Electroneum (ETN): cryptocurrency for the mobile world
Electroneum is a mobile cryptocurrency aimed at mass distribution. The Electroneum team simplifies the acquisition of crypto to such an elementary action as downloading an application to a smartphone, thereby hoping for the widespread introduction of its coin.
Many today have a real desire to acquire a crypto, but do not want to waste time sending silly selfies with a passport to a site about which they know almost nothing. In addition, linking to bank accounts or, for example, too high commissions may become another stop signal in this process. The Electroneum team claims to have a solution to all of these problems, and in this guide we will look at each of them in detail.
How does Electroneum work
To implement transactions on a decentralized blockchain, Electroneum or ETN was built on the Monero code base. Like Monero, Electroneum boasts built-in privacy features. One of the main frequently discussed minuses of Bitcoin is that the balance of each wallet is in the public domain. Electroneum solved this problem with the help of stealth addresses, one-time public keys that prevent the user’s funds from being tied to his wallet. This private address can be verified by a third party to confirm the transaction (the sender must share his public key).
To scan the blockchain and receive its funds, the recipient uses the so-called private view key. Upon detection by the wallet of the recipient of the corresponding public key of the sender, a one-time private key is created.
Now the recipient can spend these funds using a private spend key. All this happens without public disclosure of the recipient, sender or transaction amount. If you want to learn more about the technology behind Monero and Electroneum, we suggest you study this Monero guide.
Electroneum transactions are quite fast, and the commission is determined by the level of traffic on the network. Here you can find out about recent transactions and commissions on newly created blocks. The vast majority of transactions take no more than 0.2 ETN, and new blocks are generated approximately every minute.
The Electroneum code base is trying to level the advantage of powerful ASICs over conventional CPU miners. ETN mining uses the memory bound function to stimulate CPU mining and make it easier for ordinary users to access ETNs.
Electroneum Mobile App
The main distinguishing feature of Electroneum is the use of a mobile application. At the moment, it is already available for download on Android and iOS.
The application gives access to a digital wallet and the ability to send and receive ETN. For added security, users can create paper offline wallets. It is recommended to distribute your coins to several paper wallets in case you lose one of them.
The app encourages users to distribute Electroneum. Anyone who invites 5 of their friends to join the application becomes a participant in the 5000 ETN. Invited users can also participate in the draw.
Mobile mining Electroneum
The most interesting feature of Electroneum is the possibility of mobile mining. The application allows the central processor of your smartphone to simulate mining. This action does not lead to overheating or loss of battery, but only spends a small amount of Internet traffic. And although mobile mining does not generate new blocks, users still get their rewards.
The application requires the use of the CPU of your phone, thereby showing users the connection between the power of the computer and the possibility of mining. Later, Electroneum plans to attract some mobile miners to mining on PC. Using the phone’s CPU prevents the creation of thousands of copies of the application on the computer in order to quickly receive free coins.
But why reward users for virtual mining? According to the creators, mobile miners bring Electroneum a result similar to viral marketing. It is important to remember that the Electroneum miners do not directly benefit the blockchain, but instead provide other tangible benefits. Miners attract new users at an extremely low cost per action (CPA), which allows Electroneum to grow exponentially.
And in fact, at the moment the application already has 1.5 million registered users on Android and iOS, while continuing to grow.
As discussed above, due to the ASIC-resistant algorithm, mining of Electroneum can only be carried out using a CPU. By clicking on this link, you can quickly download the application and join the mining pool in a matter of minutes. The average reward per block is about 9,500 ETN.
History of Electroneum
At the ICO stage, Electroneum brought in $ 40 million. The release on Github took place on November 1st. Before launching the mobile application, the network was subjected to a DDoS attack. I had to suspend the servers, after which the team spent more than 26 hours in order to finally cope with the problem.
In the end, after the delay, ICO investors got their coins and Electroneum continued to move towards its main goal – mass distribution. Over 690 million ETNs were transferred in the first 24 hours with a total commission of just 430 ETNs.
