Written by Dr. Chris Gorman | Co-Authors: Michael Almiroudis (xterest) & Mary Gorman
Powerful words from Nelson Mandela; made at his iconic speech in London at the launch of the Make Poverty History Campaign back in February 2005.
2005 was the year that the world woke up to the scourge of poverty. Propelled by a series of Live 8 concerts that raised awareness and appealed for increased aid, debt relief and trade justice; world leaders at the G8 summit committed to easing the plight of millions of people in need.
I was deeply involved in the Make Poverty History Campaign. From organizing Live 8 Edinburgh to fundraising, promoting and mobilizing; I gained invaluable insight and understanding of those in poverty. That same year I felt humbled when I received an OBE from Her Majesty The Queen.
While the world has made great progress, there is still much to be done. A quarter of the people on this planet live on less than $3.20 a day; 1.7bn people remain financially excluded and 17,000 children born into poverty die every day. These are not merely statistics, these represent real people facing real hardship… and we have a real solution.
Mandela placed trade justice as a primary need, but promises of reform were broken. Poverty will persist until developing countries have a fair chance to compete in the global economy.
Technology has revolutionized every aspect of our lives, the radical changes to the future of work and the power of social influence bring access to the digital economy within reach of people in developing countries.
Armed with insight and experience we immersed ourselves in exploring how we could remove the barriers to entry.
We were inspired by the optimism of those in poverty and humbled by the commitment to equality from the global millennial community. We felt encouraged by the capabilities already in place and excited when we discovered wider opportunities that will motivate the developed world to take action.
Business, as usual, is clearly not working and the countless ‘me too’ offerings fail to address the underlying issues of poverty.
Ultimately we uncovered what was needed to build a simple yet significant solution enhancing and expanding the foundations already in place.
Electroneum has spent 2 years designing, building and testing a digital platform that enables engagement, empowers the ability to earn, enhances skills and extends economic benefits throughout the community.
Our approach is radically different from anything in the market. Electroneum places the human needs of poverty central to all designs. Covering each and every step needed to enable a fair chance to compete in the global economy, the justice Mandela fought so hard for.
To drive confidence in collaboration, we embrace regulatory requirements, surpass corporate compliance requirements and break new ground on security.
Connecting the undeserved to financial opportunities available in the developed world unleashes economic potential, which benefits everyone.
Our initial build phase attracted a global and growing community of 3 million users, proving the platform and the public belief of our solution.
Throughout this study, there are numerous citations of respected documents that illustrate the challenges faced. This guidance has been invaluable in the design of our product, in addition to the real-time experience we have learned on the ground from the development community to address a number of challenges presented.
This study details the clear pathway we have created to address the issues widely acknowledged, and enable meaningful inclusion in the digital economy.
INTRO & OBJECTIVES
Governments, humanitarian organizations and members of the development community have successfully halved world poverty in the last 20 years.
However, a 2019 World Bank report highlighted that the pace of poverty reduction has slowed down by 40% in the last 2 years.
In fact, hundreds of billions of dollars have been poured into aid, debt relief and improving financial inclusion, yet 1.7 billion of the world’s population remains unbanked and a further 1 billion people have accounts that have been dormant for over a year.
While the effectiveness of proposed solutions for financial inclusion is up for debate, more of the same services keep launching. A prime example is the plethora of remittance services that claim to help the unbanked but have had minimal impact.
Giving people access to banking and mobile digital transaction tools may provide critical elements for eradicating long-term poverty, however, these are futile without the availability of income to use them.
Our mission was to find alternative ways to enable those in poverty to access and engage in the digital economy. Given a fair chance to compete provides individuals with the power to create a better life for themselves.
Taking a Human-Centered Design (HCD) approach we endeavored to make a real sense of things, uncovering solutions that addressed the needs, motivations, and barriers of all those directly involved.
Each of these points has minimal impact on their own; the real value is derived from the amplification effect of their inter-dependencies.
