[ANN] AEON: Scalable, private, mobile-friendly cryptocurrency

[BtcVolcano]

Something look many want to sell coins. A smart want to buy, and I think rightly so. Now I think the time to buy, then maybe it's too late. I hope to start the growth will continue and will not stop half way. And the success of the project I wish!

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[bbc.reporter]

That's because they don't work on Aeon!

Only the FPGAs sold by Baikal and Pinidea.

Bitmain, Hualong  (Dragon mint) and Innosilicons CANNOT mine cryptonight light!

Does anyone have some updates on Aeon's ASIC resisting hardfork?

Also, in what cryptcoins did the Monero ASICs transfer to? We can see that there is no substantial increase in Aeon's hashrate. We are only on 37MH/s, which is still low considering the amount of ASICs in the wild.

Maybe the ASIC miners don't see it lucrative to mine Aeon because of the low volume in Bittrex hehehe. They would lose hehe.

Ok then good, but your information needs to be verified by smooth and the mining pools. I also saw a Reddit thread today where the user called aeonminingpool-com was trying to convince everyone that an ASIC resisting hardfork for Aeon is critical and that we should hardfork before Electroneum does.

You can read more about it in this thread and please tell them what you are telling us here. Thank you.

https://www.reddit.com/r/Aeon/comments/8cr381/we_must_fork_before_etn_does/?st=jg5t2x80&sh=6923f8cb

[Goug_]

What happened to the difficulty ?

Very low during the last week (never see like this since a long time, around 4), and jump to reach 12 theses days !?!

Any particular reason ? Asic side effect?

It just began to be impossible to mine right now for normal people.  

[pennys2pounds]

The reason for the jump in difficulty is indirectly linked to ASICS. The miners that have bought these are now mining cryptonight, so those with FPGAs have shifted from cryptonight to cryptonight light as its a little more profitable.

The good news is that wasn't anywhere near as many of these sold as the ASICS so the difficulty will level out shortly.

A higher difficulty is a more secure network, networks that are more secure and with more hash, have higher coin prices.

Aeon does not need a fork imo, it needs the hashpower more to keep up with it's rivals and that is something that I am sure the devs are considering.

All this whining about ASICS is just childish. With mainstream
You all want mainstream, yet when they begins more money and better technology is inevitable.

Keep forking, the technology will just keep adapting. It's time to embrace change, Satoshis vision was only an idea. Even he wouldn't have understood just how far it would go.

You know that miners with ASICS, FPGAS, GPUs are all miners and are all part of the community.

Time to work together and embrace change.

[bbc.reporter]

I agree with pennys2pounds . I also reckon that Aeon will have to move out of Monero's shadow, and embracing ASICs would just be that opportunity to do it. We cannot be another litecoin of bitcoin that always waits like a parasite scamcoin and copies features developed in Monero.

[CryptoManDude]

guys , sorry, newbie. I don't see much activity in this coins twitter etc. is there still a value in this coin for an investment.

[Goug_]

I agree with pennys2pounds . I also reckon that Aeon will have to move out of Monero's shadow, and embracing ASICs would just be that opportunity to do it. We cannot be another litecoin of bitcoin that always waits like a parasite scamcoin and copies features developed in Monero.

And what about the decentralisation ?

If common people can't mine, only big farm will do, and what about Bitmain ? only one compagny behind more of 51% of the calculation could be an enormous problem on middle/ long terms ...

[estenity]

interesting discussion

https://www.reddit.com/r/Aeon/comments/8dr2xs/a_perspective/

[bbc.reporter]

I agree with pennys2pounds . I also reckon that Aeon will have to move out of Monero's shadow, and embracing ASICs would just be that opportunity to do it. We cannot be another litecoin of bitcoin that always waits like a parasite scamcoin and copies features developed in Monero.

And what about the decentralisation ?

If common people can't mine, only big farm will do, and what about Bitmain ? only one compagny behind more of 51% of the calculation could be an enormous problem on middle/ long terms ...

The ASICs are coming and there is nothing the common people can do about it. But smooth and americanpegasus has thought it good to switch to an ASIC resistant mining algorithm, which is a misnomer, and then switch to an ASIC friendly, but easier to commoditize mining chip production algorithm if it does not work.

Now I ask, wouldn't it be better if we went straight to the ASIC friendly, but easier to commoditize mining chip production algorithm, than going through hardfork after hardfork?

[phamhung141a]

How to import my funds from my old wallet to the new GUI?

Thanks

[smooth]

All this whining about ASICS is just childish.

Name calling is not a persuasive argument. There is good research and theory pointing both to ASICs being positive and negative so the issue is a lot more nuanced. Appealing to your alleged superior maturity actually demonstrates the opposite.

[boomboombazookajeff]

All this whining about ASICS is just childish.

Name calling is not a persuasive argument. There is good research and theory pointing both to ASICs being positive and negative so the issue is a lot more nuanced. Appealing to your alleged superior maturity actually demonstrates the opposite.

I agree, attack the idea and not the person. How else will we get anywhere on this issue?

[teknohog]

Now I ask, wouldn't it be better if we went straight to the ASIC friendly, but easier to commoditize mining chip production algorithm, than going through hardfork after hardfork?

Agreed. Monero's idea of slightly altering the PoW parameters every X months is just whack-a-mole, and doesn't sound like a proper development plan for any serious tech person. On the plus side, at least they are admitting that the PoW they devised to be ASIC-resistant in the past isn't very resistant now, because (omg) technology moves on. (Gosh, is it really 7 years since we developed the first Bitcoin FPGA miners? I still have that dev board lying around.)

