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AeonCoin (AEON) is a Monero’s fork and an anonymous digital currency. Despite the fact that it is similar to Monero, it has some significant improvements implemented by developers. First, this coin is much better for the mobile usage. Second, its network requires less resources for proper functioning. At the same time, AEON stays no less secure and private than Monero.
The main idea of the developers is that AEON coin will be used and stored mostly by means of the mobile phone application. What is more, they expect that users will be able to mine it with the help of mobile devices. However, these are just plans for the future at the moment. The coin is already available but there are still no mining options for mobile devices. To get AEON coin today, you should look for this currency on the large exchange platforms.
Just like Monero, Aeon is based on the CryptoNote technology, the key protocol for most anonymous currencies. Due to the fact that they all work on the same basis, they have the same features like one-time addresses, ring signatures, and blockchain analysis resistance.
Ring signatures serve to make the transactions untraceable. They are a set of public keys that are connected to every operation. The traditional transactions usually have a sender’s public key and can be traced easily. At the same time, ring signatures mix the public key’s data of one sender with all the others network members. Due to this, third parties can only determine that one of a dozen addresses has made an operation but it is impossible to say which one exactly.
The next level of privacy is provided by one-time addresses. Every time a transaction is made, the sender mixes receiver’s address and some random information to generate an anonymous key. The sender also creates a public part of the address to be displayed in a general network. However, only the receiver can see and distinguish the private piece of the address and therefore release the money.
The third level of anonymity is reached by a resistance to the blockchain analysis. Public blockchains usually store all transactions and these operations can be easily traced. For example, Bitcoin doesn’t provide any confidentiality to the users of the network since it has a public blockchain. Due to the CryptoNote protocol, it is almost impossible to follow the way of any transaction made within AEON network.
Despite the fact that AeonCoin is pretty much similar to Monero and other coins that use CryptoNote technology, it has some important features that make AEON different.
As we have already mentioned, the main aim of coin developers is creating a light and usable currency that can be mined with the help of simple mobile devices.
This algorithm serves to verify the blockchain transactions faster. The platform is simple and lightweight (1 MB) and traditional home computers as well as mobile phones can display it without losing effectiveness. At the same time, operations with Monero’s wallet require a large amount of free space and significant computing powers.
At Monero’s network, you can regulate the level of privacy and make your transactions less anonymous for lower fees. Aeon’s transactions are only anonymous. This encourages community to support independent and confidential financial systems without a temptation to abandon the idea of privacy for more convenient experience.