Leading voices in the development community have continually called for innovative approaches to tackle poverty; many saw blockchain as a possible panacea.
Emerging technologies, especially those that have the power to change the fabric of society attract opportunists during the early stages. History constantly reminds us; technologies that attract large scale attention can bring dramatic change to the world.
This is true of blockchain. The extreme focus on short term profit induced a fanatical environment, with little regard to fact or purpose. Such business practices have no relevance to the capabilities of the technology, but they do cloud perceptions.
Our construct of blockchain achieves all the objectives set out above, with an incomparable breadth of capability and sustainable economic benefits. I believe this document may reaffirm any forgotten beliefs.
Blockchain technology implemented with a keen focus on financial compliance sits at the core of our platform, maximizing its unique abilities making it a perfect engine for economic growth.
We enhanced this with multiple technologies, adding features and capabilities to achieve a wide set of requirements, and delivering them all through a mobile app that feels easy and familiar to the user.
Electroneum’s digital currency, ETN, is built on an economic model that continually shares the proceeds emitted from the blockchain with each user. This is the stimulus that drives usage, allowing people to try the technology at no cost and opening new revenue opportunities in the gig economy.
Within our ecosystem, users can spend their ETN on mobile airtime — one of the most prevalent mediums of exchange in developing countries
Our rigorous approach also extends to our bold stance on the regulatory and corporate environment; we were the first digital currency to become KYC/AML compliant, aligning with the visions of policymakers such as the IMF, World Bank, and the Pathways Commission, and in our recent blockchain upgrade, we strengthened our business compliance, scalability and transaction performance.
We have also taken extreme measures to augment the security and stability of our platform (see appendix); bringing pivotal change that satisfies organizations who embrace and require compliance.
The credentials and network reach of our experienced management team and corporate financial health are rare commodities in this sector; all of which remove many of the concerns around corporate risk and compliance that are normally associated with emerging technologies.
The United Nations blueprint for sustainable development holds at its heart the objective of “ending poverty and other deprivations”. These “must go hand-in-hand with strategies that improve health and education, reduce inequality, and spur economic growth”.
In regions across the Middle East and North Africa, South Asia, and Sub-Saharan Africa, despite progress in reducing their poverty rates, more people were living on less than US$5.50 in 2015 than in 1990 due to their growing populations.
“Strikingly, the number of people identified as the societal poor has largely stayed the same over the last 25 years even as the number in extreme poverty has plunged.”
One of the key enablers that feed into the UN’s blueprint is financial inclusion. The World Bank Group defines this as the ability for “individuals and businesses [to] have access to useful and affordable financial products and services that meet their needs — transactions, payments, savings, credit, and insurance — delivered in a responsible and sustainable way.”
International investors have committed hundreds of billions of USD to financial inclusion over the past few years, however, challenges remain:
1.7 billion of the world population remain unbanked and further 1 billion are ‘seemingly banked’, but their accounts have been dormant for over 12 months.
So, why is this? The access that transactional accounts themselves give is minimal, and often there is a cost involved with no incentivized adoption mechanism. On their own, they do not make things any easier for people to earn more.
This raises the question of the goals of financial inclusion objectives. Should the goal be to change behavior or to get customers to use services that outsiders think are better for them; or should it be to expand the set of options available to better position people to achieve their financial goals?
“From a customer’s perspective, account dormancy is not a problem to be fixed. If you are living on a very limited income, why would you opt for an expensive service that is not suited to your needs? When surveys ask people why they don’t own or use accounts, they often say the same thing: I don’t have enough money. I can’t afford to. I don’t have a regular income.”
Perhaps the biggest issue for the unbanked or underserved is that a service that lets you manage your money is irrelevant if you have no money to manage.
THE DEVELOPMENT SECTOR: FOCUS ON INCLUSIVE GROWTH
Mastercard’s Center for Inclusive Growth advances sustainable and equitable economic growth and financial inclusion around the world.
