Electroneum fails to deliver a product for a huge share of Apple’s mobile phone market. The CEO was likely browsing this coin template website CryptoNote when he decided to start an ICO. There is much doubt the general populous will decide to hop on the Electroneum train. Without mass adoption, this coin appears to be nothing more than a pump and dump scheme.
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Another interesting goal of the team is that of replacing most in-game currencies with ETN. Electroneum (ETN) is a a mobile cryptocurrency, that allows mining and offers a wallet for smart phones, designed for simplicity. People can mathematically calculate how many coins are in circulation any time in the future or past. Don’t invest what you can’t afford to lose I agree on entirely, yet this ICO is marketing itself to average people on the street who have no experience trading or investing.
They have developed an iOS and Android app that not only contains easy wallet functions, but also allows a mining experience to let anybody get “into” cryptocurrency within minutes of downloading a free app. The app is designed to give its user access to a phone-based digital wallet with full functionality when it comes to sending and receiving ETC coins. As of 2018, the app is available for both Android and iOS, recording more than one million downloads in total so far. In addition to allowing the user to get their hands on coins, the app is supposed to make it easier to spread the word about Electroneum with the incentive rewards program.
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It also works between mobile phones for transactions in developing countries, again providing instant confirmation of payment rather than potentially waiting for slow blockchain confirmations. Currently, payment is retained in the form of crypto currency by the vendor.
Initial Coin Offerings (ICOs) offer a new cryptocurrency or a crypto token to investors as a way of fundraising money for a business. As mentioned previously, Electroneum launched its ICO in 2017 and successfully accomplished raising $40 million during its ICO process. All you need to access Electroneum is to download the Electroneum app on your phone (currently only available on Android with the iOS version expected in early 2018). From the app you can not only manage your Electroneum wallet but also begin mining Electroneum.
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In line with it, it was essential to make Electroneum deliver on its promise of simplicity, with the ETN coin acquisition offered as something not much complex from downloading a smartphone app. Electroneum is the cryptocurrency launched in September 2017, moving on to become one of the top 100 cryptocurrencies by its market cap a year afterward (November 2018). The platform focuses on becoming a “light” cryptocurrency which plays the card of being fully functional on mobile devices and stimulating its adoption based on the simplicity of its usage. Its ETN coins are designed to be accessible and functional on both the users’ smartphones and their personal computers. Electroneum’s mobile cryptocurrency is designed so that a small investor can get an opportunity to invest and enjoy the purpose of cryptocurrency as the value of ETN coins gradually increases with time.
The answer lies in the innate technical difficulties with turning mobile phones into adequate blockchain running platforms, which the Electroneum sought to overcome with a technological trick or two. Considering that the number of smartphone owners has gone over two billion, it is easy to see why Electroneum bills itself as the “mobile cryptocurrency” from day one. Its founders’ vision was to bring the cryptocurrencies closer to the untapped but huge market of smartphone users.
For those that do not want to deal with the volatility associated with this, further integration with instant fiat conversion may be possible, though that would negate the settlement benefits. Electroneum is focussed primarily on mobile adoption through its wallet based app and mobile mining experience. The wallet provides a non-custodial means to store and process ETN, but with ease of use that is more associated with well known custodial wallet solutions. That has led to partnerships with mobile network operators in these areas in particular, who see the potential to offer consumers an offset mobile contract by participating in the ETN network. This clone coin could succeed if planned implementation works for the two major mobile phone operating systems, iOS and Android.
- Electroneum is a recently ended ICO issuing a simple coin and a payment system, aimed at non-technical users.
- Electroneum has been designed and built to give ordinary, non-technical users a chance to obtain and enjoy a cryptocurrency.
Persons who invite five new users to use the application are eligible to participate in the referral program in which the referrer gets a 5.00% bonus on ETN coins based on what the referrals manage to mine. Considering the ubiquity of mobile devices, how come that a functional mobile mining has not been implemented earlier?
It is a digital currency wallet that is available in an Android version of the application and the mobile wallet can be easily downloaded from Google Play. An iOS version is in the works too and the team from Electroneum is just waiting for the go-ahead from Apple before this will be available. The CEO was likely browsing this coin template websiteCryptoNotewhen he decided to start an ICO. Electroneum has a long way ahead of itself, and as pure its mission may be, it will definitely be a very difficult one. To achieve this, the projects brings one the most important devices from our daily lives into the equation, our smartphones.
Electroneum can be obtained via the mobile mining experience on the app. The Electroneum project built a new encrypted coin, which according to the technical white paper relies on the CryptoNote algorithm. This would allow Electroneum mining to run on smartphones and consumer devices, unlike Bitcoin’s algorithm, which is currently solvable only by powerful, custom-built machines with specialized chips.
It boasts of being the first British cryptocurrency, although previous UK-based ICOs have issued coins, Stratis being among the more prominent. This Electroneum wallet review has found that the Electroneum wallet is designed to store the cryptocurrency for the purpose of reserving and trading.
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The blockchain startup aims to open up the world of cryptocurrencies not only to the owners of powerful mining machines but to anyone with a smartphone. Impressively, they have recently reached over 2.2 million app users (just on Android, with iOS yet to launch), and in less than a year can boast faster viral growth than Facebook or Twitter comparatively. Longer term, Electroneum are looking to establish a gig economy platform for the ETN network.
It was developed in the form of mobile applications with a less complicated wallet function along with easy mining features for others to download the app easily as well as to get mining and acquire cryptocurrency. It is a top-ranked currency and seen to be more user-friendly than Bitcoin. It is widely available in different languages (20 of then, actually), which helps with their plans on reaching various parts of the world. In short, Electroneum is a mobile-first cryptocurrency that aims to become so much more than a speculative asset. It aims to make the purchasing of crypto assets as simple as ever before.
The whitepaper encourages investors and speculators to acquire coins for short term gain, with this in mind, we are sure to see the coin drop in value after ICO and cannot recommend putting much into this project (if any). After reading the whitepaper we are still unable to figure out what exactly is the purpose of this coin as it offers no unique features when comparing to other cryptocurrencies on the market. Unfortunately we don’t see long term gains in this project, unless the technology is hiding somewhere other than their whitepaper. Electroneum is a complementary currency that has been developed to allow anyone, regardless of technical ability, easy access to a cryptocurrency. Within a few minutes of installing the mobile app any user can see Electroneum being added to their wallet via the unique mobile mining experience.
Electroneum has been designed and built to give ordinary, non-technical users a chance to obtain and enjoy a cryptocurrency. Their blockchain has been specifically chosen and modified to limit the ability of ASIC and GPU miners, allowing the 2 billion + smartphone users to run the blockchain. Electroneum is a recently ended ICO issuing a simple coin and a payment system, aimed at non-technical users. The project aims to solve one major problem of cryptocurrencies- they are still not so accessible and may be technically difficult to use. The Electroneum project wraps it all up in a single Android app, containing both a wallet and a mining function.
The most innovative aspect of the project is represented by the fact that users from around the world can mine Electroneum’s token, the ETN, directly from their smartphones. In April, Electroneum announced that global patent pending status had been granted to their instant crypto currency payment process (using ETN, Bitcoin or other crypto currencies). It “ring-fences” the relevant balance in the wallet allowing the instant checkout process we are used to with cards, but then typically settling in up to 1 hour, compared to the days it can take to settle card payments. On the customer side the smartphone app process is fairly simple and comparable to using the likes of Apple Pay.