There is no denying that currently, cryptos have been blowing up in the market. It could even be considered a modern day gold-rush with several currencies having their capital value growing rapidly and investors making profits.
Electroneum is a new British cryptocurrency that continues to enable growth in the blockchain platform. It is an innovative initiative, introduced to help make the current technology much simpler for the common person.
Its aim is to become a mobile cryptocurrency that would allow customers to carry out transactions with a touch of a finger and a user-friendly mobile app. The team is striving to exploit the 2.2 billion market of smartphone users, by bringing the blockchain to them through a convenient medium.
In order to develop their platform, Electroneum has employed their own independent blockchain, similar to the one used by Monero and Bytecoin. This would allow them to create a system that is much more accessible and unique.
The concept behind Electroneum is to provide users with e-wallets that would allow an average person to manage their cryptocurrency easily. Moreover, it provides the user with the unique feature of mining the currency through the app.
They want to start off by using free Apple and Android apps, in order to attract users and provide them with an initiating step to get them accustomed to using their cryptocurrency.
Elecroneum plans to initiate with a maximum coin volume of 21 billion. A high amount of coins in circulation will help to ensure a system of two decimal spaces. This would allow people to get a ‘real feel’ of money instead of having to use a system of multiple decimal places, as is the case for Bitcoin and Ethereum. This would prove convenient at the time of calculating and carrying out transactions.
Moreover, the feature of generating coins by the unique mobile miner will also prove to be an advantage. The process of mining could be run on the app even as a background activity, making the process super convenient for users. The e-wallet will ensure accessibility and can help carry out transactions between different apps, games, and users.
The target market of Electroneum will mostly include gamers. The global game’s audience is estimated to be around 2.2 to 2.6 billion, while the computer games industry has been estimated to reach between $ 90 billion and $ 128 billion by 2020. This just goes to show that there exists a strong market for the company.
Electroneum plans to allow gamers to save their hard work and time spent on playing games online through their currency. They would convert the points of the game to the cryptocurrency of Electroneum and would allow the gamers to transfer the same onto another gaming platform. This ecosystem would allow gamers to monetize on their games and would even provide incentives to gaming companies by giving them a share of the profits earned. This would mean that gamers could now leave games without losing all their hard work.
Armed with all these features and its own blockchain, Electroneum shows immense potential and has already gained momentum in the crypto world. Duncan Logan, the CEO of Rocketspace who nurtured the likes of Uber, Spotify and Hootsuite has been publicizing his support via Twitter and says this is the first ICO he is going to be involved in, out of the hundreds that have happened so far.
This cryptocurrency shows a lot of potentials. The team has already started work on their ambitious project and are experienced enough to realize their ambitious goal of breaking into the gaming market and create an accessible cryptocurrency ecosystem.
The current Blockchain technology has not grown up to its potential due to lack of knowledge and awareness about the same. People who have believed in it have really invested in it to help further its growth and development but there is still a portion of potential investors that remain untouched. By tapping into the investments of those unable to use the complicated technology of the crypto market, Electroneum will be able to further the appeal of Blockchain and cryptocurrency.
Due to its ease and lack of complications, it will definitely appeal to the masses who are not too tech savvy. Their unique feature of mining coins will appeal to those enthusiastic about the technology and would allow them to be in charge of the generating process as well. The unique features used by this project will help attract users and investors alike.
This project is truly one of kind and is something that should be followed by investors as it appears to be a great choice for investment.
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