What is Electroneum?
ELECTRONEUM. THE MOBILE CRYPTOCURRENCY.
- Secure and private
- Designed for mass adoption
- App-based mobile mining
- Signed agreements with global mobile networks
- Provide a digital payment solution to the developing world
Electroneum aims to become a mobile cryptocurrency and this is the main part of their success story. Yes, we’ve seen it fall lately, but it’s the common situation on the cryptocurrency market. What is really important about ETN is that the team is steadily moving to their aims.
Recent rumors about 51% attack have no hard evidence.
Mining empty blocks – that’s what really seems to have happened, but how dangerous is it for the ETN blockchain? for it users? If it’s just a timestamp bug, it caused no problems at all. If it’s something else, it caused no problems to ETN owners.
This situation will hopefully make developers to improve the blockchain in the next hardfork even more than it was planned. So, it still seems to be a win/win situation. It even shows the team of developers from the good side – there were no panic and “accidental forks” as happened with the Verge.
ASICs are not the thing that blockchains are scared of. But they tend to become the weapon of centralization. Centralization of mining leads to the possibility of 51% attacks. The possibility of attack is not the attack itself, but the thing to avoid and here ETN development team decided to follow the most famous Cryptonight coin Monero with its ASIC-resistance update Lithium Luna and that seems to be a really good idea, according to the reactions of the Monero community. There is information that it made Monero the most profitable coin to mine these days.
ASICS are nothing to worry about – we have ASIC resistance in the next update – which will be before the ASIC chips are widely available.
Is Electroneum a solid project?
Let’s cut belletristic and go straight to the facts:
- ICO closes early due to reaching the $40m hard cap. Over 120,000 contributors.
- Signed agreements giving access to over 100m users.
- 1126075 live ETN users. Over $750m (USD) of ETN traded in first 40 days. ETN Market Cap $800m+ (USD).
- Mobile miner launched on Android.
The conclusion is, people believe in Electroneum!
But the main importance of Electroneum is, they aim mass adoption of the cryptocurrencies and the team is making tangible progress towards that goal.
According to the Electroneum website:
The key to mass adoption is to not just ensure people can access your currency. You must ensure the currency has utility.
As with all disruptive technology, the market’s entrepreneurial spirit will find ways to accept and use Electroneum as our numbers of users grow into the 10s of millions.
By making our currency available to millions of people, and allowing those people to spend our currency, we’re poised to take cryptocurrency further than it has ever been.
Does it really work?
Let’s check their timeline, it shows that Electroneum is capable of reaching its goals:
ICO closes early due to reaching $40m hard cap. Over 120,000 contributors.
1st November 2017
HackerOne (US Dept. Defence) engaged to audit Electroneuem’s security.
13th December 2017
Electroneum’s wallet manager officially launched and Android app released in 20 languages.
End of 2017
Q1 Goals 2018
- 1m live users.
- Secure a user reach of 100m.
- List on major exchanges.
- Grow Electroneum Team.
- Launch Mobile Miner.
9th January 2018
Agreement signed with Xius taking our mobile user reach to 65m users.
11th January 2018
Ask community for BETA testers for mobile miner. 45,000 detailed applications in 72 hours. Launched BETA Android mobile miner.
17th January 2018
First cryptocurrency to join the GSMA as a member. Invited to appear at Mobile World Congress 2018 in Barcelona.
18th January 2018
Signed Agreements with Effortel (5m user reach), Fanfare (1m user reach) and BMedia (20m user reach) bringing our total user reach to 91m users.
19th January 2018
HitBTC (top 10 global exchange) confirm will be listing Electroneum ASAP.
22nd January 2018
765,000 live ETN users. Over $750m (USD) of ETN traded in first 40 days.
31st January 2018
Mobile miner app enabled for 20,000 beta testers.
23rd February 2018
Agreement signed with Unified taking our mobile user reach to 130m users.
27th February 2018
Rich joining panel discussion at Mobile World Congress 2018 Barcelona.
5th March 2018
Android Mobile Miner launched.
13th March 2018
ETN listed on KuCoin.
6th April 2018
Patent pending secured.
Q2 and beyond Goals 2018
- 2m live users.
- Continue to grow team.
- Increase global user reach.
- Develop commercial relationships.
- Enhance app capabilities.
- Kick off vendor integration platform.
Cherry on top
Have you mentioned this in the ETN timeline?
6th April 2018
Patent pending secured.
It is patent on cryptocurrency hybrid system that will allow Electroneum to provide INSTANT cryptocurrency payments as well as cryptocurrency subscription payments! It is a game changer for the entire cryptocurrency industry when it comes to everyday use.
This article is NOT sponsored