By Dr. Chris Gorman OBE
“It is dangerously destabilizing to have half the world on the cutting edge of technology while the other half struggles on the bare edge of survival”
42nd President of the United States
People in poverty simply cannot earn enough income to meet their basic needs.
Their inclusion in the digital economy is now a primary objective the UN and many others; ignoring it will be catastrophic in the fight against poverty.
- A quarter of the people on this planet live on less than $3.20 a day
- 1.7 people remain financially excluded; A further 1bn have dormant accounts
- 17,000 children born into poverty die every day.
These are not merely statistics, these represent real people facing real hardship.
A UN high level panel is addressing the 50% of the population who are not yet online, ensuring that developing nations are included in the ways that people now communicate, relate, earn and transact around the world.
Leading voices in the development community have continually called for innovative approaches to tackle poverty and many saw as a possible panacea.
Electroneum has answered this call and overcome the usual doubts about blockchain by providing the tools, means and skills for people to connect, engage and earn in the global digital economy.
Our unwavering focus on people in poverty proves a driven digital platform has the unique ability to empower even the poorest people to improve their financial foothold.
Electroneum enables anyone to take part without being banked and, with risk removed and no cost, we are able to deliver basic income rewards to help them start to claim their place in the financial world.
Our platform surpasses regulatory, security and compliance expectations, and corporate organization and unleashes these benefits.
Electroneum recently received a powerful endorsement from Dr. Scott Stornetta, the Bitcoin whitepaper by Satoshi Nakamoto in 2009:
“Electroneum has a long-term ambition for doing good and doing well… Electroneum has a pragmatic approach to embracing existing players, including government and regulatory players, to find a way to co-exist… you have a practical way to make this of immediate value to the end-user.” +
HOW IT WORKS – OUR UNIQUE 360° APPROACH
Through the natural emission process of mining, revenue is directly distributed to NGOs who then can fund humanitarian efforts in the poorest areas of the world.
ETN emissions revenue is also distributed to anyone with a mobile device. This enables people to earn a little every is particularly relevant and beneficial for the unbanked and underserved who need income to have any chance of escaping poverty.
Electroneum is a global digital platform. We are rolling out our immersive ecosystem across 20 developing nations in 2019, where we introduce additional products, services, airtime top-ups and synergistic economic programs to create and stimulate markets for the poor; giving them the ability to spend, share and exchange the ETN they have earned.
Adding our soon to launch gig platform supports the poorest people, enabling them to transact with western economies. Supported by eLearning modules they can access opportunities to deliver digital services in exchange for payment in ETN.
An economic catalyst, this gives employment opportunities to the poor while unleashing the economic potential of a lower cost, highly motivated workforce and untapped resources to the developed world.
All that is required is a mobile phone, a work ethic and an interest in joining the financial revolution we are creating.
This is the Electroneum Ecosystem.
In less than 2 years we have done more to create a sustainable, end to end solution to address poverty than anyone else in cryptocurrency.
Electroneum, in Scott Stornetta’s words, is “one of the very few cryptocurrencies adding value to the end user and proving to be sustainable.” He said “there are many projects out there that have failed in one and even both of these objectives.”
Just take a look at our timeline and list of firsts detailed at the end of this report.
Our systems are tested and proven and we have already made our mark. For example, we have gone from proving on the ground in South Africa that there is a real utility for cryptocurrency, to Brazil, where mobile phone top ups have been made possible to thousands of Electroneum users.
Our digital currency is achieving unprecedented levels of usage, engagement and new revenue – and we have powerful validations backed by the support and drive of our 3.2m+ community.
There is a clear urgency to help close the global digital divide and to push the message out to those who can help, and those who need it:
“It is my hope that this will respond to the desire of people in developing countries to take part in the new digital world, not just as users and consumers, but also as producers, exporters and innovators, for creating and capturing more value on their path towards sustainable development.”
Mukhisa Kituyi, Secretary-General
United Nations Conference on Trade and Development +
WHAT YOU CAN DO
Many people have asked how they can help.
Getting this to the masses and working with who are motivated to eradicate poverty will create an explosive opportunity to really make a difference.
When you consider what our small team has achieved; imagine the impact in the hands of the wider development community.
