“The Coin of the Masses?”
The popularity of Bitcoin has only served to highlight the benefits of cryptocurrency and blockchain technology. We now have numerous platforms and crypto projects that leverage blockchain’s decentralized nature to bring digital currency to the public. One such coin is Electroneum.
As ever, we need to stipulate that this is NOT an endorsement, nor a recommendation to buy.
What is Electroneum?
Electroneum (ETN) is a decentralized crypto for mobile gaming and gambling. It is a recent entrant into the cryptocurrency world boosting a revolutionary technology that allows mining with the use of a smartphone.
Electroneum is built off Monero’s code, allowing this mobile-friendly crypto to run its transactions as a decentralized blockchain-based platform. What this means is that Electroneum has privacy features similar to Monero (XMR).
How does it work?
Apart from the unique mobile-friendly UI, Electroneum also utilizes Stealth Addresses to obfuscate user identity related to the public key. To make it work, the Electroneum network uses a one-time public key.
When a user wants to receive funds into their wallet, the Private ViewKey scans the blockchain and creates then retrieves a single-use private key.
This key is connected to the sender’s address allowing the recipient to spend the received funds using a private “spend key”. In all these transactions, no information about the sender, recipient or transaction amounts are linked to the public addresses.
Mining Electroneum – How is it done?
Electroneum mining is as easy as an App download away. What one needs to have is a smartphone running on Android OS. This year, 2018, the iOS will also be incorporated to include iPhone mobile users. Easy steps:-
On the mobile phone download the Electroneum App. The app is designed with a superb user-friendly interface guide that requires minimum to zero prior experience.
- Create an account by depositing a start-up fee. This is done by using bitcoins to purchase Ethereum from the Cryptopia Exchange.
- Once there are funds in the account, it is now ready for login. Once logged in, set up a mining pool.
- Click on “for buyers” and select “my pool”.
- Fill the details in the form that comes on the screen and click on “Add a new pool”.
- Allow “Buying Action”.
- Go to setting and click on “buying”. A code will be sent via the email you provided to log in. Click on “enable” and enter that code received.
- Go to “Live marketplace” and select the algorithm in the menu.
- Choose the best rate that you prefer.
- A menu with “Standard” will appear and once you click on it, an order will present itself which should be filled.
- A response of “order done” will be received and the process is over.
- Relax and start earning within minutes as mining is done for you in the background. Nothing could be easier.
Where to buy and store ETN?
There are still few Exchange platforms where Electroneum can be purchased, two of which are Cryptopia and Kucoin Exchange. However, new avenues are being explored and applications tendered in at the Bittrex and Binance Exchanges. Others too are in consideration.
To store ETN, a wallet using the Electroneum Wallet Manager App is opened and once set, it is used for transferring coins, checking balances and general tracking of the account. You can learn more about wallets here.
Security features of ETN
ETN wallet has what could be called a three-factor authentication key since you must have an account number (known as the public wallet address) and two passwords; one to unlock the viewing and other to unlock the spending or usage (known as private view key and private spend key respectively). Providing all three keys correctly authenticates the owner of the wallet and subsequent spending of money in that account.
Heavy investment has been made to beef up the security of the App with very personalized security features in every step as one operates the App.
The Electroneum ICO
Just like the known Initial Public Offer (IPO) where companies invite investors to buy stock to raise more capital, Electroneum too had its Initial Coin Offering (ICO) at a price of 1 cent with ten times ROI. A total of US$40 million was raised. In the second day of this mobile mining launch, there were 50,000 users who had downloaded the App. Current circulation stands at over US$5 billion with an expected maximum cap of US$21 billion.
You can check Electroneum Whitepaper here.
While the popular bitcoin crypto originated from one Satoshi Nakamoto whose identity and origin is yet unclear, Electroneum is purely British owned. The team is made up of 12 members led by Richard Ells who is a co-founder of SiteWizard and Retortal.com. The team members are men of profound technical knowledge and experience. To further spread the ETN, the team has sought out very high profile partnerships, the recent ones being XIUS, a telecom giant company specializing in payments and BMedia, an e-commerce Japanese based social media company.
Electroneum, the mobile crypto, has exhibited great performance. Experts predict a rise of 10 rungs up the ladder with a marked price increase. This prediction is however heavily dependent upon the bitcoin market trend as bitcoin is now the crypto market regulator.
The fact that ETN is operated using the mobile phone makes it so attractive to users from all walks of life. There are currently an estimated 2.2 billion smartphone users indicating huge possibilities in the crypto market share. The ease of operation and the minimal fee to start earning the coins is all inclusive capturing the tech-savvy and the totally naïve with an outcome of similar benefits.
So far, without the inclusion of the iPhone users, there are 400,000 downloads. This, in less than a year in the marketplace, is no mean feat.
With the intimidating complexities of expensive ASCI’s, the mobile phone in your hand is all it takes to join the masses in crypto mining. There are no appalling electricity bills to be paid for, and the system does not put a toll on the phone’s battery usage. All that is required is a minimal usage of internet data which is what we use in our everyday interactions. Electroneum is the “coin of the masses” and numbers.