There's been a lot of hype around the Electroneum ICO, but what is it? Should you invest or is it a waste of time and money? Well, I would say it depends on whether you see it as a long or short-term investment.
First, let us dive into what Electroneum is.
Electroneum.
According to the white paper:
"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. Nearly all cryptocurrencies are “mined” with specialist equipment. Electroneum can be obtained via the mobile mining experience on the app."
So it's basically a cryptocurrency that you can mine on your smartphone. Just download the app, leave it running in the background and gain some coins. That doesn't sound so bad. Considering it can be a challenge for the average person to mine any cryptocurrency. Furthermore, almost everybody has a smartphone.
The app is already available on Google Play. It won't be available for IOS until the coin is listed on the exchanges according to my research.
Electroneum has secured listing on YoBit, Liqui and Cryptopia.
Moreover, this is not the only way you can gain Electroneum. By my understanding, you can also download a game to your smartphone or computer (which they are developing), play the game and gain coins there.
In addition, they plan to make a move into the gaming and gambling space. Basically what they intend to do is, you will gain Electroneum by mining it on the app or by playing the aforementioned game, then you will send that Electroneum to other games to purchase add-ons and premium features. Further, you could send it to gambling websites and use it to make bets.
Two decimal place based cryptocurrency, with high coin number (money supply).
Electroneum’s blockchain has 21 billion coins, which will move the decimal places forwards. This is designed with the intention to make the coin more "user-friendly". According to the whitepaper:
"Electroneum only uses two decimal places. Everyone is familiar with a payment system that uses two decimal places, and it sits more comfortably with them. We believe this will encourage adoption rates, and make transactions easier to understand and easier to perform mental calculations with. It’s easier to tell someone that the price of an item is 345.67 Electroneum than it is to say 0.01374 Bitcoin"
The Hype.
I think the hype around this ICO can be transmitted through this 2 images:
Taken a week ago:
Taken today:
My personal opinion.
The short answer? for me this is a quick flip. I don't feel comfortable holding this coin for the long-term due that I don't see any real potential in the project. Why?
First, it has no real use ... Just another decentralized payment option, we have hundreds of them. Also, there's already coins that make payments much easier and use more "human" values (instead of 0.000012 values), like Doge, Redcoin, etc.
The gaming fact is nothing new and again we have MANY other coins that have that as a specialty, like Gamecredits and Eboost.
The total coin count is a MAJOR ISSUE. Huge amount and even though they will not all end up on the exchange, what do you think happens once those coins get mined? They will enter circulation and devaluate the currency.
Public friendly? Because people can get a soda for 2 coins instead of 0.0000023 BTC? We already have Doge and Redcoin and a billion other coins for that. Look at how they are doing. People don't care about friendly crypto, they want to invest in order to make money. They will buy a Coke with regular money.
My view.
I believe that Electroneum is going to go up initially after being listed on the exchanges (a lot of hype) and then is going to sink. But this is just my personal opinion.
Am I investing? As a matter of fact, yes I'm investing in this ICO
If you wish to participate in the Electroneum ICO you can use my referral link an get 1% bonus
https://my.electroneum.com/join/E8B36B
Please leave a comment below if you think I left out something important or if you disagree with my point of view. Always open to feedback ✌