Electroneum is set to shake up the world of cryptocurrency as it announces patent-pending status for groundbreaking new technology.
Over the past few months, the mobile-based cryptocurrency has been working with Dentons, the largest law firm in the world, to submit a patent request that will put Electroneum in position to become the largest cryptocurrency in the world by user numbers.
Electroneum has developed the that will allow it to do two new things, worlds first Instant Crypto Payments & Subscription Payments.
Electroneum (ETN) has a hybrid model, based on a centralized app combined with a decentralized blockchain. Because of this, unlike other cryptocurrencies, it is now able to instantly confirm payments and subscriptions.
Any vendor that accepts payments in ETN will be able to see instantaneously that their customer has the funds available, and that the funds are being transferred through the blockchain. The transaction will be verified instantly, with Electroneum internally ring-fencing the funds to prevent double spending. All in all, the transaction will be completed far quicker than any ordinary debit or credit card transaction.
This opens up amazing new opportunities for the ETN coin to be used in real life. Now, vendors will be able to set up ETN payment capabilities on their electronic points of sale (EPOS) and allow their customers to instantly pay for goods and services with cryptocurrency. The Electroneum team has even built and tested its own ETN enabled EPOS’s.
Electroneum’s goal is mass adoption, and one of the primary barriers to mass adoption of cryptocurrency is the time taken to confirm transactions. This patent-pending technology removes this barrier and opens the way for Electroneum to be a viable, everyday digital payment method for millions of people around the world.
The currency already has agreements in place with global retailers, mobile operators and payments companies giving it the ability to reach hundreds of millions of people. Now that this technology has been developed, these agreements can progress to real-world implementation.