Team and progress Electroneum
Electroneum calls itself the first British cryptocurrency. The team of 18 people is based in the English county of Kent. Its leader, Richard Ells, is a co-founder of SiteWizard and Retortal.com. James Atkinson is the head of the Electroneum development team with over 10 years of experience in this field. It is he who directs the work on the Electroneum application.
Dean Cole, as other employees say about him, never sleeps, consumes huge amounts of caffeine and develops and maintains servers responsible for mining and transactions on the Electroneum network.
The Electroneum team hopes to replace in-game currency (such as gold in World of Warcraft) with ETN. Imagine paying for completed quests or selling items for a currency that can be converted to other cryptocurrencies or fiat. This will encourage players to play even more, and the gaming company will be able to charge a fee for placing or removing ETNs from their ecosystem.
Creating a game that uses ETN as an in-game currency is an extremely effective marketing move. There is already one such mobile game in which a rocket tries to fly to the moon, collecting ETN along the way. When a player crashes, a video ad is activated that helps restore lost ETNs by players.
There are several gambling sites that already accept Bitcoin, but most users have difficulty acquiring them. Online gambling mainly takes place outside the United States, where it is much more difficult to acquire Bitcoin. Most countries do not have access to Coinbase or Gemini, and their local exchanges often have a huge commission of 5% or more. Electroneum intends to solve this problem by offering sites to accept their currency.
The Electroneum team is actively seeking partners for the further dissemination of ETN. At the moment, the company has an agreement on cooperation with XIUS – a giant in the field of telecommunications payment. Electroneum intends to use this partnership to further promote their mobile application. Due to mining, Electroneum plans to reduce payment for mobile services.
BMedia, a Japanese social network and e-commerce company, has also partnered with Electroneum. 500,000 BMedia Facebook followers and a monthly reach of 10 million BMedia users can play a key role in the ETN marketing plan.
Fanfare gives out prizes and awards to users uploading videos about their favorite products. Electroneum entered into an agreement with them, planning to reward users in the future through ETN according to the same scheme.
The cost of Electroneum during the ICO was one cent. Those who sold their coins during last year’s peak value regained the 15-fold amount of the initial investment. Unfortunately, even the good news about the release of the mobile miner and the version for iOS did not slow down the steep drop in the price tag in 2018.
And recently, the team announced a new development, due to which Electroneum will meet the requirements of KYC and provide better payment integration. However, it is unlikely that at least one of these news will move the price tag, since ETN is still coin with a small market capitalization, which at the moment is only $ 70 million. Only when Bitcoin, and after it the entire market, rises from its knees, will we again see an increase in ETN.
Coin stock and support
For investors at the ICO, the team allocated 4.4 billion ETN. Users who disseminated and translated ICO information into other languages received a total of 20 million ETNs. The fund of the team, consisting of 12 people, also received 20 million coins. Almost 8.5 million ETNs are currently in circulation, the amount of which will eventually grow to 21 billion ETN due to miners.
For purely psychological reasons, the team chose the amount of 21 billion coins, as opposed to 21 million Bitcoins. The creators of ETN decided that it would be more pleasant for users to earn whole coins as a reward and pay for goods and services not in fractional numbers. After all the coins are in circulation, users will be able to earn on the collection of transaction fees.
Where to buy Electroneum
At first, ETN was only available on Cryptopia. Fortunately, later the coin was taken under the wing of another exchange – KuCoin, which had a good effect on ETN liquidity. There are also smaller exchanges where ETN can be traded, however there are very few buyers and sellers of this coin.
Where to store Electroneum
With the wallet manager, you can create and configure online and offline wallets. After registering an online wallet, you will have access to it through the application. And in this guide, from the development team, you will learn how to create, store and maintain an offline wallet.
If you are new to the world of cryptocurrencies and do not like constant registrations and difficulties with exchanges, but still want to earn free coins, the Electroneum application can be a great help. In addition, if you do not like the loud and expensive ASIC mining, you can try Electroneum CPU mining. Although Electroneum is named after an electron, the company’s future is unlikely to carry a negative charge.