What is Electroneum?
In the face of the Electroneum crypto coin, we see a unique and amazing blockchain with a max supply of 21,000,000,000 ETN coins, allowing its users to simulate mining through their mobile phone. Yes, you understood that correctly, all you need is an app, which is available for Android only. The application will allow you to simulate mining in the background, while your phone is on of course. The truth is that you don’t need any technical skills or knowledge to do it. In a manner of fact, Electroneum uses two decimal places which makes everything way more comprehensive and easier for quick calculations. After all its always better to say 345.34 Electroneum instead of 0.02412 Bitcoin.
Advantages
The main idea of Electroneum is to permit users with zero knowledge to participate and understand the new world of crypto. Even if you don’t know anything about blockchains, cryptocurrencies or mining, that’s not an issue at all, you don’t need to. The ETN was designed to serve as fiat money for an everyday use.
- Simple wallet
- Passive income
- Minable with GPU rigs
Disadvantages
Unfortunately, it’s not all perfect. Despite the great concept behind Electroneum, there is a lack of development and future improvement implementations. The roadmap is not showing any real goals in front of the development team, which leads to the conclusion that they are looking only to increase the number of people using their technology.
- Poor roadmap
- Not user-oriented company
History and Evolution
The Electroneum ICO started on the 14th of September 2017 and ended on the 23rd of October 2017. For that period, it successfully raised over 40 million USD. Officially the platform was launched on 31st of October 2017 and it is working ever-since. Founder and current CEO of the company is Richard Ells who has years of experience as director of several companies like Retortal.com and SiteWizzard LTD. According to the future roadmap, I can’t really tell how far they are with their development since it seems that the goals previously set are not yet reached.
Electroneum’s Future
The team is hoping that in some time we will observe mass integration of cryptocurrencies in the modern world and then their platform will be used for merchandise. They want first to help with the acceptance of digital assets and then develop the platform as “breakthrough technology” which will help its users in their daily activities.
Electroneum Blockchain
ETN’s blockchain is semi-centralized, but what does that mean? The miners are still in charge of creating blocks and validating them but the wallets, which must be downloaded from the Android Appstore, are connected to a web of full nodes which are owned by the development team, not by random users. Also, the wallet creation requires registration in their database which is not the exact definition of decentralization. The hashing algorithm is CryptoNight with Proof-of-Work (POW) consensus mechanism. The forge of new coins relies entirely on the number of new blocks mined, which means that with every newly mined block, new coins are issued. The average block time is quite inconsistent, it could vary between 20 to 300 second, the approximate average magnitude is 120 seconds. Detailed statistic about that matter you can find here
Electroneum Nodes
There are several types of nodes, the official wallets are lightweight nodes and they correspond only with the full nodes owned by the development team. Otherwise, all miners are full nodes, but they support the network itself only. At this current point, Masternodes are not available yet on the Electroneum coin network.
Forks or Tokens Based on Electroneum
There are no forks that stem from Electroneum but the coin itself is a Monero fork. After the implementation of Ring signature, which provided better privacy of the transaction flow, the development team decided to fork from Monero and give a fresh start to ETN token.
How to get Electroneum
Ever-since the consensus mechanism is Proof of Work, the coin could be purchased, mined or exchanged.
Where to buy Electroneum
The only way to obtain ETN cryptocurrency is through the crypto-to-crypto exchange, that’s why I will recommend you purchase some Bitcoin or Ethereum from a major exchange supporting fiat-to-crypto and then to turn them into Electroneum coins. I cannot state that ETN is the best coin for long perspectives, but for sure it is a great trading opportunity, just try it and you will see for yourself.
| Exchange | Cryptocurrencies | Fiat Money | |
|---|---|---|---|
|
Liquid
|
Bitcoin+ 3 more | – | Trade now |
|
Kucoin
|
Bitcoin, Ethereum | – | Trade now |
|
hitbtc
|
Bitcoin, Ethereum, Tether | – | Trade now |
How to Mine Electroneum
The used CryptoNight hashing function allows you to mine Electroneum with whether GPU rigs or ASIC miners. I will be honest with you the GPU setup is not that efficient and profitable but in the meanwhile, I have listed on the table below a few of the best ASIC options on the market up to this date.
Wallets for Electroneum
I’d recommend downloading the official Electroneum wallet, which follows the main concept behind the coin itself, to be easily accessible and usable in your daily activities. That’s the reason why it is available only on the mobile phone and it will require registration of account on their system.
Alternative Wallets
Here, we are getting into a bit of a struggle, the truth is, that there are no other digital alternatives to choose as a wallet provider, but you can always play safe and make a paper wallet, here is the generator I use.
Mobile Wallets
Electroneum Security / Network Security
The history does not know any security breaches from the very beginning of the Electroneum cryptocurrency, which is something that, not many cryptocurrencies can brag about. Of course, that’s no guarantee for the future but it is a significant fact for the present.
News and Useful Links
I am aware that you can get lost in the numerous sources of information online, my recommendation is always to stick with the official pages and social media channels when you seek relevant news and updates. Announcements are regularly posted on their Twitter, otherwise if you are looking to share opinion you can use this forum