The Pathways for Prosperity Commission on Technology and Inclusive Development works with global leaders from government, the private sector, and academia. On overcoming the barriers for inclusive growth, they state:
“Developing countries have a chance to harness the new wave of frontier technologies now and chart their own new pathways for prosperity. Wiring nations to be digital, connected, and inclusive.”
The challenge is that although digital technologies are revolutionizing almost every aspect of life as we know it, access to these technologies is not equally available to all people.
- Urgently connect the poorest and other excluded groups to digital infrastructure;
- Address the fundamental barriers that prevent take-up and effective usage, including social discrimination and educational hurdles;
- Encourage a vibrant digital ecosystem of innovative entrepreneurs and businesses;
- Ensure that the most vulnerable are empowered in demanding transparent and trustworthy digital services.”
The challenge for access is about finding business models or technologies that make it possible for businesses to serve the lowest-income consumers.
Electroneum has championed innovation and design for a purpose, meeting the needs of communities, working within a regulatory framework and supporting the aspirations of many stated objectives driving the UN sustainable development goals.
While Electroneum understands and references the challenges the industry faces, we have removed the roadblocks and built our solution on the foundations already in place.
Taking the best features of blockchain and combining with new mobile fintech technologies, we have created a platform that gives our users a secure environment to trade and keeps them engaged with rewards, incentives, and programs to improve their livelihood.
COMPLIANCE, REGULATION, AND SECURITY
Across all my research, I failed to find an example of mass adoption of any product or service that sits outside of regulation or corporate comfort.
The reality is that the majority of people take confidence from services that operate within accepted frameworks.
To achieve real mass adoption, integration into regular, habitual practices is key; providing secure, reliable routes to market that complement rather than attempt to replace existing systems.
The development community and many world leaders held great hope for what blockchain could deliver, and many called for innovation in this field to help tackle poverty.
We answered that call with a blockchain solution that extends beyond the well-documented needs.
Although the initial excitement around blockchain has waned, mainly due to concerns around cryptocurrency, we understood and expected it. Rising above the changing dynamics, our core business model and recent system upgrade have combined to complete our fully compliant framework, strengthening the alignment of our solution with the goals of these world leaders.
VISION FOR A DIGITAL CURRENCY
Speaking in Singapore on November 2018, Christine Lagarde, CEO of the IMF shared her concerns and vision for digital currency.
…” where digital currency offers great promise, through its ability to reach people and businesses in remote and marginalized regions. We know that banks are not exactly rushing to serve poor and rural populations. This is critical because cash might no longer be an option here. If the majority of people adopt digital forms of money, the infrastructure for cash would degrade, leaving those in the periphery behind…”
“… might [we] design digital currency so that users’ identities would be authenticated through customer due diligence procedures and transactions recorded. But identities would not be disclosed to third parties or governments unless required by law. So when I purchase my pizza and beer, the supermarket, its bank, and marketers would not know who I am. The state might not either, at least by default. Anti-money laundering [see KYC/AML] and terrorist financing controls would nevertheless run in the background. If a suspicion arose it would be possible to lift the veil of anonymity and investigate. This setup would be good for users, bad for criminals, and better for the state, relative to cash. Of course, challenges remain. My goal, at this point, is to encourage exploration.”
Electroneum’s business model aligns with this vision and is one example of how a digital currency can impact inclusive growth, echoing the principles of the IMF’S vision for financial inclusion, integrity, and innovation.
ANTI MONEY LAUNDERING (AML) AND KNOW YOUR CUSTOMER (KYC)
Electroneum holds compliance standards at its core and was the first cryptocurrency to implement KYC/AML regulations for our entire digital wallet solution, safeguarding the system around regulation and preventing criminal elements of money laundering activities.
BLOCKCHAIN SECURITY AND PROTECTION
Electroneum blockchain is heralded as the most secure and eco-friendly crypto in the market.
With this development we have engineered two new blockchain processes; Proof of Responsibility and Moderated Blockchain. These deliver all the benefits of decentralization whilst adding new layers of protection.