With every aspect considered and proven, we have answered the call to create an effective solution – you can too.
We all have a network of influence and we can all play our part – everything counts – whether you are an NGO, a mobile operator, vendor, an or simply a concerned individual.
We invite you to get involved, be part of our community, become an educator, share your skills and ideas or give advice.
You can even help by simply sharing this report, posting online or helping us connect potential new partners.
Now is the time to take action by helping us help those who need it most.
This report was written primarily for NGOs, charities, regulators, operators, vendors and anyone who cares about the injustice of global poverty.
While there are volumes of reports in circulation, this one is different. Instead of supposition, you will only find details of the facts and how we are solving many of the most burning issues, placing the real needs of those in poverty at the of all design.
Below is a summary of the key areas covered in the main report that contribute to the clear pathway we have created to address the challenges and issues facing the development community, the crypto industry and how we have created a way to enable meaningful inclusion in the digital economy for people in poverty.
Governments, humanitarian 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, even though hundreds of billions of dollars have been poured into aid, debt relief and improving financial inclusion.
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 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.
Business, as usual, is clearly not working and the countless ‘me ’ offerings fail to address the underlying issues of poverty, so we immersed ourselves in exploring how we could remove the barriers to entry.
COMPLIANCE, REGULATION, AND SECURITY
AN ECO-FRIENDLY, SECURE WAY OF WORKING WITH CORPORATE PARTNERS
ETN has been heralded as the “World’s Most Secure Decentralized and Eco-friendly Crypto”.
We prioritize sustainability, with a substantially reduced carbon footprint and a unique ability to reroute rewards to users and partners. In our recent 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; bringing pivotal change that satisfies who embrace and require compliance.
Our rigorous approach 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 Christine Lagarde, the IMF, World Bank, and the Pathways Commission.
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 often associated with emerging technologies.
ELECTRONEUM: PATHWAYS TO PROSPERITY
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.
Inspired by the optimism of those in poverty and humbled by the commitment to equality from the global millennial community, we endeavored to make real sense of things, uncovering solutions that addressed the needs, motivations, and barriers of all those directly involved. +
We uncovered what was needed to build a simple yet significant solution, enhancing and expanding the foundations already in place.
ENABLEMENT: ACCESS & ENGAGEMENT
Rather than leaving the poor behind, our new approach to distributing revenues enables poorer people to take part in the global digital economy, helping them to participate where they never could before.
Every day the blockchain industry emits over $10M+USD worth of new currency, most of which goes to corporations, helping the rich get richer. In contrast, we have radically reworked the traditional model, unlocking the power of blockchain to benefit millions of people in the developing world.
We reward users with up to
$3 USD worth of ETN
ELECTRONEUM M1 SMARTPHONE
Helping to achieve access for everyone, Electroneum launched an affordable USD$50 smartphone. The Electroneum M1 is specifically designed to service the needs of people in developing regions.
EMPOWERMENT: NEW EARNING OPPORTUNITIES
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 freelance economy.
- Access to new revenue gives people the chance to work their way out of poverty.
- Full inclusion in the digital economy is now possible without waiting for reform.
People in poverty can also embrace their entrepreneurial spirit to find new ways to enhance their lives using our upcoming freelance platform.
Electroneum’s upcoming online marketplace for freelance services unlocks the global digital economy for the world’s unbanked by paying service providers in ETN cryptocurrency with very low fees.
Dr. Scott Stornetta believes this is a great way to add intrinsic value for Electroneum’s end users:
“Electroneum is creating a lot of value for the end-user. So, to me, the fact that you have users that can in a very near term see the ability to realize some value makes your project stand out from the rest. Moreover, the fact that your system is sustainable for the long term also means your project is setting itself apart from so many others.” +
ENHANCEMENT: UPSKILLING & EDUCATION
Electroneum’s roadmap includes an open-access eLearning platform* to help people to learn, share and create income, helping them find ways to enhance their lives by learning new skills that are of value to the wider world.
*Electroneum is keen to engage with education partners to contribute to the site.
EXTEND: DRIVING ECONOMIC BENEFITS
Electroneum (ETN) is a 360° interoperable services solution that incorporates traditional cryptocurrency services with many more features and benefits for people across the world to use alongside airtime and local currencies.
