Areon Network

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Discover Areon Network's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Areon Network?

Areon Network (AREA) is a decentralized blockchain project that aims to provide a fast, secure, and user-friendly ecosystem. It features a unique Proof of Area (PoA) consensus mechanism, which combines the cost reduction of Proof of Stake and the transaction security of Proof of Work. The network supports scalable and user-friendly applications, including a digital wallet, NFT marketplace, and a virtual world called Areon City. The native token, AREA, can be used for various purposes, such as developing decentralized applications, monetizing virtual properties, and participating in the network's governance.

How is Areon Network used?

Areon Network (AREA) is a decentralized blockchain project that aims to provide a fast, secure, and user-friendly ecosystem for various applications. Here are the key ways in which AREA is used:

NFT Marketplace and Creation
  • MetAreon: AREA operates an NFT marketplace called MetAreon, where users can buy, sell, and create NFTs. Artists can set royalty rates for ongoing secondary sales, ensuring continuous revenue. The platform supports the Binance Smart Chain, making it accessible to users without extensive blockchain knowledge.
Transaction Verification and Rewards
  • Proof of Area (PoA): AREA employs the Proof of Area algorithm, which verifies transactions using user nodes. Validators, selected randomly from Areon Land shareholders in Areon City, approve blockchain transactions. Each confirmed transaction node distributes a block reward to all Area Landholders, proportional to their land ownership.
Digital Wallet and Asset Management
  • Areon Wallet: The Areon Wallet offers features such as cryptocurrency swapping, multi-factor authentication, hardware wallet integration, and cross-chain exchange functionality. It also allows users to view NFTs and manage their digital assets securely.
Ecosystem and Community Engagement
  • Areon City: Areon City is a virtual world that serves as the central hub of the Areon ecosystem. It offers various opportunities, including events, shopping, and special functions. Users can participate in these activities and engage with the community.
App Development and Entertainment
  • dApp Development: The Areon Chain supports the development of decentralized applications (dApps) with low costs and high scalability. This attracts developers to build various apps, including games, on the Areon platform.
Payment Transactions and Gas Fees
  • Fast and Low-Cost Transactions: The Areon Chain enables fast payment transactions with competitive gas fees. Users can send and receive payments instantly at low costs, making it a convenient platform for daily transactions.

Overall, AREA is used for a wide range of activities, including NFT creation and trading, transaction verification, digital asset management, community engagement, app development, and fast payment transactions.

How do I store Areon Network?

To store the crypto Areon Network (AREA) tokens, it is recommended to use a cold wallet, which is a wallet that is totally offline. There are two types of cold wallets:

  1. Paper Wallet: This is formed by generating a public and private key offline and printing them on a piece of paper. The keys are printed in the form of QR codes, which can be scanned for future transactions.

  2. Hardware Cold Wallet: This is a physical device where you can store your cryptocurrency. Your crypto addresses and keys are kept in a USB drive device, and only the person who possesses the USB drive can access the assets. Hardware cold wallets are preferred by most users, especially for storing large numbers of coins or tokens.

How to buy Areon Network?

To buy Areon Network (AREA) tokens, follow these steps:

  1. Create an Account: Open an account on a cryptocurrency exchange that supports AREA, such as BitMart, MXC, or KuCoin. Provide necessary information, including your email address and a secure password. Complete any required identity verification steps.

  2. Choose a Funding Method: Select a payment method to purchase AREA. Common options include:

    • Credit/Debit Card: Use Visa or Mastercard for a straightforward purchase.
    • Bank Deposit: Transfer fiat currency from your bank account to the exchange using SWIFT.
    • P2P Trading: Buy AREA directly from other users on the exchange.
    • Third-Party Payment: Utilize services like Simplex, Banxa, or Mercuryo.
  3. Buy AREA: Navigate to the "Buy & Sell" section and select AREA as the cryptocurrency you want to buy. Choose your preferred order type:

  • Market Order: Purchase AREA at the current market rate.
  • Stop Order: Set a specific price to buy or sell AREA.
  • Limit Order: Buy or sell AREA at a specified price or better.
  • TWAP Order: Break down a large order into smaller segments over a chosen timeframe.
  1. Transfer to Wallet: Once purchased, you can hold AREA in your exchange account or transfer it to a personal cryptocurrency wallet like Metamask for additional security and trading options.