The new validators of ETN’s blockchain are trusted NGOs who directly benefit from the block reward, which removes the risks of a 51% attack and deliver reduced energy costs by a factor of 100 as well as infinite scalability and speed.
ELECTRONEUM: PATHWAYS TO PROSPERITY
We split the range of user needs into distinct areas to create the four supporting pillars, the foundation of our ecosystem:
The objectives of these 4 pillars reflect what matters to people. As one of many examples, the Goalkeepers Global Youth Poll below, reinforces our strategy and goals:
They go on to say the importance and positive outlook of today’s youth is key to all of this:
“A total of 79% of 12 to 24-year-olds in lower and middle-income countries say they are optimistic about the future of the world, compared with half in higher-income countries.”
ENABLEMENT: ACCESS & ENGAGEMENT
The best way we see to engage low and middle-income families in the unbanked regions of the world is through rewards and incentives.
If an ecosystem can improve the quality of life of people living in poverty with no cost to them, viral growth in this space is inevitable.
The underlying strength of Electroneum’s blockchain model is that we have built-in a distribution mechanism that enables people to benefit and earn from the technology at no cost.
In contrast to the industry norm which involves mining farms across the world, raking in cryptocurrency rewards with huge mining farms, Electroneum’s blockchain project is different.
“Everyday the blockchain industry emits over $10M+USD worth of new currency, most of which goes to corporations. In contrast, we share ours with those who need it most — the users — rewarding them with up to $3USD of ETN per month, which drives user engagement and promotes financial inclusion in developing countries.” Richard Ells, CEO, Electroneum
Although the amounts that can be earned may seem small to many in the western world, they can be life-changing to people living in poverty.
ETN: A FREE DIGITAL WALLET APP THAT REWARDS USAGE
By using the Electroneum app on a smartphone, users can collect ETN and use it to purchase a growing range of products; our aim being to integrate ETN into supporting the basic needs of everyday life.
By enabling transparent, beneficial participation, our users can enjoy and understand the technology without risk.
The Electroneum mobile app is a secure mobile wallet for digital payments.
EMPOWERMENT: UNLEASHING GLOBAL TRADE
We are opening up revenue opportunities for enabled users, which requires a border-less, simple and fast medium of exchange and platforms to work on.
DIGITAL CURRENCY IN THE COMMUNITY
Currently, to work on freelance sites, people need to follow a process of application to a platform, access the technology (they cannot sign up via mobile), link to a bank account or a payment gateway like Paypal (which also requires a bank account) and so on… a restrictive process that continues to block very many people in developing nations.
As Obama said in his speech at the 2018 Nelson Mandela Annual Lecture :
“The forces of global integration powered by new technologies suddenly unleashed entrepreneurial talents to those that once had been relegated to the periphery of the world economy, who hadn’t counted. Suddenly they counted. They had some power; they had the possibilities of doing business.”
Electroneum unlocks the ability for these people to join the world economy by delivering tools to compete in the digital economy, and a medium of exchange to transact across borders using a platform to drive growth.
This allows a person in New York, for example, to easily transact using dollars with a person from a developing country who would receive ETN.
Technology is developing at such a rapid pace that job descriptions can barely keep up, let alone entire industries.
This is creating many new opportunities, however, it is critical to converting these opportunities for developing countries during the formative stages.
Brookings, a US non-profit public policy organization that conducts in-depth research that leads to new ideas for solving problems facing society at a local, national and global level, further supports the basis of this model:
More than ever millennials are looking at changing the system, for example, finding an alternative to full-time work. They are looking towards roles that can give them flexibility, higher salaries, and better job satisfaction.
Deloitte recently reported:
Companies are beginning to incorporate this into their existing structures.
MILLENNIAL INFLUENCE ON THE GIG ECONOMY
Taking advantage of the changes in a decentralized economy, we give access to people in developing countries who are driven by their daily problem-solving needs and appetite for an opportunity. A large demographic of users in our ecosystem are millennials, who tend to be more tech-savvy and ambitious for new technologies that enable earning potential.
