Hi Guys!
As Q1 nears it's end it is important to see which cryptocurrencies have met their targets and which are likely to fail. Now cryptocurrencies are found creditable if they produce a working product and meet their deadlines for milestones. Now there has been some FUD around electroneum for the last few weeks, So lets look to see if they met their Q1 targets and see if they are likely to meet their Q2 targets.
Q1 spans from January to the end of March:
Goal 1 – “1 Million live users”
Yes on the 17th March 2018 they reached over 1 million registered users!
Goal 2 – “secure a user reach of 100 Million”
Yes they have! According to the team they signed enough deals to take them way over a 100 million user reach when they launch the payment method/integration (Q2 aim)
Goal 3 – “List on Major exchanges”
Well this is how you interpret what a ‘major exchange’ is. If you think top 5, no we are not on that.
Top 10? Not yet but HitBTC (9th in 24 hr volume ranking as I write this) has said it is going to list us and, according to the CEO of electroneum, we are on the waiting list to be added (we are going to be added it is just waiting until HitBTC integrates ETN).
Top 50? Yes we are Kucoin (32nd in 24 he volume ranking), Qryptos (46th) and Cryptopia (50th). We still have a couple of weeks until the end of Q1 and the electroneum team have said they have been accepted on other exchanges too but are not allowed to release details until the exchanges say so.
Goal 4 – ”Grow electroneum team”
Yes this has been happening! They have hired more blockchain developers that should join over the next couple of months.
Why has It taken so long?
Well they actually hired them a long time ago but they have to give notice to leave for their current job and, according to the electroneum CEO, one of these developers had to give a 6 month notice by legal contract – now you know this guy is good/valuable if he has to give that much notice! They have also been hiring more people for social media and answering support tickets (the backlog of support tickets has now been cleared so he wait time will be far less).
Goal 5 - ”Launch mobile Miner”
Yes, for android! No for iOS… It has been launched for android and over 60,000 people are currently ‘mining’ (disclaimer: this is a simulated miner but does actually pay out, it’s like an airdrop) and I can personally confirm they pay out as I have used the ‘miner’ throughout the beta and since it went live.
Now for iOS this seems to be a sore topic for the team and users. Now they have created the app and even showed it running live on the recent Facebook livestream from the CEO. Now to problem is they have created it and asked Apple to put it on the app store. Apple have not approved it yet. They seem to be opposed to cryptocurrency apps but have recently started to let some apps through (maybe to see how it goes?) so there is hope. Basically electroneum have done all they can and it is now up to Apple to approve and release the app – please do not blame the electroneum team as they are far smaller than Apple and cannot legally challenge them.
Overall they have met, or at least come close, to all their targets in Q1 - not many cryptocurrencies that are a few months old can say that!
Now let’s look at if they will achieve their Q2 targets!
Q2 spans from April to the end of June
Goal 1 - ”2 Million Live Users”
I believe this is achievable.
Why?
Simply put these kind of marketing tactics and signed deals creates more exposure, which generates users, which creates more exposure and once again generates more users – it’s an exponential cycle at the start. Couple this with a working product (the mobile miner), which gives out free ETN, then I really do not see why they can’t hit 2 million users. If they also get on more exchanges, which we have seen start to happen, they this will likely grow the user base too.
Goal 2 - ”Continue to grow team”
This will happen. Simple as that! New devs are starting soon, more deals are being signed and the business is growing. They will need more people and more people are being exposed to cryptocurrencies, resulting in career changes to this area.
Goal 3 – ”Increase global user reach”
They have exceeded their target of a 100 Million user reach in Q1 and have had a large amount of interest in the recent Mobile operator show they attended. I have no doubt they will get more deals signed. Once they allow the current mobile providers to accept payments it will be a test for bigger companies. If it is successful I believe more companies will come on board because they see how the financial dynamic is going to change. Cryptocurrency is going to become a bigger part of this world and they will not want to miss out on profits! Also they will want to make sure it works, hence why they will let smaller companies test it first.
Goal 4 - ”Develop commercial relationships”
If electroneum is to succeed this will happen. It will start with what I have said in goal 3 and naturally progress from there, becoming larger as time goes on.
Goal 5 - ”Enhance app capabilities”
With new devs coming in it is bound to happen. They started with an app that simply displayed your balance and the current price of ETN. In a couple of months they then released the fully functioning mobile miner segment – I am sure they will enable more things in the app to make it more usuabe.
Goal 6 - ”Kick off vendor integration platform”
Now this will make or break the company! If this works it will set the path, if this does not work then deals will fall through… This is how people are going to use ETN in a functional way to pay for items/mobile data – this is what the whole project is about!
Will they do this in Q2? Since they said “kick off” I interpret this to mean they will do their first commercial test. They would have been working on this for some time and with new devs coming in the development will accelerate. Do I think this will be the final fully functioning product in Q2? NO. Do I think they will be “kicking it off” with commercial tests through some of their signed deals? Possibly. If not I think they will be testing it by the end of 2018 for sure (even if it’s in BETA). It is hard to tell when this will occur simply because I do not know how far they are in development right now.
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