News of the hot new cryptocurrency, electroneum, has been blowing up my newsfeed for a while now and I finally decided to check out what the buzz was about.
And that’s how I came to be writing this review. Stay with me for the ride and you might learn a thing or two, maybe even decide to invest in electroneum.
Electroneum is a new cryptocurrency built on a bitcoin derived blockchain. The cryptocurrency is tagged as being “the world’s first common cryptocurrency”. Founder Richard Ellis said he found it incredibly difficult when he wanted to obtain some bitcoins back in 2015, and so the dream of electroneum was born.
Electroneum was created for the non-technical average user, to facilitate easy and widespread usage of cryptocurrencies. The currency was built with the specific goal of capturing the mobile gaming and online gambling markets. It’s designed with mobile-friendliness, fast transactions, and easy micropayments in mind.
Electroneum also claims to be the first mobile cryptocurrency, targeting the 2.2 billion mobile phone users around the world. It comes with a mobile miner that you can run on your phone to mine new coins. The cryptocurrency is designated as ETN.
The new cryptocurrency also claims to be a powerful investment opportunity that will almost certainly increase in value.
These are all very bold claims by the hot new cryptocurrency, so let’s take an in-depth look and see just what’s under the hood.
How Does Electroneum Work?
Electroneum works by harnessing the power of the 2.2 billion smartphone users all over the world. The creators of Electroneum recognize that most of the world has a mobile phone – and approximately 2 billion people own a smartphone and electroneum was created to harness the power of this network.
Typically, most cryptocurrencies require special equipment to mine, such as PCs with several GPUs but electroneum can be mined with a mobile app. The app is already available on the android play store and will soon be available for iOS in anticipation of the November 1 launch. Furthermore, you can control all aspects of electroneum from your mobile wallet.
Electroneum makes numerous mentions of being a mobile-friendly cryptocurrency and it might well live up to the claim but how well it performs remains to be seen until after the launch.
The Electroneum Team
Something else that electroneum has going for it is the team behind it. Richard Ellis who leads the company has a history of building successful digital businesses. He co-founded the successful digital agency SiteWizard, now over 20 years old. More recently, he founded Retortal.com in 2013. As the CEO, Richard assembled a team of over 40 developers and created a social media management platform, used by global fortune 500 companies such as Herbalife and Avon. Retortal’s software is used by hundreds of thousands of people.
But more than that, electroneum’s whitepaper described the team as “ an experienced team of software developers”. The most important members of the team all have their public profiles and info on the electroneum website. They include a number of software developers, marketing experts and cyber security experts to make the new cryptocurrency an even bigger success and encourage mass adoption.
Electroneum reportedly started working on their own cryptocurrency back in August 2015. They used bitcoin’s open source code as the basis for the currency. The currency had no name for several months, but was eventually named Electron. By July, the company had officially formed under the name Electroneum Ltd.
What Makes Electroneum Different From Other Cryptocurrencies?
First off, we’ve seen dozens of ICOs this year alone and the total number of crytocurrencies is well over a thousand already, so what’s the buzz about this one. Let’s take a look at some of the most unique things about electroneum which has made it the biggest ICO of all time (in terms of participation).
A key feature of Electroneum is its accessibility, probably it’s biggest. The whitepaper makes several mentions about how bitcoin’s numerous decimal places discourage widespread adoption. Let’s be honest: most bitcoin users are sick and tired of counting up the number of 0s when they’re asked to pay a fee like 0.0000332, or when they see a transaction fee like that. I mean, who wants to do all that, its 2017 for chrissakes. Electroneum plans to have two digits after the decimal (it has a 21 billion total supply of coins compared to bitcoin’s 21 million). That means you’ll see a price labeled as something like “15.28 ETN” instead of “0.076543 BTC”. This has a real money feel about it and it’s believed that this will encourage more people to use electroneum instead of it’s altcoin alternatives.
