Electroneum: Under the Magnifying Glass

Nov 17, 2017 AltcoinsBlockchainICO 0

In July 2017, Electroneum Ltd. was formed and officially took control of the Electroneum(ETN) project. ETN has been developed by an experienced team of software developers lead by Richard Ells & James Atkinson. Richard Ells is a serial entrepreneur with a history of building successful digital businesses. Over 20 years ago he founded and grew SiteWizard, a digital agency which is still active and focuses on website design, e-commerce, and SEO.

 

What is Electroneum?

Electroneum is a mobile cryptocurrency powered by an app which is simple to use. It is set to become the first digital coin to enter common usage due to its groundbreaking ease-of-use for the ordinary mobile user. By installing the mobile app any user can see Electroneum being added to their wallet via the mobile mining experience. The application while in use and in the background, will be running the unique mobile mining experience, which requires zero technical knowledge. Additionally, the Electroneum app lets you manage your wallet and send or receive Electroneum in a secure way. Electroneum memory-bound algorithm for proof of work(PoW) is specifically designed to promote CPU mining. It’s powered by the CryptoNote algorithm, which is released under an open source license. It has been adopted and incorporated into Electroneum as it forms the basis for a solid cryptocurrency core. The CryptoNote algorithm is the same core blockchain technology that is used by Monero and Bytecoin.

Features of Electroneum?

  • Simple, transparent and user-friendly
  • Offers offline wallet
  • Non-linking transactions and untraceable payments
  • Special hardware NOT required for mining
  • Highly secure and provides fast transactions
  • Transfer currencies between games and applications.

ICO Fact

Electroneum has surpassed Tezos, the original leader (22,000 contributors), in the number of contributors to the token sale. Electroneum ICO had over 120,000 contributors and over 300,000 interested participants registered. Electroneum underestimated its initial growth and due to becoming the most popular ICO among its peers, the support team is struggling with requests. Although this might seem like a challenge, it can also be viewed as a positive that investors believe in the idea and the company.

Mining Feature

Based on the whitepaper, mobile miners are able to earn up to $30 USD mining through the mobile application. The monthly earnings of $30 USD were estimated based on 10,000 mobile application users. Electroneum states that if the profit falls below $30 USD per month, they would then use the pool from the ICO and would bring the earnings back up to $30 USD per month. However, the figure for the mining users is set to increase 10-20x, potentially even more, and thus the more miners there are, the reward per miner is less. Electroneum does not want to exhaust the allocated ICO pool quickly and has provided a more reasonable estimate of $21 USD per month based on ICO price of $0.01 USD and 75,000 users. The earnings figure is not guaranteed since predicting this figure would require accurate assumptions for the number of users and the market price per Electroneum. If the growth is extremely strong, the additional coin emission will slow and vice versa for the opposite scenario. Electroneum will make use of the ICO’s additional mobile mining pool judiciously and in the best interests of Electroneum users.

Buying & Selling Electroneum?

  • Current Listing
  • Prospective Listing
    • Poloniex
    • Bittrex
    • Bitfinex
    • Liqui
    • HitBTC
    • Evercoin
    • Livecoin
    • Exmo

Storing Electroneum?

  • Mobile Wallet – Android Only, but iOS App coming soon
  • Windows Wallet
  • Offline Wallets
  • Mining Software: Mac OSX, Linux, Windows

More information can be found here: https://downloads.electroneum.com/

Conclusion

Over the last 10 years, the mobile applications industry has exploded in number and size. If a mobile application is attractive and intuitive, the process to adopt a user to the mobile application is seamless. Electroneum will make the whole cryptocurrency experience for new users, in my opinion, more safe and legitimate through its user-friendly and informative mobile application. New users will have the ability to get involved in storing, transferring, and mining a cryptocurrency without technical knowledge or encountering issues relating to theft, scam, and uncertainty. Electroneum, through its mobile application, will establish a new set of users (estimated 2 billion users) for cryptocurrency across the globe.

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Asbed K.

Asbed is a business process and strategy enthusiast with a background in finance and management. He is passionate about technology and helps companies transform through delivering innovative IT solutions. In his spare time he volunteers in a non-profit sports organization, plays soccer passionately, researches and invests in equities and cryptocurrencies.

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