AEON is a CryptoNote coin introduced in June 2014 and is based on the theCryptoNight-Lite algorithm. Much like its larger predecessor, Monero, which is based on the CryptoNote protocol, it is designed to be a private, secure and untraceable digital currency. In fact, it is considered as the lighter version of Monero in the same way that Litecoin is seen as the lighter version of Bitcoin. However, unlike Bitcoin, this digital currency doesn’t have an open blockchain where every member is able to see every transaction that takes place on the blockchain. Here, the main feature is that the user is his own bank, he controls his funds, and his transfers can’t be traced by anybody.
On AEON a user has the advantage of keeping all his purchases, receipts, and transfers completely private since it uses a solid cryptographic system that allows him to securely send and receive money without his transactions getting revealed on the blockchain. However, payments that are not of a sensitive nature can be transferred through a traceable mode as well, via exchanges. Transactions on the network are cryptographically secured. A once only display of a 24 word mnemonic is used to backup individual wallets. The wallet files are protected with an encrypted passphrase which is impossible to decrypt.
AEON assures users that their transactions won’t be tied back to another user or computer and will continue to have a certain degree of vagueness, thereby making it near impossible to trace them. This becomes possible by the use of ring signatures that is a special kind of encryption technology used in cryptography. In addition to that, this currency has been specifically designed to be mobile friendly and has taken into account the weaker CPUs (Central Processing Unit) and inadequate storage on most mobile devices. Its one-MB scratchpad allows users to run the currency platform on their mobile devices easily and at good speed.
AEON also shortens blocktime to just four minutes thereby preventing the blockchain from growing too big as that can slow down the mobile devices with limited storage capacity that most people use to access the net. The shorter blocktime results from faster verification on the blockchain followed by a quick exit, preventing any scope of analysis on the blockchain. This particular currency platform was designed precisely for faster operation on mobile devices and in this regard, its lighter POW (Proof of Work) has been helpful in improving sync times on mobile devices.
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