ETN is a mobile cryptocurrency. The entire premise of this coin revolves around the mobile app which is meant to be easy for the masses to adopt. In addition to ease of use, their mobile users will also be able to mine their Electroneum investment using their mobile phones positioning this coin as a powerful way to pull in new crypto users by way of a device that they already have and to ease the learning curve of adopting alternate currencies in everyday life.
The project is also angling for some valuable partnerships in the telecom space that could help their platform blast off into the mainstream. Continue reading to see the concept and the pros and cons of this project in detail.
IS IT SAFE TO INVEST IN ETN NOW?
If you plan to invest in ETN then you're basically banking on mainstream adoption. While I'm sure this will happen eventually I'm not sure exactly when it will happen. A lot of people were burned by cryptocurrency during the end of the year dip, and that may set back the Electroneum timeline a bit.
However, since it's possible to earn coins by utilizing the app it might get some new users curious. Blogging platform Steemit has seen similar success by allowing people to earn cryptocurrency without the need to actually understand mining, and it's worked as an easy intro for those who are less technically inclined but would like to start utilizing alternative currencies.
While the people to whom Electroneum is targeted most likely don't care it has been slightly controversial with crypto enthusiasts because their "mobile mining" is not really mining. This is emulated, and users are simply rewarded with tokens for effectively just wasting battery power on their phones.
Some feel this is a little dishonest due to the fact that you're not an "actual miner", but the masses most likely will only hear that they can earn free money using their phone. Earning coins also gives people a reason to use cryptocurrency for purchases since they are mining them instead of purchasing them as a speculative investment.
ETN's biggest plan for the future is simply to grow adoption of their app. Their core product is completed, and while the idea is very simple the advantageous for the space as a whole are apparent here.
Now, their problem is marketing. The team was successful in securing a lot of hype during their initial coin offering which greatly aided them, and it seems their social media engagement is on par as well which will most likely be the prime target for them to gather more users.
They are also working on numerous partnerships with vendors and mobile operators for the benefit of their users. These new deals will not only offer new ways for people to spend their mined Electroneum coins, but they will also most likely prove to be a valuable marketing tool as no doubt these partners will share the app with their own respective user bases.
While I do like ETN and what it could potentially do for the crypto world you should not invest inspecting to make a mint overnight. This coin has a very high supply, and as such, that means it could struggle to gain price traction.
Especially since its main audience are not crypto enthusiasts, but instead mainstream users who will likely mine their coins, and then immediately dump them. While it is possible for your ETN investment to be valuable in the future it's likely that this adoption will take a good amount of time and patience on your part.