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#Electroneum: A potential winner for 2018
In the last couple of years, thousands and thousands of cryptocurrencies have been created. With the massive number of competing coins to choose from, with a large percentage of them being “less then adequate”, it is hard to choose the good coins from the sheer number of the bad. One of the few coins that is showing serious promise is Electroneum.
Electroneum (ETN) is a #cryptocurrency based off of the cryptonight algorithm and modified to better suit the needs and function of the coin. ETN is purpose made for ease of use, fast transactions (about 2 minutes per block), and for use as an actual currency or means of exchange in the developing world and beyond.
Now, many other coins have claimed to be able to do one or more of the above things and never truly lived up to the hype. What makes ETN any different? The first major difference is their mobile app, which acts as a wallet, mobile “miner” (Currently gives the user 10 coins every 2 days, does not do computations for the blockchain), way to quickly spend and receive ETN with #QR codes- all with an easy to understand and use user interface. While currently only available on Android, the iOS app was recently approved, is entering beta and will have a different system that will do the same as the mobile “miner”. The second is their the fact they have made the following high level deals:
An agreement with #XIUS, a large telecommunications and payment company with 1 billion USD worth of transactions processed per month, to integrate ETN as a payment in Latin America.
A partnership with #QUOINE, a Japanese exchange platform who was first to get approval from the Japanese Financial Services Agency (JFSA), not only be listed on their exchange, but to also aid ETN in getting regulatory approval from the JFSA.
A contract signed with UK #PLC #Mobile #Streams to promote the installation and use of ETN in their mobile gaming platforms.
The ETN team has also experimented with permitting and banning #ASIC miners in the last couple of months, and ultimately decided to allow ASIC miners to be part of the network, as they provide stability and keep block times regular, stable and, most importantly fast. In addition to this, ETN’s small, but competent team of developers have also recently finished an instant payment system for vendors, which is now in beta testing. When finished and fully implemented, not only will ETN have quick block times, but the ability for instant payments between customers and points of sale, further making ETN a quick and easy to use payment method.
Having a well developed system is all well and good, but will mean nothing if there is no one who is wanting to use it. Who would want to use this system? Well, thanks to the deals that ETN has made, they’ll have access to markets all over the world. With the instant payment system fully in place, it will be easy to use ETN as a quick, secure payment method with few transaction fees, something that will be attractive to businesses of any size and any sector. A final thing to consider: By April 5th of this year, they had 160,000 actively using the mobile “miner” and 1.25 million confirmed users- without any major effort on marketing and only 4-5 months after the coin’s launch. With the final pieces to be put into place soon, ETN will be fully functional and the team able to be ready for whatever comes next.
Feel to visit www.electroneum.com if you want to learn more about this interesting project.
Sources used:
https://electroneum.com/overview-white-paper.pdf
https://electroneum.com/
https://www.facebook.com/electroneum/posts/2033085340286767
https://electroneum.com/2018/01/05/electroneum-signs-agreement-with-telecommunications-payments-giant-xius/
https://electroneum.com/2018/02/12/electroneum-announces-partnership-with-quoine/
https://electroneum.com/2018/06/15/new-contract-with-mobile-streams-plc-more/
https://electroneum.com/2018/06/12/announcing-instant-payment-beta-vendor-application/
https://electroneum.com/
https://www.blockhaven.ca/home/electroneum-a-potential-winner-for-2018