Millennials in developing nations who possess a high propensity for flexible and independent work and/or exhibit professional independence, mainly due to the lack of any alternatives, have shown a more optimistic outlook for a better future.
Deloitte reports that there is “greater optimism in emerging nations and more subdued expectations in developed countries, where the bar may be set higher. That’s likely why countries such as Norway and Finland — widely regarded as two of the happiest places on Earth — posted some of the lowest scores while countries like Nigeria were extremely encouraged about a better future.”
The launch of Electroneum’s Gig platform will open the global digital economy to billions of unbanked and underserved people around the world, adding a dedicated platform to the trading tools currently available.
With the goal of becoming the fairest online freelancer platform, Electroneum’s Gig site will allow users to earn, share and create income by using their digital skills transacting with ETN as payment method.
Essentially an online job exchange marketplace, the platform is similar to the likes of Fiverr, whereby anyone, anywhere in the world, can post digital projects (or gigs) and allow users from emerging economies to apply for and be awarded jobs — using ETN as payment.
Importantly, we won’t be charging for the platform or collecting fees in the way that this market normally works. Users will be able to sell their digital skills and receive 100% of the proceeds.
This platform will enable the flow of ETN between industrialized nations and unbanked/underbanked regions, bringing untapped opportunity that will stimulate these economies.
ENHANCEMENT: UPSKILLING & EDUCATION
The power of education cannot be underestimated, as raised by World Bank Group:
“…reskilling and upskilling those who are not in school or informal jobs must be part of the response to technology-induced labor market disruption.”
“…the spread of the internet has made it possible for people to connect across oceans, and cultures and continents instantly were brought together, and potentially, all the world’s knowledge could be in the hands of a small child in even the most remote village.”
Electroneum gives people access to work and helps them to excel and find their true potential with a platform that can enhance their lives more than most. A platform where they can learn and home in on their true potential for the world to access.
Electroneum will soon launch an eLearning platform to allow users to learn, share and create income using their digital skills, taking ETN as payment.
Adam Grunewald, writing for Brookings, comments further:
“Unlike in developed countries, where gig workers often have college degrees or formal sector experience, most informal sector workers in Africa lack this educational foundation and soft skills. Lynk addresses this gap by investing in onboarding and upskilling. So far, the investment is paying off, with most participating workers seeing a two to three-fold increase in monthly income.”
The World Bank Group’s flagship report for 2019 goes on to focus on the changing nature of work around the world:
“The rise of platform marketplaces allows the effects of technology to reach more people more quickly than ever before. Individuals and firms need only a broadband connection to trade goods and services on online platforms. This “scale without mass” brings economic opportunity to millions of people who do not live in industrialized countries or even industrial areas.
Launching soon, Electroneum’s eLearning platform will enhance the skill sets of unbanked people worldwide, enabling access to online digital learning for the first time and a route for educators to contribute to our programs.
EXTEND: DRIVING ECONOMIC BENEFITS
As we so often see, when an opportunity arises in developing countries, people will embrace and take advantage of the opportunity, especially if there is a monetary incentive involved that could improve their financial status.
Tim Brown of Ideo recommends that design thinkers oriented toward social needs should work with non-governmental organizations (NGOs) or as partners of charitable foundations.
As you create new possibilities, Brown urges you to always address the present environmental realities. He also champions innovation and design for a purpose, meeting the needs of communities to make the world a better place.
We subscribe to this doctrine and have built a fully functioning ecosystem, to extend the benefits of increased income and financial inclusion across local communities.
Embracing collaboration, we work with mobile operators, vendors, NGOs, and fintechs; our goal being to connect people in developing nations, deploying our platform and ecosystem to stimulate and circulate local economies.
By allowing NGOs to directly benefit from the block reward — something that has never been done before, we provide a gateway for them to channel the use of ETN directly to the unbanked and underbanked.
