Electroneum is the “first crypto-currency from the UK”, as the highlights-the Team is always. ETN focuses on the topic of mobile Mining via a Smartphone. This should be the USP (Unique Selling Point – USP) Electroneum. For this reason, the digital currency will also be the first mainstream crypto-currency. In various crypto-currency forums Electroneum, however, is highly controversial and polarised the crypto-enthusiasts.
Electroneum (ETN) is a crypto-currency, behind which the Electroneum Ltd. is from England. Led the company in the period from 14. September to 20. October 2017 ICO. In the context of the goal of 40 million USD was able to be taken.
What is Electroneum?
Electroneum is based on Monero code base and used consequently, the Cryptonote Mining algorithm. This brings with it a encryption that allows the users of Monero and Electroneum a high degree of anonymity. The Monero Code implements the so-called Stealth addresses and Ring signatures, which prevent the transactions of a user can be linked to the Wallet address of the sender and receiver.
The primary goal of Electroneum is to develop the first crypto currency to the masses. Currently, the majority of crypto requires currencies on the market is still a great technical understanding of, for example, for Storing the Coins on a Wallet. The technical Know-How represents a threshold or barrier to entry for new users and the average electronic and computer users.
Therefore, Electroneum, with a particular emphasis on user-friendliness. The “average person” who is able to use his Smartphone and the Internet, to use without a lot of technical Know-How Electroneum and even mines.
Because in today’s time (almost) everyone owns a Smartphone, would like to attack the company behind Electroneum exactly this market. In total, there are, according to the website of Electroneum, worldwide, 2.2 billion Smartphone users, the potential target group of Electroneum.
According to the official website of the main application areas of ETN Gaming to include, In-App purchases, gambling, anonymous Send and Receive payments and Minung.
So the Team of Electroneum hopes, according to the white paper (page 18), as In to act the Game currency for various Online games. Due to the fast pace of Online gamers Play could your virtual money, the transfer of ETN faster and easier than in the past from game to game. In the Gambling sector, the company expects a similar effect. There, the ETN could also serve as “Chips”.
A further advantage compared to other crypto-currencies, like Bitcoin, that Electroneum micro supports transactions and no transaction action fee required.
“Mining” via a Smartphone
The founder of Electroneum choose one from our point of view, a very smart approach to the Electroneum down quickly is known for a large amount of people. By means of the “mining by Smartphone,” he practically Token for free, without the need to provide people an immediate value. This must only download the App. By means of the App at the same time creates a kind of loyalty (and dependence), since the user can watch live, how to do it without anything in return, funds in the Form of ETN well-written. Thus, the mass of the entry in the crypto-world is to be made “easy”.
Actually, it is the “Mining by Smartphone”, but not Mining in the strict sense, but rather a Airdrop. On the basis of phone performance is determined, how much Coins the user “a” gets paid. The phone (or the CPU), however, no complex computing tasks, such as otherwise, Mining is a common practice. Thus can also not explain why the Mobile-Mining is driving the battery consumption upwards. The devices will also be used in any other way (for example, a deterioration in operability due to CPU utilization, no increase in Internet Traffic volume) and adversely affected.
The Beta Test for the simulated Mining has been going on since 11. January 2018. Due to the high demand, but it was only a small circle to Test invited. In the Beta mined Coins can’t be kept.
Currently there is only an Android App, the iOS Version for IPhones is a work in progress.
The Electroneum Android App, which also serves as a Wallet, from our point of view are actually very clear and user-friendly. With just a few clicks and even without above-average technical Know-How ETN can be sent.
The following is a nice summary about the (Marketing-) strategy of the company stated by the CEO of Electroneum, Richard Ells:
The ICO and the ETN Coin
As mentioned above, were taken in the framework of the ICOs 40 million USD. Before the Start of the App, there was a DDoS attack (Distributed Denial of Service), which is why the Team had to travel to his Server about 26 hours. After this delay, the ETN were distributed to the ICO investors.
In total there will be 21 billion ETN. These are compared to Bitcoins 21 million is a thousand times as much. There are currently in circulation around 6.1 billion ETN (10.02.2018). The Rest is mined up to the ceiling of the miners. This ETN received as a reward. As the reason for the high number of coins, the Electroneum Team leads that this was for day-to-day use better, and a “money feeling”.
Currently, the price of the ETN is located at 0,0575 euros per ETN (10.02.2018, 13 PM). With a market capitalization of 356 million euros Electroneum ranked 51 of all crypto evidenced currencies according to market capitalization.
Currently Electroneum can be used in the Exchange Cryptopia and HitBTC traded. However, more exchanges are to follow. At Liqui was ask the right question (“applied”). For HitBTC on 19.01. the recording is well known:
Summary to Electroneum
Even if Electroneum is not technically, perhaps, the best crypto-currency, you can see that the companies have great Marketing Knowledge. In the case of the crypto-currency itself, we don’t really see something innovative, special and unique characteristic, so to speak. In-Game purchases in theory, with a lot of other crypto-currencies can be implemented as well. For the Online gambling FunFair from our point of view offers a better solution. The mines on the Smartphone is, in our view, is more of a Marketing strategy, as a value for the currency.
The entire technical white paper is actually about only the Open Source crypto based algorithm (which is derived from Monero). How, for example, the micro-transactions are implemented and no transaction fees will be realized, unfortunately, is not mentioned.
Nevertheless, Electroneum might have in 2018 continues to be a great success. Not always the best technology. In today’s society Marketing plays in projects is always a great role. It is also important to note that the crypto currency is still very young and have considerable potential for development. In this respect, it applies to Electroneum in 2018 Partner, the ETN want to use and in the development of the currency are interested in.
The white paper: http://electroneum.com/overview-white-paper.pdf
The technical white paper: http://electroneum.com/technical-white-paper.pdf
The official website: http://electroneum.com
The Electroneum Blog: http://electroneum.com/blog/
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