Aeon project purpose and description
What Is Aeon?
The entry of decentralized cryptocurrencies into the globe in 2009 marked the start of a new era. Satoshi Nakamoto demonstrated that it is possible to run decentralized payment networks without involving third parties such as banks.
One of the top digital cryptocurrencies is Aeon. This is a lightweight and mobile friendly coin dedicated to providing optimal privacy to users. The design of its privacy and security features has made it get the tag “Monero’s little brother.”
- A closer look at Aeon history
Aeon was founded by Anonymous developers who forked it from Monero core code in June 2014. The founders’ decision to remain anonymous was adopted in line with the network’s goal of operating in total privacy.
The founders were concerned that though cryptocurrencies were meant to provide users with optimal privacy, the goal was becoming a mirage. Therefore, they decided to create an anonymous network with better features than what was in the market.
Its commitment to enhancing privacy makes it a direct competitor to other anonymous coins such as Bytecoin, Zcash, and Dash. It also has to compete for space with the Monero.
The price performance of Aeon has been impressive. It grew by about 6100% between August 2015 and close of October 2018. Between launch and December 2016, the price of Aeon remained below $0.05.
From January 2017, the price started rising steadily and hit the first peak of $2.88 in October 2017. Then, it fell slightly to $1.27 in early November before taking a bullish trend culminating to $8.99 in Jan 2018. This was the highest mark in Aeon history. But the positive show only lasted a very short moment.
Between 8th January and 6th February 2018, the price dropped from the climax to $2.12. This drop did not stop there. It continued on a bearish trend to reach a low of $0.5 by the close of October 2018.
The community is optimistic that the value of Aeon will continue growing in the coming years as the importance of privacy in the blockchain networks become vivid.
What is the problem that Aeon Solves?
When the Aeon development team started working on the cryptocurrency, the niche was faced with a myriad of issues that risked slowing it down. Here are some of the problems that Aeon addresses.
The blockchain technology is advancing very fast. When the technology was launched in 2009, the community thought that the cryptography used to create the coins was ample to keep their operations private. But de-anonymization technology has also advanced and made it possible to easily pull out personal details on individual cryptocurrencies. Take the case of Bitcoin.
While Bitcoin has been proven to be the leader in the crypto industry, it is sad that transactions are not anonymous. Because Bitcoin users are only allowed to use pseudonyms, it has become relatively simple to follow uncover users. Here are other methods that blockchain networks can get compromised.
In many networks where transactions run direct from node to node, connecting multiple nodes could result in losing anonymity. Another method that can be used to compromise users anonymity is the public ledger.
Because transactions in public ledgers such as Bitcoin are open, it is possible to follow a group of addressed and tie them to a specific user. Once one individual is discovered, it will be easy to progressively uncover others tied to that group.
- Centralization of financial services
If you send funds or store cash in a bank or credit card companies, the management is done through a centralized system. However, this has been a source of key inefficiencies and the high cost of sending value.
When you initiate a transaction to send value using a bank system, it is run through a long chain of command that causes delays. For example, a bank has to follow the anti-money laundering (AML) and know your customer (KYC) rules before transactions are cleared effected.
The impact of lengthy procedures when using conventional services is that transactions take very long. In some banks, it can take up to four days before the cash sent reaches the targeted recipient.
How Does Aeon Solve The Problem?
The efforts and strategies used by Aeon have become an important reference point for other cryptocurrencies that want to demonstrate greater value to its community. Here are the methods used to address the issues.
- It employs proof of work (PoW) algorithm referred as CryptoNight-Lite
The design of Aeon was aimed at addressing the above problems and further set the stage for future growth and competition against others. The CryptoNight-Lite is a proof of work consensus protocol that helps to improve transactions by making them untraceable and unlinkable.
- Blockchain pruning
Blockchain pruning at Aeon is used to help clear off the unnecessary data from the blockchain. If the blockchain is loaded into a RAM, removing excess data releases some space so that you can run more transactions. In the Aeon platform, an older block is pruned every time that a new one is added.
- Optional lightweight transfers
Though Aeon was created as a private network, users are allowed to select the level or preferred privacy. For example, you do not need to send non-sensitive information as an anonymous transaction. Instead, Aeon provides users with the option of using lightweight transfers.
Because the transactions are open, they are cheap and can be completed faster. Good examples of traceable transactions are trading related operations such as to and from the cryptocurrency exchanges.
- Operates a completely decentralized network
Aeon operates as a completely decentralized platform which implies that it is not owned by any single party. Instead, the platform is owned by the nodes spread in its system. This implies that there is no single point of failure on the system. If you run an active node on the Aeon system, you will be called to vote when governance issues come-up.