We are already seeing our vision becoming a reality. As ETN comes into the community, the benefits are being shared. Vendors accepting it for payment and are then using it to pay for local services. This is real circulation and usage that will push across to impact extreme poverty
A substantial distribution challenge is that mobile network operators still need to cover their costs, and current subsidies are unsustainable in the long term.
Electroneum can help mobile operators by subsidizing some of the costs involved in reaching remote communities.
By accepting Electroneum in exchange for data and digital top-ups, we can help network operators remove the large burden of cash handling, creating a simpler and more cost-effective distribution channel that works for operators and users alike.
Further, we understand it can be difficult to keep customers and find new ways of generating additional revenue. Our ecosystem can:
- Increase customer acquisition, retention, lifetime value, and ARPU.
- Reduce vendor-to-operator costs.
- Reduce new user churn.
We achieve this in several ways:
- Users are rewarded with up to $3 USD worth of ETN each month, which they can use to buy more data and airtime.
- Our ability to integrate with most top-up systems allows users to pay for their data and airtime.
- Importantly, users can top up using ETN directly from their mobile phone — removing the need to pay at a physical location — the most common point of churn.
Driving the integration and circulation of digital currency further, our vendor program encourages local retailers to get involved, driving ETN further into the community and boosting local economies.
Using our Instant Payment API, we’ve made it easy for vendors to enable acceptance of ETN as payment for their products and services as part of their existing ePOS and eCommerce systems.
NON GOVERNMENT ORGANISATIONS (NGOs)
We have a deep respect for the development community and the work they do. The insight shared has been invaluable in our journey so far.
We have now commenced formalizing relationships and plan to extend this considerably. Our broad set of capabilities and economic benefits can be used across many initiatives and projects, prioritized within the development arena.
This is available at no cost, we ask in return support in areas such as content for our education program, guidance, and insight as we grow and feedback on the ground to help our continued focus on improving the user benefits.
FINTECH | UTILITIES | INVESTORS
We bring one of the most important elements of financial services — we drive new revenue into local economies.
Giving people a little more income in their lives gives them the ability to take part in and enjoy a wider range of fintech products, and enhances the use of the products they already have.
We can incorporate ETN as a payment method for just about anything, including utilities and microloans, which opens the market even wider.
We can also work with corporate entities to help improve and expand on their corporate social responsibility goals.
POWER OF THE PEOPLE
Electroneum’s success is driven and supported by our active community which has grown to over 3 million people in less than 2 years; and continues to grow by over 1,000 new users every day.
Populated by a large number of entrepreneurs and employers, our community helps to guide, propagate and circulate global employment opportunities.
SCALE OF ACTIVITY AND ENGAGEMENT
The potential circulatory opportunity and increased demand for ETN drive wide-ranging sweep of benefits for all.
After extensive prototyping, improvements, listening to people and feeding back, we are using a proven method of success by ensuring we continually evolve and pivot, ahead of the market development.
MOTIVATING THE WIDER SOCIETY
The size of the revenue opportunity for developing countries will be determined by the successful integration by people in wealthier countries.
There is no doubt that global desire exists across all societies to eradicate poverty — the hundreds of millions of people who mobilized behind the Make Poverty History Campaign are a testament to this.
Our initial launch will be driven by a number of impact initiatives backed by the power of our 3 million-strong community. This will be the catalyst to attract people who want to make a difference and be part of a solution.
Goodwill alone will create a sizable market in the gig economy with substantial revenue flow into developing countries.
We wanted to achieve much more, and are confident that the economics at play can create real market demand that builds momentum and sustainability to free more people from poverty.
In wealthy nations, we need to consider that people have multiple choices; there are many options for what they want and what they base decisions on. Critical to success is creating a platform for people to source services that meet their needs, mainly price, quality and give a competitive edge to the buyer.
The Electroneum gig platform will be in a hugely competitive position with low cost and ease of use plus the lowest rates and a simplified process.