For something arguably more ASIC-resistant, Boolberry has had its Wild Keccak for a few years, but I guess it's NIH for everyone else. Zcoin's upcoming MTP also looks interesting with its multi-gigabyte memory requirements. But even they won't be ASIC-proof forever -- remember when 640 KB was enough for everybody?

[LaScuderia]

All this whining about ASICS is just childish.

Name calling is not a persuasive argument. There is good research and theory pointing both to ASICs being positive and negative so the issue is a lot more nuanced. Appealing to your alleged superior maturity actually demonstrates the opposite.

Their biggest problem is that if they capture most of the power it will simply squeeze out all who honestly minitize and do not use industrial power. As for me, it's most honest to share as done in monero and similar forks and tokens.

[bbc.reporter]

Now I ask, wouldn't it be better if we went straight to the ASIC friendly, but easier to commoditize mining chip production algorithm, than going through hardfork after hardfork?

Agreed. Monero's idea of slightly altering the PoW parameters every X months is just whack-a-mole, and doesn't sound like a proper development plan for any serious tech person. On the plus side, at least they are admitting that the PoW they devised to be ASIC-resistant in the past isn't very resistant now, because (omg) technology moves on. (Gosh, is it really 7 years since we developed the first Bitcoin FPGA miners? I still have that dev board lying around.)

Yes, Fluffypony's justification is because Monero is still a small network. But then are they also planning for the longterm future of the project? Of course, and I reckon they should make determined efforts to deal with ASICs now than going for short term solutions in between.

But if they are doing it to buy time for their ultimate solution then good on them. They are one of the best development teams in the cryptospace for a reason.

[pennys2pounds]

All this whining about ASICS is just childish.

Name calling is not a persuasive argument. There is good research and theory pointing both to ASICs being positive and negative so the issue is a lot more nuanced. Appealing to your alleged superior maturity actually demonstrates the opposite.

Look in the mirror and read that back to yourself....

[SparkIt]

The reason for the jump in difficulty is indirectly linked to ASICS. The miners that have bought these are now mining cryptonight, so those with FPGAs have shifted from cryptonight to cryptonight light as its a little more profitable.

The good news is that wasn't anywhere near as many of these sold as the ASICS so the difficulty will level out shortly.

A higher difficulty is a more secure network, networks that are more secure and with more hash, have higher coin prices.

Aeon does not need a fork imo, it needs the hashpower more to keep up with it's rivals and that is something that I am sure the devs are considering.

All this whining about ASICS is just childish. With mainstream
You all want mainstream, yet when they begins more money and better technology is inevitable.

Keep forking, the technology will just keep adapting. It's time to embrace change, Satoshis vision was only an idea. Even he wouldn't have understood just how far it would go.

You know that miners with ASICS, FPGAS, GPUs are all miners and are all part of the community.

Time to work together and embrace change.

Well said! Increasing the power of the network and complexity is an evolutionary process, which is necessary for further strengthening of the Aeon.

There is no point in mined a coin if it never becomes a top-coin or at least a coin of the second echelon.

In the end, holders will be rewarded with an increase in the price of a volume that they managed to mined.

All this whining about ASICS is just childish.

Name calling is not a persuasive argument. There is good research and theory pointing both to ASICs being positive and negative so the issue is a lot more nuanced.

The duality of the problem is undeniable.  However, what is harmful to Monero doesn't necessarily will do harm to Aeon at the current stage of its development. Still, "move out of a shadow" is a very strong argument.

[smooth]

On the plus side, at least they are admitting that the PoW they devised to be ASIC-resistant in the past isn't very resistant now

FYI, the current Monero team had nothing to do with devising the original algorithm.

I feel it kind of did okay in holding off not only ASICs but even domination of CPUs by GPUs for four years, which is more than can be said for most if not all other algorithms which have tried that. But in the end the designers made some incorrect assumptions and it proved to be broken.

This isn't really just a question of technology moving on, as CPUs (and GPUs) have also improved significantly so ASICs had and have a moving target. But still the algorithm just did not do what it was supposed to do.

multi-gigabyte memory requirements

Large memory requirements will not in and of themselves make it ASIC resistant. If just the amount of memory is the the main issue, then ASIC builders can just attach a lot of cheap external memory as they are doing with Ethereum ASICs. (Not intended as a review of MTP generally, just the comment about memory usage.)

Yes, Fluffypony's justification is because Monero is still a small network. But then are they also planning for the longterm future of the project? Of course, and I reckon they should make determined efforts to deal with ASICs now than going for short term solutions in between.

But if they are doing it to buy time for their ultimate solution then good on them. They are one of the best development teams in the cryptospace for a reason.

I'm pretty sure FP has explained his reasoning being that ASICs need to get to the point where they are commoditized before they can be relied upon for a decentralized mining network. Size of the network and industry could be part of that. And yes he has said that he expects the best solution to be ASICs eventually, but not yet.

[huyenphung8698]

I just disabled banning on my pool, and will reenable it some time after the fork. This should let people switch a bit before or after without issues caused by temporary bad hashes.

[plavirudar]

Now I ask, wouldn't it be better if we went straight to the ASIC friendly, but easier to commoditize mining chip production algorithm, than going through hardfork after hardfork?

Do you happen to know of one such algorithm that is vetted to be secure and is currently available or can be easily put into production for ASIC chips?

If there isn't such a chip that allows for (relatively) decentralised ASIC mining, then the next best thing to do is simply going to be delaying tactics to allow the coin to be mined in a decentralised manner until such an algorithm becomes available and chips are produced for it.