Electroneum was the first cryptocurrency designed specifically for smartphones. According to its creators, it is thanks to this that it will become incredibly popular, because anyone can mine it, even without a computer.
Electroneum has a rather long history. Her mastermind, Richard Alice, first got acquainted with cryptocurrencies in early 2015 when he bought bitcoin.
By the middle of that year, he assembled a team and began developing a new cryptocurrency.
In August 2016, the founders took as a basis for their brainchild new improvements to the Cryptonote algorithm, which were introduced by the Bytecoin cryptocurrency.
By September of the same year, it was decided to focus on smartphones. At the same time, the cryptocurrency received the first name Electron.
In 2017, the founders raised the initial investment to launch the cryptocurrency and renamed it. The apogee of development was the ICO in September-October, which raised more than $ 40 million for the development of your idea. During the ICO, more than 6.3 billion ETN was released into free circulation.
Electroneum was created to make it easier for people to access cryptocurrencies. All a user needs to do to start learning about cryptocurrencies is to install a mobile application.
At the same time, ETN mining takes place on a smartphone and begins immediately after installing the program.
The mining itself takes place in the background and does not require huge capacities.
One of the mottos of electroneum is to make it easier to use cryptocurrencies. She begins to do this already at the stage of calculations. So, most of the cryptocurrencies have a small number of crypto coins. For example, there is a total of 21 million bitcoin in circulation. Because of this, the calculations are difficult for an ordinary citizen to perceive. After all, most often they look like 0.0003 BTC.
The electroneum blockchain will have a total of 21 billion cryptocurrencies, making ETN calculations look like “prices in stores”.
According to the team’s research, people unfamiliar with cryptocurrencies prefer to see prices or amounts of monetary transactions in whole numbers.
Therefore, even this simple trick can popularize cryptocurrencies.
Electroneum cannot be mined with ASICs – special mining equipment. The developers have implemented such a measure intentionally so that each user can mine on the CPU.
Where to Buy
ETN has a daily trading volume of $ 1.5 million. More than 85% of this volume is accounted for by only two exchanges – Kucoin and Cryptopia. This is where investors exchange Bitcoin to Electroneum.
So far, there is no exchange that would exchange ETNs for fiat currencies.
ETN is also not presented in exchangers. Therefore, in order to acquire this cryptocurrency, you first have to buy another cryptocurrency and exchange it for ETN.
A similar procedure will have to go through in order to withdraw ETN to fiat.
Conclusions and Recommendations
It is too early to say anything about ETN’s prospects. Now there are quite a few participants in the blockchain and the blockchain can handle fast data processing.
Accordingly, it fulfills its direct purpose – instant payments.
If the founders of the cryptocurrency manage to continue to provide fast transfers and keep low fees, ETN has every chance of gaining widespread popularity, because the whole world is increasingly switching to smartphones.
In cryptocurrencies, this niche is still free. Therefore, the one who takes it first may well reckon on success.