restricted to 18.4 million with a block-time of roughly 240 seconds.

As per their initial roadmap, Aeon cryptocurrency was supposed to be used via mobile app, and they also claimed that it is even possible to mine these coins from mobile devices. But all these claims are hypothetical, as currently, it is impossible to mine coins on the mobile phone.

Though Aeon has started gathering a small following, its users have started to doubt that Aeon cryptocurrency is anything more than a test-bed for Monero. Actually, the fact that the lead developer of Aeon is also a Monero contributor also backs this claim up.

From the exchange and trading perspective, Aeon is looking to cover a broader market, but if they deliver on its mobile-mineable privacy coin, they could see a massive surge in the future.

This will lead to more adoption by exchange platforms, a huge surge in user volume, and thus, may also lead to a tectonic shift in its price.

It has also been stated as one of the best privacy coins to invest in 2018 by a trending, informative and reliable cryptocurrency youtube channel, Altcoin Buzz.

Aeon is looking to decentralize the whole currency system, therefore, it is not wrong to say that they will not be popular. In fact, there is a high probability that they will be considered as the enemy of most centralized governments.

Maybe this clarifies the reason behind their anonymity, so that they can avoid any potential future problems before they are established well enough to be able to fight back hard.

To sum it all up, Aeon cryptocurrency is a lightweight, privacy-centric Monero, just like the way Litecoin seeks to be a lightweight-Bitcoin.

It is an exciting project which is catching the eyes of crypto users, but it has been so wrapped up in privacy, anonymity and an unclear roadmap, that so far, there is no way to know if it is a real project or just a test environment for Monero.

But for now, with the features and future promises Aeon has been portraying, it is not wrong to say that Aeon cryptocurrency is a decentralized lifestyle in today’s world.

Based on the above Aeon coin review, with features like its mobile mining possibility, privacy, light-weight, and scalability, we rate it 3.5 out of 5.

What does the Future Look Like

As of now, anyone with a computer can get their hands on Aeon, but in the near future, it is expected that anyone with a smartphone will be able to not only use Aeon, but also mine it as well.

This will not only open up the whole world of possibilities for the Blockchain, it will also result in a massive surge in users and eventually, the price.

Aeon is also going to benefit from the increasing popularity of Monero, as it will encourage users to willingly accept the privacy coins that fly in the face of traditional governments and banks.

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