ETN’s thriving vendor program develops local, grassroots usability and injects liquidity and demand into local economies by offering our unique instant pay facility.
By integrating ETN into their billing systems, mobile operators enjoy increased ARPU and reduced churn as users can top up airtime straight from our app.
NGOs can directly benefit from our blockchain process. This has never been done before and encourages NGOs to use ETN on the ground directly with the unbanked and underbanked.
For Fintech companies, utilities and investors, ETN can increase usage of their services and can drive other digital currencies.
POWER OF THE PEOPLE
Connecting the underserved to financial opportunities available in the developed world unleashes economic potential, which benefits everyone. This is supported by the success of our initial build phase which attracted a global and growing community of 3.2 million+ users, proving the platform and the public belief of our solution.
SCALE OF ACTIVITY & ENGAGEMENT
Market-leading levels of engagement, top performance statistics, and key business achievements secure our position at the forefront of a successful digital currency marketplace.
THE MILLENNIAL GENERATION
Millennials and Gen-Zs are key influencers in a global society.
Electroneum speaks to the heart of all their social values and our focus on user needs translates into benefits that resonate with their sense of social responsibility.
CONCLUSION & APPENDICES
We conclude our report with an overview of our achievements and industry firsts, featuring a timeline of progress as well as information on the various payment plugins we integrate with and an insight into our most recent blockchain update.
The following information is largely sourced from my Pathways to Prosperity article published in July 2019 to support this, detailing the clear pathway we have created to address the issues widely acknowledged, and enable meaningful inclusion in the digital economy.
Throughout this report, 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 have learned on the ground from the development community to address a number of challenges presented.
“As long as poverty, injustice and gross inequality exist in our world,
none of us can truly rest.”
NELSON MANDELA, LONDON
These powerful words Nelson Mandela were 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 OBEfrom Her Majesty The Queen.
Mandela placed trade justice as a primary need, but promises of reform were broken. Poverty will persist until people in developing nations have a fair chance to compete in the global economy.
Technology has revolutionized every aspect of our lives and the radical changes happening to the future of work and the power of social influence need to become within reach of people in developing countries.
Eradicating poverty in all its forms remains one of the most significant challenges facing humanity. While the number of people living in extreme poverty dropped by more than half between 1990 and 2015, too many are still struggling for the most basic human needs.+
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”. +
- As of 2015, about 736 million people still lived on less than US$190 a day
- A quarter of the world’s population still on less than US$3.20 day
- Almost half the world lives on less than US$550 per day
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$550 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 as the number in extreme poverty has plunged.”
World Bank Group: Poverty and Shared Prosperity 2018
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:
“There is a real puzzle in the world of financial inclusion: Where’s the impact? After more than 30 years in the spotlight, the lack of clear, compelling and consistent evidence that financial inclusion interventions reduce poverty has raised questions about whether the continued investment is wise. There are a number of efforts to look at the existing evidence and come to conclusions about whether, where and why financial inclusion matters.”+
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 with 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
Centre for Inclusive Growth advances sustainable and equitable economic growth and financial inclusion around the world.
Echoing the call for an end to trade injustice by Mandela back in 2005, Michael Miebach, CPO of Mastercard, comments:
“Inclusive growth ensures the benefits of a growing economy extend to all segments of society. Unleashing people’s economic potential starts with connecting them to the vital networks that power the modern economy.
“Access to and integration into these networks increase their productivity, which can set in motion a virtuous cycle of sustained poverty reduction and inclusive growth — we call this democratizing productivity.
“The needs of the go way beyond just access to electronic payments… to make a real difference in their lives, we have to drive toward usage… if you create a route to prosperity, that is where we feel we’re on the right track.”
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.
“To ensure the next three billion people are included in the promise of a digitally enhanced future, we urge anyone with a stake in this – citizen or cabinet minister, entrepreneur or corporation – to focus action on four priorities:
- 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 the 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 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.
“Policies are needed to make the digital economy work for the many, not just the few Technology is not deterministic. It creates both opportunities and challenges. It is up to governments, in close dialogue with other stakeholders, to shape the digital economy by defining the rules of the game. This in turn requires a reasonable sense of the kind of digital future that is desirable. Policymakers need to make choices that can help reverse current trends towards widening inequalities and power imbalances wrought by the digital economy.”
