Electroneum,the name itself sounds like it’s something from the future. Well this seems to be a game-changer in the crypto-currency mining industry. Electroneum is a leap forwards in the accessibility of cryptocurrencies, as they like to call it. It’s a mobile cryptocurrency and it can be mined from your own phones as well.
With the possibility of this cryptocurrency to be mined on a mobile phone, it offers a gamified mining experience for its users. It disrupts the traditional status quo of mining being profitable only on high end mining rigs.
As we all know, crypto-currency seems to be the future of digital payments and as a result of which, we have seen a vast growth in the prices of these cryptocurrencies. At the same time the developments in this sector, are growing at an alarming rate. In light of various alternatives of ‘The Bitcoin’, the Ethereum, Ripple, Light coin etc., to name a few, the industry is poised at welcoming its newest entrant.
If you actually rolled back by a couple of years, you’d figure out that crypto-currency was something only the techies and the nerds knew about. Fast-forward to 2017 and you’ll notice that the sudden increase in the value of bitcoin created a huge buzz in the market and every other person who was keen on making a quick profit wanted a piece of the action. Over the years, Bitcoin has definitely gained a bad rep for being the currency of the deep web. Regardless of this fact, everyone wants to invest in it due to its consistent and skyrocketing return over investment figures. This naturally led to the introduction of newer and alternate crypto currencies.
As a result of the ever-increasing number of users, the cryptocurrency market has become one of the most lucrative investment avenues in the world. If you know anything about Crypto-currencies you’ll know that the markets are open 24-Hours a day, unlike your regular stock markets which have certain opening and closing times, making it much more predictable. Just the total opposite, crypto markets aren’t predictable at all, making it a gamble.
We’ve had numerous alternatives of the bitcoin, spring up from time to time. Numerous reforms in the algorithms of the same and numerous developments which have been made in this industry. However, the one thing that hasn’t changed is, how difficult these currencies are to get a hold of. The high rates, the complicated procedures, numerous third-party vendors and the requirement of expensive setups to mine them, all work against your average person who wants to get a piece of this crypto-pie.
That’s where the first British Crypto-currency comes into play and aims at bringing about a revolutionary change in the way we deal with crypto-currencies.
How is Electroneum any different?
The biggest and most significant difference when compared to its competitors, Electroneum has its own and unique blockchain (the underlying technology that drives any crypto currency). What it means for us is that it’s very easy to use. From obtaining to trading using ETN(Electroneum) the whole process is as easy as it gets. At the same time the key difference that sets it apart from its competitors is that it can be mined from your phone! Yes, you read it right. This also means that the payments are more secure and safe unlike the others. It offers you endless options to spend these ETNs, from buying mobile apps to betting on live sports games, just like you would with Bitcoins, it’s just easier to use and trade with, for the average person.
This very concept of making it easy to obtain and use for the common man was the idea that drove this concept. At the ICO (Initial Coin Offering) the founder of Electroneum, Richard Ells stated, “I don’t know if you’ve ever tried buying any Bitcoin, but it’s really hard to do! I realized that what the world needs is a cryptocurrency that is genuinely easy to access and use. We’ve developed Electroneum with the ordinary mobile user in mind.”. Richard Ells aims at bringing about a radical shift in the way we view crypto-currency. The cherry on top is that these wallets are offline. We’ll that might raise some eyebrows, but it’s just to make these wallets as secure as possible. Bitcoin and other wallets have been stolen or hacked numerous times and there’s no shortage of horror stories on the internet of people having their accounts hacked. These offline wallets make it almost impossible to be hacked, the odds of which are as good as you dying from a meteor crash. If that wasn’t enough for you, you can create unlimited wallets and all of them being free of cost.
Electroneum also aims at catering to tens of millions of users worldwide, whereas bitcoin only has about 3 million users. The founder also mentioned the fact that Pokémon Go gained about 90 million app users in a mere 6 months’ time frame and that’s the kind of buzz they want to bring about in the tech world. To make this possible, they’ve increased palatability by setting the cap (total number of coins) to a staggering 21 billion coins! This makes bitcoin’s cap of 21 million coins seem like peanuts in comparison.
Electroneum also aims at keeping the figures as realistic as possible. They’ve set the decimals to only 2 places unlike other crypto’s having decimals going all the way up to 8! This also makes it easy for the average user to estimate the amount being spent in the transactions unlike other crypto-currencies.
Our thoughts :
Electroneum seems like the next big thing, and it seems to be doing pretty well for a newly introduced concept. It has raised a huge amount of $40 million in a very short period of time making it one of the most successful ideas to reach its hard cap in such a short time frame. They’ve also reached about a 100k-500k installations of the Electroneum app on the Google play store and the iOS app store individually. The team has made it a point to reassured the investors from time to time about their approach on this project and hence it doesn’t seem very likely to fall victim to all the internal wrangling and volatility that has plagued other crypto-currencies.