Another factor is the ease with which the cryptocurrency can be obtained. It is touted as the mass market cryptocurrency after all. As opposed to traditional crytocurrency, where you either buy expensive equipment for mining or release your wallet address on a public exchange, electroneum allows you to do everything through a simple, easy to use, smartphone app. The electroneum wallets are designed to be easily manageable on any smartphone. Coins can be generated by a unique mobile miner running as a background activity on your device.
The currency enables fast micro-transactions (faster than bitcoin according to the whitepaper), and Electroneum can easily be transferred between different games, apps, and users.
Unlike most other altcoins which are based on existing blockchains, such as ethereum, electroneum has its own purpose built blockchain based on the original bitcoin source code.
These are some of the most important standout points of electroneum over it’s cryptocurrency alternatives.
What Is The Target Market Of Electroneum?
While electroneum is a general purpose cryptocurrency aimed at the mass market, they claim to have two main targets for their initial marketing campaign:
Gamers often get tired of playing new games quickly and want it switch to other games but they’ll be worried about leaving everything they’ve built/made behind to start all over again. Electroneum will be targeting this market so that gamers can use the new virtual currency to transfer some of their earnings to new games by monetizing their in game currency. The new platform will target game company owners by offering them a commission on any exchanges they generate when players exit their game.
Many gambling companies all over the world now accept bitcoin as a form of payment. The problem is many people find bitcoin complicated and hard to purchase, which is where the accessibility of electroneum comes in.
Over 2 billion people in the world still don’t have a bank account, and gambling companies are desperate to target this market.
Electroneum state that their new currency will help to solve this problem by allowing users to mine coins from their mobile phone which could then be used for gambling. Winnings can then be paid back to the users wallet and converted into FIAT currency if needed.
How To Buy Electroneum And Electroneum Price?
At this point you cannot purchase electroneum anymore, don’t panic. They reached the hard cap of $40 million early and the crowdsale has since been closed.
What you can do is to download the electroneum app and create an e-wallet, then you’ll be able to buy some electroneum once the blockchain goes live on the 1st of November. Electroneum sold for $0.01 per coin during the ICO but it is difficult to predict what the price will be once it goes live. The price will mostly be determined by the market forces of demand and supply.
Until the blockchain goes live, download the app, create a wallet and be ready.
***Update***: Check Here To Buy Electroneum
Projection And Long-term Potential Of Electroneum
Due to its many unique features and unprecedented crowdsale success, electroneum is likely to be a huge success in the long term. But until it launches, no one can really say whether it’ll be a flop or a success.
But here are some of the projects the team has completed in preparation for the launch or planned for the long term after the blockchain goes live:
- The blockchain: The technology behind all crypto currencies.
- APP based wallet: Allowing access to the platform without any prior knowledge of crypto.
- APP based mining: Allowing non technical users to mine the currency straight away.
- Offline wallet: a completely secure offline wallet safe from hackers.
- Windows wallet
- Windows miner: Allowing users to mine from their PC.
- Mining pool software: To make mining easier, with open source so that others can develop their own pool.
- Blockchain explorer: Used to verify payments on the blockchain.
- Third party API: So that third parties can accept the currency as payment.
Electroneum also state that their new currency will be much easier to use than those currently on the market and aim to appeal more to the mass market.
The team behind the currency have a history of founding successful companies and are already a properly registered British company.
Duncan Logal, the CEO of Rocketspace who helped huge companies such as Uber and Spotify has also publicly tweeted that this will be the first ICO that he’s investing in.
So it looks like electroneum is already set to go big in the long term but what it’s future price will be, no one can say.
Electroneum has a solid team behind it with a great track record of building successful companies. While the high token supply might be an issue for some, their point on making the transactions look more like fiat currency does make sense. Further, they’ve got the biggest ICO ever recorded in terms of participation, with some over 300, 000 participants according to their websites. While anything can still happen at this point, electroneum looks set to go big and it wouldn’t hurt anyone to invest something in the new cryptocurrency.
I am not a financial adviser, so don’t take this as gospel and invest your house, car and cat. We can only make predictions based on the available facts and hope for the best outcomes. But from all indications, electroneum looks set to smash all records. And while it may never go as high as bitcoin, you can still make quite a good return on your initial investment if you buy in early enough.