Coinmark cap opening date: Aug 04, 2015.
Coinmark cap opening price: $ 0.009419.
Coinmarkt cap current price: $1.82.
PROJECT OVERVIEW.
AEON is a private, secure, untraceable currency. You are your bank, you control your funds, and nobody can trace your transfers.
AEON was forked from cryptoNight, the same code Monero was built upon. Only difference here is that Monero uses CryptoNight and AEON Cryptonight-light, which is a modified CN version with lightweight use in mind. This is also why people compare it akin to being the ‘Litecoin’ to Monero.
BACKGROUND.
An anonymous developer on the Bitcoin Forum named “Aeon” launched AEON on June 6, 2014 as a fork of Monero and with the same maximum supply of 18.4 million coins. It has a similar emission curve to Monero (XMR) albeit offset by about 6 weeks.
There was no “premine” or “instamine,” meaning that no cryptos were generated and/or held before launch. Aeon is a true grassroot coin launched ‘fairly’ in all aspects.
In October 2014 the original developers discontinued work on Aeon and the project was considered abandoned. However, in April 2015, after a display of community approval, all of Aeon’s assets were handed over to a new developer (smooth) concurrently working on the Monero project. The Aeon project was thereafter rebranded to be a lite test version of Monero.
AEON is expected to enable an age where all people everywhere have the freedom to privately send and receive money with whatever gadget they already own.
HOW IT WORKS.
AEON uses ring signatures to make transactions untraceable, meaning it is very difficult for blockchain analysis to determine if funds have been spent.
The ordinary digital signature (e.g. (EC)DSA, Schnorr, etc…) verification process involves the public key of the signer. It is a necessary condition, because the signature actually proves that the author possesses the corresponding secret key. But it is not always a sufficient condition.
Ring signature is a more sophisticated scheme, it is verified against a group of public keys without having to reveal the used private key.
It makes use of your account keys and a number of public keys (also known as outputs) pulled from the blockchain using a triangular distribution method. There is no way an outside observer can tell which of the possible signers in a signature group belongs to your account.
Therefore, if you encounter a ring signature with the public keys of Alice, Bob and Carol, you can only claim that one of these individuals was the signer but you will not be able to pinpoint him or her.
This concept can be used to make digital transactions sent to the network untraceable by using the public keys of other members in the ring signature one will apply to the transaction. This approach proves that the creator of the transaction is eligible to spend the amount specified in the transaction but his identity will be indistinguishable from the users whose public keys he used in his ring signatures.
SIMILAR PROJECTS.
Monero.
Monero is a secure, private, and untraceable cryptocurrency. It is open-source and accessible to all. With Monero all transactions without exceptions are concealed, this is what makes Monero unique in crypto. You do not have this with Zcash or Dash, their privacy exists as a layer which is not how privacy should work.
Dash.
Dash promotes anonymity via its “PrivateSend” feature which represents the developed version of CoinJoin, which is a bitcoin mixing concept. Along with CoinJoin’s mixing concepts, Dash implements a series of added features including decentralization, a chaining approach for maximizing anonymity, passive ahead-of-time mixing and denominations.
Zcash.
Although Zcash has been launched in January, 2016, the technology behind this new cryptocurrency is getting appreciated more and more each and every day. Zcash has been described as the untraceable cryptocurrency due to its high levels of anonymity, mainly due to the implementation of zk-SNARK (Zero-Knowledge Succinct Non-interactive Argument of Knowledge) cryptographic model.
Without delving into technical jargon, zk-SNARKs represent proofs of work over given inputs without having to reveal all of those inputs. zk-SNARKS are not only ideal for promoting anonymity, but also permit reduction of the transaction verification costs when compared to smart contracts.
PIVX.
PIVX is an anonymous peer to peer digital currency based on Bitcoin algorithms. The logic behind it is the creation of a decentralized, privacy-focused digital currency that provides instantaneous transaction timeframes. Given, its current transaction times aren’t really instantaneous.
Still, they are indeed the very quickest among all the cryptocurrencies currently in the market. PIVX is one of the securest coins, but there are plans to implement the ZEROCOIN protocol into it. If the venture is successful, this coin will be able to take financial privacy to a whole new level.
How is it different than other platforms in the space?
AEON aims for the mobile niche. Its cryptoNight-light algorithm is lighter than Monero’s one. While Monero will focus on being the most secure and private currency, aeon will focus on less secure but more useful in daily small transaction currency.
Here are the differences:
- Different proof-of-work. AEON’s lightweight PoW (CryptoNote-Lite) allows for faster verification of the blockchain.
- Blockchain pruning for scalability. Pruning allows the blockchain to stay small and not outgrow devices with limited storage. This feature also improves anonymity by reducing age-based attacks.
- Fast syncing. AEON uses a 4-minute blocktime, reducing sync by a factor of four. Coupled with the lighter PoW, sync times on lower end devices can be improved by 10x or more.
- Optional lightweight transfers. Unlike Monero, AEON also allows for traceable These are a faster lower-fee option for non-sensitive payments, like transferring to/from exchanges.
