What is Electroneum?
Electroneum (ETN) is a second generation cryptocurrency that is specifically designed to support the 2 billion+ smart phone users. One of the most novel developments Electroneum has to offer is that its users can mine Electroneum using their mobile phones. The project is focused mainly on appealing to the computer gaming and gambling industries and their participants, with a goal of making the use of their coin as simple and hassle-free as possible. There is a high degree of participation and enthusiasm for the Electroneum project within its user base and it has one of the more active communities of any cryptocurrency on the market.
History of Electroneum
Electroneum was founded by developer Richard Ellis in 2017, in England. The crowdsale (ICO) for Electroneum ran from September 14th, 2017 to October 30th of the same year. At the end of the crowdsale, the project successfully reached its hard cap of $40 million, which collected investments from thousands of addresses across 6 different coins. The Electroneum main net went live on November 1st, 2017. In the first 12 hours after launch, it had over 20,000 mobile miners in operation. As of October 2018, there are over 100,000 users mining ETN on their mobile devices. Since its inception, the project has gathered a large following, with a worldwide community active on all of the major social media platforms. In January 2018, the market capitalization for ETN briefly surpassed $800 million and as of October 2018 retains a solid position in the top 100 coins by market cap value.
How Electroneum Works
Electroneum uses its own Proof of Work consensus algorithm that was specifically engineered so that it could be mined via CPU and mobile devices. Its app based wallet contains a miner that requires very little technical knowledge to operate. Appealing to gamers, the app-based Electroneum virtual currency exchange is being developed to allow gamers to transfer items and awards earned from one game to another by allowing them to monetize “in-play” virtual currencies and move them from game to game. At the same time, game companies can develop an exit-based revenue stream and an additional introductory revenue stream by receiving a commission on a player’s entry to and exit from the game.
As an originally-developed cryptocurrency that seeks to make improvements on original blockchain architectures while simplifying their usage, Electroneum offers several benefits over other coins, some of which include:
Mobile device mining. Electroneum can be mined via smart phones with its app based wallet.
Offline wallet. Completely secure, unhackable alternative for coin storage.
Third party payment API. Third parties can easily accept ETN or pay it out using Electroneum’s API, which means it can act as a readily available form of payment for online vendors.
Virtual currency exchange. Electroneum’s virtual currency exchange was developed to support a wide variety of virtual currency pairings, including game currencies and other digitally-based non-cryptocurrencies.
Active community. The Electroneum community is very supportive of its users and answers to questions can be found on many social media platforms, including Reddit, Twitter, Bitcointalk and Facebook.