With a strong fundamental position. Additionally decision triggers of completing tasks at a lower cost, finding higher quality products or services; satisfying social consciousness or generally delivering better options; these will all contribute to the stimulus needed to drive demand for more engagement overall.
In developing nations, growing up in poverty equips people with life skills that don’t prevail in wealthier economies; these are skills that cannot be taught in a classroom; they need to solve problems to survive and have an inherent willingness for hard work; what they need are opportunity and access.
Crucially, connecting emerging markets to existing markets delivers considerable benefits to both parties:
THE MILLENNIAL GENERATION
Millennials are capable of creating real global change, as Obama said,
“Young people are capable, when aroused, of bringing down the towers of oppression and raising the banners of freedom.”
Together they can cultivate leaders at the grassroots. Millennials understand that we don’t just need one leader or inspiration we need a collective spirit.
Millennials and Gen-Zs play a key role in influencing global society. They did not cause the pain of poverty but they are determined to see it end and are motivated by fair opportunity more than charity.
In the developed world, the high importance they place on issues surrounding poverty and social responsibility affects their loyalty and purchasing decisions.
Our solution speaks to the heart of all their social values and our focus on user needs translates into benefits for users across the spectrum — most importantly with the involvement of all helping those who need it most.
I appreciate you taking the time to read this paper.
Over the last 20 years, I have been a patron, a board member and a major fundraiser/donor of many charitable causes, I have the insight and experience to know, with absolute certainty, the potential enormity we have in our hands.
The strength of my conviction increased significantly whilst preparing this paper.
Throughout our journey so far, we have maintained focus on our objectives which allowed us to avoid distractions and stay on track for the user; I hope that, as you read through the paper, the outcome and progress speaks for itself.
In less than 2 years we have achieved more than anyone has in cryptocurrency — our list of firsts is detailed in the appendix.
This is not simply statistics, this is helping real people with real problems who are missing out on their basic human rights. It is unacceptable to live in a world in which every 5 seconds of every day a child born into poverty dies unnecessarily.
When you consider the scale of achievement from our small team in a short time, just imagine the scale of an impact if this was in the hands of the wider development community.
And it can be, right now.
If this resonates with you then please take action, everyone can play a part.
We’d love you to download the Electroneum app for free here and join our community. Alternatively, please get in touch to discuss the bigger picture, share ideas, projects or potential partners.
In particular, we’d love to hear from NGOs, vendors, mobile operators and MVNOs who can see the possibilities.
Please feel free to message me directly, comment here or share this article.
The author would like to thank Michael Almiroudis and Mary Gorman for their help in creating this article. Both were great help with the research, outlining and content creation throughout all of its phases, reading 80+ reports and researching a vast amount of data.
Thanks also to the many organizations cited above whose invaluable expertise has helped us create this paper.
All images used in this article belong to their respective copyright holders. Images are being used for non-profit, educational purposes, in accordance with fair use policies. All other content rights are reserved.
#financialinclusion #electroneum #etn #enablement #cryptocurrency #crypto #digitalmoney #blockchain #unbanked #fintech #mobilemoney #mobileoperators
The following enterprise eCommerce platforms support the Electroneum API Instant Payment System, allowing customers to pay and checkout with ETN:
MODERATED BLOCKCHAIN — PROOF OF RESPONSIBILITY FEATURES
- Upgraded to Moderated Blockchain
- Switched from Proof of Work (POW) to Proof of Responsibility (POR).
- Mining moved from the public community over to authorized NGOs
- NGOs via authorization keys are allowed permission to mine blockchain
- Moderated NGO mining environment, including real-time monitoring for intrusion and external attacks with automated mitigation resolution
- 51% attack proof
- 75% emission reduction
- Faster transactions and larger block sizes
- Electroneum website: www.electroneum.com
- Electroneum explainer video: https://t.co/pB7k2YKymA
- Electroneum ecosystem explained: https://medium.com/coinmonks/the-electroneum-ecosystem-411b46a1c1b6
Click here to download the full PDF report which includes all external reports and citations referenced above.