Aeon originated as a token on the Ethereum blockchain that was distributed via a smart contract initial coin offering (ICO). But after this genesis block, Aeternity began its own blockchain, which is maintained and secured by proof- of-work (PoW) and proof-of-stake (PoS) mining. The PoW mining uses a special variant called Cuckoo Cycle, which allows even smartphones to mine Aeon, thus helping to increase decentralization of the network even more.
By combining smart contracts with oracles, Aeternity provides the framework for its own futures market and gambling platform. So, users can bet on future events and earn money if they are correct. The futures market and gambling that will occur on Aeternity is decentralized, giving users peace of mind that their profits will always come through and can’t be tampered with. This is far better than decentralized platforms, where the person running the platform can manipulate the data stored in it and freeze funds.
An unregulated and decentralized futures market like this has the potential to be a major boost to the economy and should gain widespread use. Moreover, it provides more freedom and opportunity compared to centralized futures markets that are already established. As activity on this platform increases, the price of Aeon will likely increase in the long run. That's because Aeon is needed to pay for using the network and is the only accepted form of payment for smart contracts.
Please note that the purpose of this article is not to give investment advice or influence any investment related decisions. It’s only meant to inform crypto enthusiasts and promote awareness. Always consult a qualified investment professional before investing.
