Electroneum?
Electroneum is a cryptocurrency built on its own derived-bitcoin blockchain. People claim electroneum to be “the world’s first common cryptocurrency.”
The crypto-currency has been designed with the aim of capturing the online gambling and mobile gaming markets. It’s designed with mobile-friendliness, fast transactions, and easy micropayments in mind.
Electroneum was an ICO that was launched on September 14, 2017.
Overall, Electroneum claims to be a vast leap forward over its cryptocurrency competitors. It also claims to be a powerful investment opportunity that will almost certainly increase in value. That’s because Electroneum is built for widespread common usage and offers “groundbreaking ease-of-use for the ordinary mobile user.”
So far so good, Electroneum has –live up to these promises and its currently doing well in the crypto-currency market.
How is Electroneum different?
What Makes Electroneum different from the hundreds of other cryptocurrencies in the market today? Why should you use Electroneum instead of bitcoin, Ethereum, or any altcoin? Here are some of the unique selling points raised in the Electroneum whitepaper:
- The coin has a maximum total supply of 21 billion:- this will mean transactions have only two decimal places and have a ‘real feeling of money’ that bitcoin lacks. For instance, “0.0053918”.
- Manageability: - Electroneum wallets are tailored to be easily manageable on any smartphone. Coins can be generated by a unique mobile miner running as a background activity on your device.
- Easily transferable: - Electroneum can easily be transferred between different games, apps, and users. It enables fast micro-transactions.
- Specific and own purpose-built blockchain: –, which are based on existing blockchains like Ethereum. Electroneum’s blockchain is based on the original bitcoin source code. The company has been developing the blockchain and cryptocurrency since 2016.
Who’s Behind Electroneum?
Electroneum’s whitepaper describes the team as “an experienced team of software developers.” The team is led by Richard Ellis, who has 20+ years of experience running a digital agency called SiteWizard. In 2013, Ellis founded Retortal. As CEO of Retortal, Ellis offers social media marketing to various companies – including Fortune 500 companies like Herbalife and Avon. Retortal is valued at over $50 million USD today, and the software is used daily by hundreds of thousands of people.
“The electron which all cryptocurrencies rely on,” was where the name of the currency and company, was derived from.
How Does Electroneum Work?
Electroneum is based on harnessing power from all smartphones to power the network. This was done due to the fact that
Electroneum makes numerous mentions of it being a mobile-friendly currency. The creators of Electroneum recognize that most of the world has a mobile phone – and approximately 2 billion people own a smartphone. In addition, users can control all aspects of Electroneum from their mobile wallet.
Electroneum allow users to mine the currency with the mobile app instead of the specialist equipment – like PCs typically used to mine other cryptocurrencies.
Electroneum is easyily accessible. The whitepaper makes several mentions about how bitcoin’s numerous decimal places discourage widespread adoption. Let’s be honest: most bitcoiners are sick and tired of counting up the number of 0s when they’re asked to pay a fee like 0.0000416, or when they see a transaction fee like that. Electroneum plans to have two digits after the decimal (it has a 21 billion total supply of coins compared to bitcoin’s 21 million). That means you’ll see a price labeled as something like “21.39 Electroneum” instead of “0.089151 BTC”.
Products that have already been developed, finished, and tested include:
• A Windows wallet
• The Electroneum blockchain
• An app-based wallet that allows someone to access Electroneum with zero technical skills or crypto experience
• App based mining system that allows non-technical people to gain Electroneum easily
• An offline wallet that allows for a completely secure, unhackable, offline wallet to be created
• A Windows miner, where you can leave your PC mining for more coins at home or the office
• Mining pool software (Electroneum runs this software to make mining easier; the software is open source and allows users to develop their own pools)
• Blockchain explorer (used to verify payments and examine the blockchain in an open source way)
• Third party payment API used to allow third parties to accept Electroneum or pay in Electroneum
The company claims these products give Electroneum a good foundation for launch. However, they raised money through the ICO for a more ambitious plan.
The Electroneum Crowdsale
The Electroneum crowdsale begins on September 14. During the first week, you’ll be able to buy Electroneum at a 50% bonus rate. You’ll receive 150 coins for every $1 USD you contribute. By the last week of the sale (October 19 to 31, 2017), that rate will drop to $1 USD per 100 coins.
A total of 6.3 billion Electroneum coins will be available during the crowdsale. You can participate using Ethereum, bitcoin, or bank transfer.
Electroneum Conclusion
Electroneum is a cryptocurrency built on the original bitcoin blockchain. It claims to have already developed a wide range of technical products – including a mining system that can be run from your PC or smartphone to generate currency from your unused processing power.
Electroneum is rising high and would soon be highly adopted.
