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Aeon Coin Review & Guide 2018
It is hard to keep up with all the cryptocurrency projects going on. One month a Bitcoin fork is launched, the next an Ethereum competitor gets listed on exchanges. If you are still new to the crypto world, it may take a while to get acquainted with different terms and major project types.
But if you already know what Bitcoin is and you can explain to a ten-year-old how the blockchain works, you probably already know that privacy coins are the most popular types of cryptocurrencies in 2018.
Since Monero launched as a private coin, more than ten projects have pioneered. Monero is the most popular privacy coin, which can be attributed to its success in shielding users’ data. Additionally, the coin offers miners a great way to earn money without investing in expensive machinery.
Aeon is a brother to Monero. Built from the same CryptoNote technology, find out how it’s built and what it in the subsequent paragraphs.
What is AEON?
AEON is a blockchain network built on the CryptoNote security layer. The CryptoNote protocol is an application with a set of pre-defined techniques: ring signatures, analysis resistance, and one-time security keys.
CryptoNote coins are generally privacy coins. They include Monero, BitCoin, Dash, Masari, and DigitalNote. The coins use ring signatures to mix multiple public keys in such a way that you can view the keys, but you can’t tell which exact key is used for what payment. By utilizing additional security techniques, the coins are able to provide total privacy to traders.
AEON was forked from Monero to provide lite services. To provide the world-class privacy it’s known for, Monero uses complex security techniques and a platform that can’t be seamlessly integrated on mobile devices.
AEON, on the other hand, was built to be as easy to use as possible for everyone irrespective of the devices they own. The AEON scratchpad, for example, is only 1MB in size. It was intentionally kept lite to make it compatible with any mobile device, laptop or desktop device.
Everything about AEON is lite, making it faster and more efficient. Its Proof of Work mining algorithm allows for faster mining. Its blockchain is designed to remain small, unlike many blockchains that grow to the size of terabytes.
In addition to the lite services it offers, AEON has the option to make payments pseudo-anonymously. Like Bitcoin or all other non-privacy coins, AEON users don’t have to make every payment private.
Like many privacy coins, nowadays, the AEON development team is anonymous. The project was launched in 2014, and since then, the only person who can be associated with the company is a developer who goes by the pseudo-name, “Smooth.”
Smooth leads the project’s development on GitHub. Anyone interested can chip in and help improve the open source network. While it’s a fairly small project, the AEON team strives to beat competition from coins like Dash and PIVX that both aim to improve the ease of using privacy coins.
What makes AEON Special?
AEON was conceived on the idea that privacy coins can’t beat Bitcoin if privacy is all they offer to investors. The best coins must provide more than one unique service to stand a chance in the ever competitive cryptocurrency industry.
And true, the most successful cryptocurrency networks offer a few of what their competitors proffer and several other unique services. As a fork of Monero, AEON’s primary goal is to provide lite services for investors looking for a privacy coin. However, the network offers privacy by utilizing techniques meant to increase adoption rather than seem prohibitive.
Here are the unique features that make AEON special to investors:
More than three billion people own mobile phones, yet a lot of cryptocurrency networks can only be operated using personal computers. Many blockchains are also large and continuously increase to the point that only users with lots of hard drive space can install them.
AEON is built for mobile device users and computer owners alike. Its scratchpad is 1MB in size while its blockchain has been pruned to remain small. This makes AEON an excellent platform for crypto enthusiasts who like trading using mobile devices or those with limited disk sizes.
The Option to send non-private payments
AEON investors who don’t find the need to anonymize every transaction have the option to make pseudo-anonymous payments. This helps complete the payment faster, and enable traders to pay lower fees while at the same time making completely anonymous payments. Investors who make regular trades between exchanges, for example, can take advantage of the low fees associated with non-private transactions.
As a lite blockchain network, AEON gets things done faster than its biggest competitor, Monero. It has a block time of four minutes, and a has a proof of work algorithms that improves verification speed by up to 10 times while using low-end devices.
In general, CryptoNote coins undergo a longer verification process. This often leads to more orphaned blocks and a long time to sync blocks. By using 4-minute block time, AEON helps sync its block much faster in spite of being a lite service.
The AEON Coin
AEON is the currency of exchange on the AEON blockchain network. AEON is a currency coin as well as a privacy coin. Like Monero, AEON uses CryptoNight security features to provide privacy to traders. Like Bitcoin, the AEON cryptocurrency can be used to make payments for goods and services.
The cryptocurrency is distributed through a mining process. Although it uses the proof of work mining algorithm, it’s a CryptoNight. And CryptoNights don’t require the use of expensive mining machines to verify transactions. The AEON coin can be mined profitably using a computer CPU or GPU.
The AEON cryptocurrency has a maximum supply limit of 18.4 million, and already, 15.84 million coins have been mined. Its price on exchanges has been a mix of ups and downs. Toward the end of 2017, the AEON price went up by more than 100% within a few weeks.
