CryptoNote vs CryptoNight

CryptoNote is the name of the cryptocurrency technology (application layer) that Monero (AEON and various others) is based on. CryptoNight is the name of the hash function that is used in the CryptoNote Proof-of-Work algorithm. CryptoNight-Lite (used by AEON) is a modification of CryptoNight that uses half as much memory and fewer hash rounds.

Cryptonote Website

So basically CryptoNight is the algorithm for Monero and CryptoNight-Lite is the algorithm for AEON.

Different coins use different algorithms, here some examples: SHA256 (bitcoin), Scrypt (litecoin), Ethhash/Dagger-hashimoto (ethereum)

 

Rough and simple summary:
– CryptoNote is the technology/application layer/frame behind Monero/Aeon/etc
– CryptoNight is the hashing algorithm used by CryptoNote
– AEON uses CryptoNight-lite -> modified CryptoNight algorithm
– If you compare the mining between AEON and Monero on the same hardware, you’ll see a higher Hash/s number on Aeon (does not mean you earn automatically more by mining on AEON since different algorithm have different approach of Proof of Work).