Remember to research the exchange's reputation, read user reviews, and compare different exchanges to find the most suitable one for you.

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History of Areon Network

Areon Network (AREA) is a decentralized layer 1 blockchain that has made significant strides in the cryptocurrency market. The project is built around its unique consensus mechanism, Proof of Area (POA), which is designed to provide faster and more reliable transactions compared to traditional blockchain technologies.

Areon Network was initially launched on the BNB Chain but has since migrated to its own blockchain, Areon Chain, which is EVM compatible and utilizes the POA consensus mechanism. This migration marked a significant milestone in the project's history, as it allowed the network to operate independently and optimize its performance.

The POA consensus mechanism is a key innovation of Areon Network. It is designed to eliminate the high energy consumption associated with traditional mining methods, such as Bitcoin's Proof of Work protocol. Instead, POA considers digital asset ownership, providing a more environmentally friendly and efficient way to validate transactions.

Areon Network has a range of components that contribute to its ecosystem, including Areon Chain, Hyperswap (a DEX tool), and Areon Foundation. These components work together to provide users with a seamless and secure experience, featuring fast transactions, low gas fees, and a robust infrastructure for decentralized applications (dApps).

The token, AREA, is the native cryptocurrency of the Areon Network and is used to facilitate transactions and interactions within the ecosystem. AREA has been listed on various exchanges and has seen significant trading activity, with a market capitalization that has fluctuated over time.

Throughout its history, Areon Network has focused on building a comprehensive ecosystem that offers users a safer, faster, and more affordable crypto experience. The project's commitment to innovation and community engagement has helped it gain traction in the market, making it an attractive option for investors and users alike.

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How Areon Network works

The Areon Network (AREA) is a decentralized blockchain project that operates on its own unique blockchain. Here's an overview of how it works:

Blockchain and Consensus Mechanism

Areon Network uses a consensus mechanism called Proof of Area (PoA), which is a novel approach that combines the benefits of both Proof of Stake (PoS) and Proof of Work (PoW). PoA ensures that transactions are verified efficiently and securely without the high energy consumption associated with PoW. This mechanism allows for faster and more dependable transactions, enhancing the overall performance of the network.

Tokenomics

The native cryptocurrency of Areon Network is the AREA token, which serves as the fuel for the entire ecosystem. The total supply of AREA tokens is 250 million, and they are used for various purposes such as staking, governance, and paying transaction fees. The token allocation model includes different categories, including ecosystem development, community, backers, team, public sale, listing and liquidity, and company reserve, each with its own vesting period.

Staking and Governance

Staking is a crucial aspect of the Areon Network. Users can stake their AREA tokens to participate in the validation process and earn rewards. The more AREA tokens staked, the more influence users have in the governance of the network. This ensures that the network is decentralized and community-driven.

Areon City and Area Land

Areon City is a virtual world that serves as the central hub of the Areon ecosystem. It is designed using blockchain technology and artificial intelligence, offering various opportunities to users. Area Land is a unique feature within Areon City that accelerates the validation process of the Areonchain, making it faster and more secure. Users can own Area Land, which gives them a stake in the validation process and allows them to earn rewards.

NFT Marketplace and Cross-Chain Token Network

Areon Network includes a non-fungible token (NFT) marketplace called MetAreon, which aims to increase NFT adoption and volumes with faster and cost-effective solutions. The platform also supports a scalable cross-chain token network, allowing users to buy and create NFTs from top artists and earn royalties on secondary sales.

Wallet and Apps

Areon Wallet is a digital wallet that offers various features, including the ability to swap cryptocurrencies, high-level security through multi-factor authentication and hardware wallets, integration with the entire Areon ecosystem, and cross-chain exchange functionality. The wallet also supports staking without commissions and offers advanced security measures to protect users' assets.