In January 2018, a market correction that affected nearly all cryptocurrencies affected AEON, and its price dropped sharply. However, the coin has been fluctuating from time, occasionally giving investors the opportunity to make profits.
AEON consists of a fairly small team made up of volunteer developers. Unlike Ethereum, Ripple and other blockchain networks that are developed by private companies, none of AEON’s developer is known.
The company makes all its communication through GitHub and occasionally via social media. After forking the blockchain from Monero, the AEON team didn’t produce a roadmap to guide investors. Instead, any changes the team makes to the network are announced on GitHub. AEON’s goal is already clear; to be a lite version of AEON. As such, they don’t feel the need to introduce services that must be documented through a roadmap article or diagram.
How to buy AEON
AEON has occasionally experienced extended growth curves, like during the last quarter of 2018. If you believe the cryptocurrency is headed for better days and you want to invest, follow this guide.
Step 1: Set up an AEON Wallet
Buying AEON is one thing, securing them is what matters the most. There are a limited number of wallets that accept the AEON crypto, but you can depend on the network’s desktop client: Sofia. The wallet is available for MAC, Linux and Windows 64 bit users on GitHub.
Sofia is used by more than 80% of AEON investors, and it’s regularly monitored and updated by the AEON team. Its software package is small as you only need 30MBs to download it. Once installed, the wallet lets you download and secure the private key. On the downside, Sofia is not a multicurrency wallet.
If you are comfortable storing your coins on web wallets, AEON pocket is a good alternative. Like Sofia, this wallet is an AEON only supported wallet. The wallet lets you create a web-based wallet fast albeit with full knowledge that the AEON pocket has access to your private key.
Cryptocurrency investors who still cherish the feel of holding coins in paper wallets can generate an AEON wallet on moneroaddress.org. The website has an address generating engine that provides private key generation for both Monero and AEON coins. For every wallet you generate, the website provides a mnemonic seed that you can use to access your ‘spend’ and ‘view’ private keys.
Step 2: Get some BTC/ETH
With a wallet set up, it’s time to look for an AEON exchange. There is one problem though; AEON is not paired with fiat currencies on any major exchange. You need Bitcoin or Ethereum to have access to AEON. The two cryptocurrencies are listed as trading pairs for almost every exchange. Nearly all fiats to crypto exchanges also support either Bitcoin or Ethereum.
However, it takes time to find the right exchange. Cut the chase by buying either BTC or ETH on cex.io, an established exchange since 2013. Based in the UK, Cex.io is an efficiently managed exchange with low trading fees and a variety of payment methods that include credit/debit cards.
Apart from credit/debit card payments, you can make purchases on the exchanges using SWIFT, SEPA and Cryptal bank. KYC verification is a requirement on cex.io, but this is usually completed within 14 days.
Step 3: Choose an AEON Exchange
With Bitcoin or Ethereum in your AEON wallet, you can easily buy AEON coins in any exchange that support the coin. There are two major altcoin exchanges that support AEON:
Bittrex is one of the most popular cryptocurrency exchanges based in the US. With nearly 300 altcoins, it’s one of the best platforms to look for less popular altcoins such as AEON. BTC is the only trading pair for AEON, and the company’s trading fee is 0.25%.
Like Bittrex, HitBTC is known for supporting a high number of altcoins. It’s more popular than Bittrex and records a much higher daily trading volume. Similar to many altcoin exchanges, registration is free and open to all countries. HitBTC’s trading fee is 0.1%, which is less than half what you pay on Bittrexx. On the downside, AEON has very low liquidity on HitBTC as most of the coin’s trading is done on Bittrex and Trade Ogre.
Step 4: Storing AEON Safely
Bought some AEON coins successfully? Transfer them into your personal AEON wallet immediately. With all the hacking that goes on exchanges every month, you don’t want to be a victim of a hacked exchange.
Fortunately, it takes less than 20 minutes to set up a wallet, especially a web wallet like the AEON pocket web wallet. By simply creating an account, AEON web wallet will provide an address to use as your destination address when moving the coins out of the exchange.
If you choose to use the AEON Sofia desktop wallet, you must set it up and make a backup for your files. But once the desktop client is synchronized with the AEON blockchain, it’s easy to use as well.
AEON is a privacy coin forked from the Monero blockchain in 2014. Its developer was an anonymous user who withheld their identity even after the success of the project. AEON was developed to be a lite version of Monero, providing everything Monero offers but for ease of use by traders with low-powered CPU devices.
The cryptocurrency network, for example, is suited for mobile devices and low CPU-computers. However, it’s also a secure network built from the CryptoNite security layer for total privacy. Much of the privacy services offered by AEON can also be achieved by other CryptoNite coins. To differentiate itself, AEON has the option to send semi-private payments.
From an investor’s point of view, AEON has not always had a steady growth curve. However, there are occasional moments when the cryptocurrency has had an extended bull run and made its investors a lot of profits. All in all, AEON has a small community that keeps the network active and the coin recording daily volumes of above $25,000.
Thank you for reading the AEON coin guide. Feel always welcomed to find more reviews and guides on our website.