What is Electroneum Coin? (Beginner's Guide)
Electroneum (ETN) is a project trying to push mobile adoption of cryptocurrencies by decreasing barriers to entry in areas like mining and digital payments. With 2.15M registered users, compared to many crypto projects it's already fairly widely adopted. Below we go through various aspects of Electroneum such as its mobile miner and development team.
Electroneum (ETN) Mobile Miner
A mobile app is currently available for Android. This serves as both a wallet for sending and receiving Electroneum, and as a 'mobile miner'. This mobile miner doesn't mine the blockchain directly from a phone, but instead runs an algorithm on the phone that determines how much ETN to give that user. The goal of this seems to be to decrease barriers to entry for 'the average user', and to add market liquidity to Electroneum on a daily basis.
Given it can take a lot of time and money to start mining a proof-of-work coin directly, this seems like a great idea in principle, just so long as it isn't abused/exploited by malicious people. The app also incentivises users to invite friends by rewarding them and their friends with ETN. Currently the Android app has almost 17,000 reviews and over 500,000 installs, so it's pretty widely used.
There doesn't seem to be an app in the iOS store yet, but they hope to get it released later in 2018. It looks like they've made it already, but they're having trouble getting Apple to approve it.
Electroneum was founded by Richard Ells, who looks to be based in the UK (specifically London based on his LinkedIn profile). Prior to Electroneum he co-founded a digital agency called 'SiteWizard'. Other members of their team look to have experience in fintech, marketing, and various programming languages, all useful for a project like Electroneum.
IOST is an example of a crypto project that looks to have a much stronger team than Electroneum in terms of their qualifications, where IOST's team has PHDs from a range of top universities in the world and many members of their team are National Olympiad winners, but IOST is a very technical project trying to take on the likes of Ethereum. Electroneum has different goals, where their team has a lot of experience behind it in areas like marketing and retail/ecommerce; experience that recently graduated PHDs likely wouldn't have yet.
Goals for Q3 2018
Electroneum already has 2.15M registered users and a working Android app, but it lists a number of other features planned for later in 2018:
- 3 million users.
- iOS app
- Instant payment system
- Community app.
- Gig economy website.
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