Updated: Dec 20, 2019
Electroneum is a mobile-first cryptocurrency, designed for people using smartphones and aimed at mass adoption. The team makes mobile mining and acquiring crypto assets as simple as downloading an app.
Electroneum team expects to spread their coin worldwide by breaking down the barriers around acquiring it. The Electroneum coin (ETN) is the official token of this mobile-based platform.
This guide will talk about the purpose for which Electroneum is designed, the team behind it, the way it works and various uses and applications.
What Is Electroneum Designed For?
Currently, there are countless issues with commonplace crypto wallets and exchanges. For starters, users are not ready or willing to send their passport with selfies to a strange website they know nothing about. Plus, there is always the issue of paying shockingly high fees and linking a bank account to the platform.
Electroneum team feels that they have built a solution in the ETN coin, which can be accessed by creating an account with Electroneum. This automatically creates a mobile wallet, which can be accessed by anyone from anywhere. ETN is also designed as the world’s fastest and first KYC/AML compliant cryptocurrency.
Who Is the Team Behind Electroneum?
Electroneum is the first British based cryptocurrency in a market that is largely dominated by Asian countries. The team is based in Kent, UK, and consists of 18 thoroughly exceptional and experienced members.
James Atkinson who has over 10 years of experience, is the head of the Electroneum Development Team. He is currently leading the charge on the Electroneum App. Richard Ells is leading the development team and is also the co-founder of SiteWizard and Retortal.com
How Does Electroneum Work?
Electroneum or ETN is built off the Monero blockchain as a hard fork. This allows the platform to enjoy transactions on a decentralized blockchain. Electroneum has major built-in privacy features. Transactions are relatively fast on the ETN platform, with a dynamic fee system based on the level of traffic on the network.
The vast majority of transactions don’t have fees more than 0.2 ETN and new blocks are being added to the network every minute. One important aspect to understand about Electroneum’s codebase is that it tries to avoid powerful ASICs, which can have a huge advantage over CPU miners. To this end, the mining makes use of a memory-bound algorithm that encourages CPU mining and provides users with easier access to ETN.
The Electroneum app is already available to use for both iOS and Android. It provides a digital wallet with the ability to send and receive ETN. The app also incentivizes users to share knowledge about Electroneum and refer it to friends.
What are Current and Future Applications of Electroneum?
Electroneum has designed ETN to be a store of value, which can be used to pay for everyday goods and services. This means you can buy anything from bread and milk to mobile phone top-ups. ETN, when used in conjunction with the Electroneum mobile app, allows users to transfer the coin to anyone, anywhere in the world instantly.
ETN is useful to everyone. Here are some ways the Electroneum mobile application benefits the various players in the business world:
People – users can buy everyday items with ETN, both in-store and online. Users can use ETN to top up their mobile phones, get tickets to favorite games, pay utility bills, and even pay for digital items online.
Retailers – Retailers can benefit from this transformational digital payment ecosystem. ETN opens the retailer to a wider pool of audience and reaches a new global community, without investing in the associated infrastructure.
Corporates – Blockchain technology is the latest development to enhance existing business practices. It also creates new opportunities for businesses to thrive. Electroneum makes integrating ETN easy and unlocks a fifth of the world’s population, taking part in the digital economy for the very first time.
MVNO / MNO - Mobile virtual network operators find it very difficult to retain customers. Electroneum has already started working with MVNOs in Africa and Asia to increase customer acquisition and retention, among several other things.
ETN is growing at a rapid pace, and the team claims that its user base grew faster than Facebook and Twitter. This has been possible partly due to the revolutionary Electroneum business model, which allows users to receive awards up to $3 worth of ETN every month.
Electroneum is true to both telecommunications and gaming, which can be seen from its partnerships. It has partnered with some major names, including telecommunications payment behemoth XIUS, e-commerce company BMedia, and Mobile Streams PLC gaming platform.
Electroneum app is the perfect way to get your feet wet in the crypto pool, especially if you don’t like the hassles of registering with an exchange.