What is CryptoNight Algorithm and How Does it Work?

CryptoNight is a proof-of-work algorithm used to secure the network of several cryptocurrencies, such as Monero, Aeon, and others. It is designed to resist ASIC mining, a specialized hardware optimized for mining a specific cryptocurrency. CryptoNight is intended to be mined efficiently on consumer-grade CPUs and GPUs, which allows for more decentralized mining. The algorithm uses a combination of hashing functions, including the CryptoNight hash function based on the CryptoNote protocol and the Keccak hash function. It also uses a memory-hard…