What makes Aeon better than it’s competitors?
When Aeon was created, it entered into a market that had other digital coins. Now, the competition has edged a step higher because the players in the market are also increasing. The following are the main things that make Aeon better than competitors.
- Aeon is a completely anonymous network. Unlike the conventional banking system that exposes user details to a whole array of people, Aeon is completely private. This implies that you can use the platform without worrying that cashiers, bank managers, political system, or miners will know about it.
- The platform is fully decentralized. To remove the inefficiencies reported in many conventional banking systems, Aeon operates as a completely decentralized platform. Transactions such as sending value on the network go through complex procedures such as anti-money laundering screening. Instead, the Aeon transactions are confirmed by nodes that follow sender’s public address.
- Users are allowed to use and own the network. If you use a bank to send or save funds, there is a sense of passiveness because the decisions are made and implemented by the management. But it is different when it comes to Aeon.
As a completely decentralized platform, it implies that users do not simply send fund go. Instead, they can join the platform as nodes and help with management. This means that you can become part of the important personalities that will help define the next direction of the network.
- The Aeon system is a great option for investing or sending funds without worrying about third-party seizures. When you save or send funds on a banking system, the details are easily accessed and used for national, political, and other managerial tasks.
Because there is no privacy, your money stored in a bank can easily become a target by the current administration through new taxes or even lawyers. If a court case hauls itself into your doorstep, it will only take a stroke of a pen for the court to freeze it.
At Aeon, the platform is anonymous. This implies that no one can access your details or know about your account. Indeed, even the court of law does not have jurisdiction because cryptos are unregulated.
- Aeon is a cheap and fast way of sending funds across the globe. As a completely decentralized platform, it implies that transactions bypass profit-seeking organizations such as credit card companies. By allowing users to send value directly, it implies that the transactions are cheap and fast.
How can Aeon be categorized?
Aeon can be categorized as a truly decentralized and anonymous platform created to provide users with full control over their assets. The platform has managed to achieve this objective and helped to inspire cryptographers to rethink their focus on privacy.
What’s Aeon’s vision on Security?
When Aeon was created in 2014, the problem of security had become a serious threat to the crypto industry. The attack on crypto establishments such as Bitcoinica had become a common thing. To address the problem, Aeon’s vision of security is to become the most secure and reliable platform in the industry. Here are the main methods used to make the Aeon platform secure.
- The platform operates as a completely decentralized platform to ensure that tokens are evenly distributed to prevent 51% attack.
- The Aeon system uses advanced encryption that helps to make it difficult for third parties to access user accounts.
- The system used age-based pruning that helps to remove age based attacks.
- The platform is led by an enthusiastic team that progressively evaluates the network for vulnerabilities and closes them.
Examples of Aeon’s use cases / applications
As an anonymous network, Aeon has been attracting different stakeholders that want to be associated with it. Here are the main use cases of the network:
- Use the native Aeon coin to send value on a peer2peer basis. As a decentralized system, users sending value are sure enjoying faster and cheaper transactions compared to the standard transactions.
- The Aeon coin can be used to pay for transaction fee on the native platform. When sending value on the Aeon platform, a transaction fee is levied to meet the network’s development needs. This fee is payable in Aeon coin.
- The Aeon token can be used to pay for government services in jurisdictions such as Singapore, Venezuela, and Arizona. Take the case of Arizona. After passing HB 1091 bill, the tax authorities are now mandated to accept taxes from all people including those paying with cryptos such as Aeon coin.
- Trade Aeon coin in the markets. Trading cryptocurrencies have become a lucrative venture today. One of the coins you can trade in the markets is Aeon.
To trade Aeon coin, you need to start by identifying the appropriate exchange that lists the coin. Then, open an account and create a crypto pair before executing trade orders.
To make profits while trading cryptocurrencies, it is advisable to start by learning how to trade. For example, you need to interpret graphs on market movement to know the right time to take a buy/sell position.
- Pay for goods and services using the Aeon tokens. There are more traders supporting cryptocurrencies today than any other time in history. To buy using Aeon coins, you only need to identify a store that accepts the coin.
Even if the stores close to you only support a different coin, it is also possible to make a purchase by converting the token to the supported crypto. Note that even the exchange will attract a fee.
- Send Aeon as a gift to close friends and loved ones. If you want to give your friends a unique gift, consider Aeon tokens. They can be highly valuable because recipient can sell in the markets or hold awaiting the value to grow.
- Invest Aeon tokens awaiting the value to go up. Because of the Aeon team’s focus on enhancing anonymity and introducing new features, the prediction is that the value of the coin will go up. Therefore, this could be a great moment to buy because the value is low. Then, s ell when the price goes up.