BLOCKCHAIN SECURITY AND PROTECTION
Electroneum blockchain is heralded as the most secure and eco-friendly crypto in the market.
“Electroneum Major Upgrade Makes ETN the World’s Most Secure Decentralized and Eco-friendly Crypto.” YAHOO FINANCE
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, with the underlying objectives:
- Enable easy access and incentivize regular engagement to connect to the digital world.
- Empower people with the tools to set free their entrepreneurial ability to create income.
- Enhance the value of individuals in the marketplace through education and upskilling.
- Extend the benefits of new revenues and benefits through communities to the poorest people who need it most.
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:
“Of the UN Sustainable Development Goals (Global Goals), ending poverty (33 %), improving education (31%), and accessing jobs (27%) are the top priorities that people across age groups and regions think leaders should focus on.”
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.
History has taught us that there is no greater incentive than getting something valuable for free. It is the simple greatest habitual hook.
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.
- Store all of your ETN in a safe and secure environment.
- Send and receive ETN instantly via a simple QR Code built into the app.
- Get rewarded with up to $3 USD worth of ETN every month.
- 20+ languages supported.
- Quickly check and calculate the value of ETN in Dollars, Rand, Euros, etc.
- Top up your mobile airtime and data with ETN.
- Introduce new users and earn additional ETN.
More info can be found on our website
The Electroneum.M1 smartphone is an affordable Android mobile designed for people in developing regions, packed with the essential features they really need.
The M1 features Cloud Mining out of the box, making it the only phone that pays you back.
It comes with 4G connectivity, dual sims, 8GB storage, front and rear-facing cameras, and much more.
EMPOWERMENT: UNLEASHING GLOBAL TRADE
We are opening up revenue opportunities for enabled users, which requires a borderless, 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:
“The potential for gig platforms to provide a source of consistent work and centralized governance and support is even more exciting in Africa where platforms can leapfrog informal economies.”
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:
“50 percent said they would consider it [gig working]. They cited the chance to earn more money (58 percent), work the hours they want (41 percent), or achieve a better work/life balance (37 percent) are the main reasons they would consider it.” +
Companies are beginning to incorporate this into their existing structures.
Virgin Management is one of the front runners in this with flexible working both in time and location.
“We fully embrace flexible working at Virgin Management and believe giving people more options on how, when and where they work will only continue.”
Sir Richard Branson +
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.” Source Deloitte
Base: All millennials 13,416, emerging markets 6,069, mature/Western markets 7,347, per country 319
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.
Driving the use of ETN in local economies, employers can pay for services with a credit card using their local currency, which can be converted and paid to the user in ETN.
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 opportunities that will stimulate these economies.
ENHANCEMENT: UPSKILLING & EDUCATION
The power of education cannot be underestimated, as the UN’s 2019 Digital Economy Report states:
“The digital economy will require a range of new and different skills, a new generation of social protection policies, and a new relationship between work and leisure. We need a major investment in education, rooted not just in learning but in learning how to learn, and in providing lifelong access to learning opportunities for all.” +
Barack Obama has also commented:
“…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, giving them an opportunity to learn new skills 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 the 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 organisations (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.
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.
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, in return we ask for 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.
Finding ways to end poverty through broadening access to the digital economy, we have further strengthened our NGO connections by moving our mining from Proof of Work (used by the majority of cryptocurrencies) to a new way of mining Electroneum that we call Proof of Responsibility. This decentralized network layer is being run by responsible NGO collaborators and global organisations operating in the developing world that have been qualified to participate. This achieves a number of things:
- The NGO gets the block reward, using it to help the same target people in the countries we are empowering with ETN.
- NGOs become more educated about Electroneum and further the legitimacy of all cryptocurrencies by making them valuable to influential organisations.
One of our first NGO collaborators is Ubuntu Pathways. As one of Electroneum’s new trusted partner organisations, they’ll be using ETN mining rewards to build a cradle to career initiative, providing thousands of South Africa’s most vulnerable children with what all children deserve—everything, every day.
