Every day a new project arises in the world of cryptocurrencies some project waiting for our attention (and investment), wishing to become the recipient of most of the funds of all those who want to diversify their portfolio. This time we will talk about a project called Electroneum (ETN), but first it is necessary to mention that the information presented here is strictly educational, under no circumstances should it be understood as a form of investment advice or recommendation.
Electroneum is presented as a platform focused on the world of smartphones. It emerged with the purpose of simplifying the purchase, storage and mining of cryptocurrencies for interested people. Thus, acquiring ETN (the denomination of this cryptocurrency), creating a wallet and mining tokens is as simple as installing an application on the cell phone.
By means of this solution, Electroneum has become the most up-and-coming project in its country of origin: England, hoping to eliminate that component of distrust that surrounds the world of cryptocurrencies in general. Any user with a cell phone can download their own wallet and receive and mine ETN without the need to register their personal or bank details.
This project was born in 2017, under the umbrella of Team Electroneum. The funding for it was obtained from its ICO, which was also interrupted 12 days before the planned date because having reached the limit of 40 million dollars.
As a detail to remark, Electroneum suffered a DDoS attack just before launching their mobile application, forcing them to shut down their servers and work for more than 26 hours to deal with the attack.
How are ETN coins different from Bitcoin?
Unlike other cryptocurrencies such as Bitcoin or Ethereum, Electroneum hides the public and private addresses of its users. Thanks to the stealth address technology it prevents data such as the amount transferred or the available balance from being public and/or being associated with a wallet.
Electroneum is a mobile cryptocurrency. Unlike all other digital currencies, ETNs are designed to be mined with CPUs and mobile devices. With this, Electroneum is practically the only cryptocurrency that operates exclusively as a mobile app for all intents and purposes.
Electroneum incentivizes CPU mining, thus favoring the average user to the detriment of expensive mining hardware. Through this initiative, the platform aims to reach as many customers as possible.
As for the maximum amount of coins, Electroneum has the number of Bitcoin multiplied by a thousand (21,000,000,000,000 ETN).
Electroneum is a platform, built from the Monero source code, which has its own blockchain and ETN cryptocurrency.
It has been basically designed to function as a mobile application, reaching the general public thanks to its simplicity and ease of use. So users can download the app, buy and receive ETN in their wallet and even mine them with their mobile (although with such a small processor it is not possible to release many coins).
Unlike what happens with other cryptocurrencies such as Bitcoin, Electroneum has managed to anonymize the addresses of their wallets thanks to what they call stealth address. This is basically a single-use public key, which prevents the sender, the receiver and the funds from being identified, listed and related to their wallets.
On the other hand, transactions within Electroneum are fast and their fees are dynamic, as they depend on the amount of traffic in their network.
ETN's most striking feature is mobile mining. Its app simulates a kind of mining on mobile devices that, although new blocks are not really being confirmed, rewards are still produced. This is so that the terminals do not overheat or consume too much battery.
The vast majority of blocks have less than 0.2 ETN of commission and new blocks are added more or less every minute. In addition, Electroneum has created a promotional offer for new users to encourage mining and through which miners initially receive more coins.
Electroneum has its own wallet, designed as an app version for Android mobiles, as well as its wallet manager which can be accessed online from any browser directly from the Electroneum website.
Given the low popularity outside the UK ETNs can be purchased through Cryptopia exchanges and the best known Kucoin through parents with BTC and ETH. Also through mining its cryptocurrency by downloading its app on a mobile device.
According to its developers, Electroneum intends to become the link between clients and companies and foundations, as well as expand to more exchanges and develop the full potential of mobile mining and focus on the adoption by the general public of cryptocurrencies as a usual method of payment.
