What is Electroneum (ETN Coin) ?
ETN Coin Price
What is Electroneum? A Quick Overview
Electroneum is a mobile cryptocurrency based on the premise that in order to create a fair and truly decentralized cryptocurrency, anyone should be able to mine it.
ETN coin was designed for mass adoption via a mobile application mining platform and signed agreements with global mobile networks.
The History of ETN Coin
Electroneum launched with an ICO that took place in November 2017.
After they launched, they had a hacking of some investor emails which caused a small shut down of their ICO accounts(1).
On December 13th, 2017 they released their Android app in 20 languages.
Then in 2018, they developed a partnership with XIUS for real-time transactions and mobile commerce.
The Founder of Electroneum
Richard Ells - Founder/Director - Linkedin
His previous ventures including web design and development, Richard’s current project, Retortal.com, seeks to shake up and empower SMEs and startups in how they’re approaching and utilizing their social media. Affordable and accessible, the white label Retortal platform is both an awesome B2B sales funnel and in-house marketing team. It’s the ultimate of B2B business tools you never knew you needed – and neither will your clients. (Taken from Linkedin)
The Purpose of Electroneum Coin
ETN coin was created with the purpose of bringing cryptocurrency to the masses.
The proposal was that most people have mobile phones...
With traditional mining procedures, people need a specialized computer and graphics card which could then conduct mining.
Although, that doesn’t mean the reward will be significant especially if they didn’t join a mining pool.
Now Electroneum was trying to change that.
They wanted to bring the ability to mine to anyone around the world just by using a phone application that could mine while you are on the go.
Their Road To Mass Adoption
1. Finding the Users
They are aiming for 10s to 100s of millions of users.
Via mobile operator signed agreements, they claim that they already can reach 100 million smartphone operators.
Then they have set up their application so that the average user can mine their first ETN coins in just minutes.
All in all, they think that this will help create mass appeal.
2. Allowing The Users To Spend Their Currency
Their partners have agreed to accept ETN coins as a form of payment.
This is one of the biggest opportunities that electron sees for ETN coins to take off and increase in value as well.
An ability to use the coins.
This theoretically would allow ETN coins to be used at over 1.2 million agents, dealers, and distributors in over nine countries with more to come.
The Features of Electroneum ETN
CryptoNote Hashing Algorithm
It's a transaction method that doesn’t allow the amount to be seen but has a distributed public ledger like Bitcoin.
All in all, this is a popular hashing algorithm that has a history with many other coins.
A Simple To Use Application
The main feature of ETN coin is that fact that it can be mined and used in a simple application.
With hashing algorithms, long alphanumeric addresses, and decimal places up to the hundred millionth many people get confused with Bitcoin.
That’s why Electroneum was trying to create something easy and familiar.
The coin only goes to the second decimal place and can be produced easily by keeping the application running.
Lastly, while not uncommon, is the fact that it can be spent.
Making a “currency” spendable is the whole point of a currency, and with one of their major missions to allow the spending of ETN coins in many places they aim to do this.
What We Think of Electroneum
We currently don’t hold ETN coins.
The main reason is that, to the GCA Team, we don’t think they differentiate or help to provide that much value.
In fact, while the main selling point is the ability for anyone to mine on their phone, it becomes another case of Bitcoin dilemma.
Using a lot of energy to produce nothing, but another currency.
And it will be harder to have divisibility in micropayments, etc. being that there are only two decimal places.
We don’t dislike the project; it just isn’t something we are buying or holding long-term.
If you liked this review and want to help support the academy donate some ETH or ERC-20 Tokens below!
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