Performance and Scalability

The unique architecture of Areonchain, combined with the Proof of Area consensus mechanism, enables the network to achieve high transaction speeds and scalability. The protocol is tested on a 1 Gbps network and can handle up to 600,000 operations per second, making it a highly efficient and fast blockchain.

Overall, the Areon Network is designed to provide a fast, secure, and user-friendly platform that combines the best blockchain ecosystem services. Its innovative technology and features make it an attractive option for users and developers alike.

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Areon Network's strengths

The token Areon Network (AREA) has several strengths that contribute to its potential success and value:

  1. Speed and Scalability: Areon Chain, the blockchain behind AREA, can handle an impressive 600,000 transactions per second, making it one of the fastest and most efficient blockchains.

  2. Innovative Consensus Mechanism: The Proof of Area (PoA) algorithm combines security and speed seamlessly, offering a unique approach to network validation. Validators play a crucial role in transaction verification by owning land in Areon City, which not only validates transactions but also provides various benefits, creating a robust and sustainable ecosystem.

  3. Governance and Community Engagement: AREA token holders have governance powers, allowing them to propose and vote on changes to community-controlled parameters. This inclusive governance structure ensures that the community has a significant say in the project's development.

  1. Tokenomics and Deflationary Mechanism: The token allocation model is carefully designed to support long-term growth and sustainability. A deflationary mechanism burns tokens quarterly, directly proportional to transactions on the Areon Chain, ensuring a stable circulating supply and aligning with the network's growth.

  2. Compatibility and Integration: Areon Chain is compatible with the Ethereum Virtual Machine (EVM), offering developers flexibility to scale decentralized applications (dApps) and facilitating seamless interaction with existing Ethereum tools.

  3. Security and Staking: The PoA mechanism ensures security through digital asset ownership rather than computational power, making it more sustainable and efficient. Stakers contribute to the security and governance of the network, receiving rewards in the process.

These strengths position Areon Network as a game-changer in the blockchain industry, offering a unique and robust ecosystem for users and developers alike.

Areon Network's risks

Areon Network (AREA) is a cryptocurrency project that carries several financial risks. Here are some key points to consider:

  1. Market Volatility: The cryptocurrency market is highly volatile, and the price of AREA can fluctuate rapidly. This means that investors may experience significant losses if the market moves against them.

  2. Project Risks: The project itself carries risks, including technical, compliance, and market-related uncertainties. These risks can impact the performance and value of the AREA token.

  3. Consensus Mechanism Risks: Areon Network's unique consensus mechanism, Proof of Area (POA), may have its own set of risks. While POA offers digital land ownership, it also introduces additional complexity that can lead to potential vulnerabilities.

  1. Security Risks: As with any cryptocurrency, there is a risk of security breaches or hacks that can result in the loss of funds. This is particularly important for investors who choose to store their AREA tokens on exchanges or in non-custodial wallets.

  2. Regulatory Risks: The regulatory environment for cryptocurrencies is constantly evolving, and changes in regulations can impact the value and usability of AREA tokens. Investors should be aware of these potential regulatory risks.

  3. Liquidity Risks: The liquidity of AREA tokens can be a concern, especially if there are not enough buyers or sellers in the market. This can make it difficult to buy or sell AREA tokens quickly and at a fair price.

  1. Scalability Risks: As a layer 1 blockchain, Areon Network's ability to scale and handle high transaction volumes is crucial. If the network fails to scale effectively, it can lead to congestion, high fees, and a negative impact on the value of AREA tokens.

  2. Competition Risks: The cryptocurrency market is highly competitive, and Areon Network faces competition from other blockchain projects. If AREA fails to differentiate itself or provide a compelling value proposition, it may struggle to attract and retain users.

Investors should carefully consider these financial risks before investing in Areon Network (AREA). It is essential to do your own research, assess your risk tolerance, and make informed investment decisions.

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Did Areon Network raise funds?

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Areon Network’s team

  • Metin Bozkurt: Chief Operating Officer (COO) and Co-Founder of Areon Network.

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