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 3.2 million people in less than 2 years; and continues to grow 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 3.2 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 sizeable 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.
It is prudent not to doubt the potential scale of this ideology.
Crucially, connecting emerging markets to existing markets delivers considerable benefits to both parties:
“when embraced, [this] actually delivers practical benefits, since it ensures that a society can draw upon the talents and energy and skill of all its people. And if you doubt that, just ask the French football team that won the World Cup. Because not all of those folks … look like Gauls to me. But they’re French.”
BARACK OBAMA +
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.
Being able to get involved in understanding the blockchain technology without any risk will help them play a major part in the future of digital currencies.
Knowing they can help tackle poverty by doing so will motivate them further.
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 the 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.
“Do not look the other way; do not hesitate. Recognize that the world is hungry for action, not words.
Act with courage and vision.”
NELSON MANDELA, LONDON,
The author would like to thank Michael Almiroudis and Mary Gorman for their help in creating this article. Both were a 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 organisations 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
Achievements & Industry Firsts
- 1st to implement Proof of Responsibility/ Moderated Blockchain
- 1st to attract over 100k people to an ICO
- 1st to join GSMA (originally Groupe Spécial Mobile Association)
- 1st to exhibit at GSMA Mobile World Congress
- 1st to agree on partnerships with mobile operators
- 1st to create long-term financial benefits to aid the unbanked
- 1st to launch instant payment for a cryptocurrency (and patent it)
- 1st to give easy access for instant payments via API for vendors with multiple eCommerce plugins
- 1st to allow anyone with a smartphone to become a vendor with crypto
- 1st to simplify blockchain for users, vendors, and corporates
- 1st to build and launch a full ecosystem for mainstream users
- 1st to implement KYC/AML compliance on daily crypto use
- 1st to do a $120m+ airdrop to users via its cloud miner
- 1st to combine fintech mobile payments with blockchain in a regulated ecosystem
- ICO opens and is set to run until 1st November 2017
- ICO closes early due to reaching $40m cap
- HackerOne (US Dept of Defence) engaged to audit Electroneum’s security.
- Electroneum’s wallet manager officially launched and Android app released in 20 languages
- Asked the community for BETA testers for the mobile miner.
- 45,000 detailed applications in 72 hours.
- Launched BETA Android mobile miner
- The first cryptocurrency to join the GSMA as a member
- Invited to appear at Mobile World Congress 2018 in Barcelona
- Android Mobile Miner launched
- ETN listed on KuCoin
- ETN listed on BitBNS and CoinSpot (ability to trade in fiat currency)
- 1.5 million registered users
- Instant cryptocurrency payments patent-pending secured (1805708.3)
- ETN upgrades blockchain network to handle larger volumes of transactions
- 2 million registered users
- Instant payment goes into BETA
- FIAT pairing on SystemKoin
- 2.5 million registered users
- ETN becomes the first cryptocurrency to become KYC compliant
- Launched community forum
- Invited onto GSMA Intelligent Customer Advisory Board
- Listed on HitBTC (Top 10 global exchange)
- Purchase ETN with a credit card at Indacoin
- FIAT pairing on ArtisTurba and Liquid
- Launched Vendor API
- Plugins launched
- Joomla, WooCommerce, Magento, WordPress, VirtueMart
- Mobile top-ups in South Africa with mobile operator The Unlimited
- Listed on Huobi exchange
- Exhibited MWC19
- Launched iOS app
- Launched Cloud Mining on Android and iOS
- Website redesign complete
- First atomic swap with SimpleSwap
- Purchase ETN with PayPal on CryTrex.
- PrestaShop Plugin Launched
- App onboarding process streamlined to under 60 seconds
- 3 million Registered Users
- Software fork upgrade to moderated blockchain – with proof of responsibility for NGOs and major enhancements to transaction performance and security
- Launch full Instant Payment program
- Launch Gig Economy website
- Enhanced user registration process
- Launch vendor directory
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: https://www.linkedin.com/redir/general-malware-page?url=www%2eelectroneum%2ecom
- Electroneum explainer video: https://t.co/pB7k2YKymA
- Electroneum ecosystem explained: https://medium.com/coinmonks/the-electroneum-ecosystem-411b46a1c1b6
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