Hello all Steemians and future to-be Steemians!
Past couple of weeks I have been following a project called Electroneum and it's a cryptocurrency whom runs on its own blockchain similar to monero and bytecoin. Their goal is to bring cryptocurrencies to the masses, big plans you might think! I will be explaining their plans/tech down below.
MASS ADOPTION OF CRYPTOCURRENCIES
First of why haven't we seen a bigger adoption of cryptocurrencies yet?
Steemit and its community have been doing a great job at bringing new people to the crypto-world! If no one told you about Steemits core tech, you wouldn't notice that it runs on a blockchain I presume. With Steemit you don't need to put your hard earned money into it (crypto, steem) if you don't want to. You can just do as many people already are doing, create content (post) or upvote (like) and comment on already created posts. If enough people think that a post contributes with something of value (maybe a new way of thinking and solving problems), new value will be created (steem power and steem dollars are created by the steemit blockchain). Steemits idea is a pretty complex (technically speaking) system and Iam not going to dive deeper into that at this moment. Check out https://steemit.com/faq.html for more information.
I love every single minute I spend on steemit and I think it’s a revolutionizing idea! Steemits future looks bright and my suggestion would be to hold on to your Steem coins or even better power up for basically daily income! For the time being the price of Steem is around 1$/Steem. I can easily imagine it to “grow” 10x or even 100x in the near future. A lot of new people are constantly discovering Steemit on a rapid pace and realizes its todays/future potentials with all the upcoming projects on steemit like Smart Media Tokens! It’s easy to see Steemits intrinsic value. You can check it out here: https://steemit.com/steem/@ned/announcing-smart-media-tokens-smts
In my core deep inside I sincerely want to live in a world with decentralized government/authorities because I believe that that will lead to less corruption! Therefore, information must be free and accessible to everyone! When there are so many posts and information flowing around the facts must be checked and same conclusions must be drawn by multiple sources to be accepted by the masses! I hope and believe that we will develop some kind of reliable fact checking mechanisms in the near future!
Blockchain is forcing all the people on earth to collaborate to achieve greatness/reach a common goal, which will hopefully benefit the humanity! Blockchain is here to stay and we need to spread knowledge and awareness about the blockchain technology and cryptocurrencies! Projects like Steemit incentivize all humans on the earth to collaborate and be kind/helpful to one another because all of us benefit!! People who contribute with good/beneficial (to all humans) information must be rewarded in some way; Steemit is doing a great job at that. I want to see community free from racism, sexism, hatred and so on… and we have mechanisms to prevent this on steemit without censorship! I will dive deeper on this topic in my future posts!
THE TECHNICAL BARRIER!
There is a technical barrier to join the blockchain/cryptocurrency-world that is so great that majority of the people on the earth can’t overcome this to take part in this revolution nor should I call it evolution. If I take my parents as an example I try to explain all the positives with blockchain and still they think it’s too complicated!
Now back to the project called Electroneum whom recently had a very successful ICO (initial coin offering) and they reached the hard cap at 40 million dollars! The token sale closed early! Electroneum have at this moment over 320,000 (320k) registered users and around 150,000 contributors. Most users of any ICO in the history of ICOs, second biggest was Tezos, I have heard! Electroneums blockchain will go live 1 November and over 50,000 downloaded their app already (search for Electroneum in play store - android and will soon be released in app store - apple)!
WHY AM I SO EXCITED AND INTERESTED?
This is why; I and many others are excited about this project:
They have got a very good/professional team with superb marketing skills and technical knowledge with proven track record from previous professional work they have done like SiteWizard and Retortal wich is a social media management platform, used by global fortune 500 companies such as Herbalife and Avon! Almost everything they do is transparent and you can read about the team, all of them are on their website electroneum.com.
Electroneum is an easy to use, easy to mine cryptocurrency focused on 2.2 billion smartphone users and gamers! With easy transfers of the coin with online and offline wallets this will appeal to regular people in larger numbers than we’ve seen with existing crypto-currencies.
Now you don’t have to have complicated sytems/high-end systems to mine for cryptocurrencies any longer, if you don’t choose to do so. POW is the standard until reliable POS blockchain will be proven to work without any problems. If I break down their concept in easy to understand format it’s something like this.. Complicated systems or PCs will be the backbone of Electroneum, they (the miners) will maintain/keep up/confirm the blockchain and all the transactions. Now to the interesting part.. There will also be smartphone users whom can mine via the Electroneum app (accessible to everyone and free of cost) wich will be easy to get involved in! With a simple click you can become a miner and earn cryptocurrency called ETN. You can do whatever you like with it send it to friends and family or if you wish sell it on an exchange for example Ether or Bitcoin! Earlier I wrote about a technical barrier which will now be almost none existent!
Dash (and others) is also trying to do this but I can’t see how? I love their idea at least;
“Evolution will seek to bring a smooth, user-friendly, ‘even your grandmother can figure it out’ experience to cryptocurrency. Evolution will bring the PayPal-like experience with all the censorship resistance and power over your own funds that cryptocurrency die-hards have come to know and love.”
Electroneum will have a total supply of 21 billion in the future with currently circulating supply of around 6 billion but most people don’t take this simple fact in consideration; future market growth and the fact that Electroneum (ETN) will only have 2 decimal places(example minimum amount of 0.01 ETN just like fiat money ex. 1 cent $!) In comparison with Bitcoin that has 21 million but each bitcoin can be broken down all the way down to eight decimal places, or 0.00000001 BTC to be exact.
Everyone will most likely not put their coins on the markets since majority of Electroneum owners on the Telegram app with over 20k users seem to be firm believers in this project and the CEO Richard Ells! So I think that we will have many HODLERS which means lower supply and there seem to be a high demand since the ICO closed early/reached the hard cap.
Most people think in terms of today’s market cap value, I know, I know we shouldn’t assume that the total market cap will continue to grow as it has proven to, the past 8 years! (Or can we? =)) Check out this brilliant mind:
CONSTRUCTIVE CRITICISM
If I have to give some constructive critic I would like to bring up that I don’t know how many core blockchain tech devs they have got at this moment! If you look at projects like Ethereum and Bitcoin they have thousands of devs that keep the blockchain up to date and secure! I hope that Richard will recruit more skilled blockchain devs, if he hasn’t already! One other thing! Will the smartphone mining app (wich doesn’t consume much power since it’s a mining simulation aka a game, pure genius if I may add and if it works without any issues) be interesting/profitable enough to keep people playing it and attract new people?
Electroneum have got a plan on changing the way gamers (mostly computer game players) and game companies work together during the constant migration of gamers to what’s new and exciting. It will also benefit the gaming companies. The details will be announced later on. This will most likely evolutionize the gaming scene, it looks like.
WOW! This is my longest post ever which means that I must be very passionate about this project! Watch out 
I hope this was informative and if you found this to be interesting/useful upvote and resteem this post so more people can check it out! The most important part is do your own research if you are going to invest in this project when it goes live and gets listed on major exchanges! You can at least try their app on the app stores 1 November! Tell your friends and family who have wanted to get into cryptocurrencies but have always thought it was too complicated! Now they have no excuses.
I think that this project might have a real shot at bringing the masses to the crypto-world! You can read more about Electroneum on my previous posts here: https://steemit.com/cryptocurrency/@nasgu/my-first-ico-involvment-investment and https://steemit.com/cryptocurrency/@nasgu/what-do-you-say-is-this-successful-ico-or-what
Finally I regret that I bought so little on the ICO stage! We will have to wait and see how this progress. Take care, much love to you all.
Here’s a fan art made by me!
