Electroneum (ETN) is a user-friendly, mobile-oriented cryptocurrency that:
- can be mined on any smartphone running Android (iOS coming soon),
- allows transactions to be settled instantly via its Instant Payment System, and
- has nearly 2.5 million users around the world!
Anyone can start mining and transacting Electroneum for free by creating an account and installing the app on their phones. The miner runs in the background and consumes virtually no processing power, battery life, or data. Mined coins are paid out regularly and users can spend them immediately from the app at a growing list of online and offline stores that accept ETN as payment.
Launched in November 2017, Electroneum is known as an enablement currency, meaning that they aim to provide unbanked citizens of third-world countries with an easy-to-use medium of exchange.
It was designed specifically with mobile users in mind, thereby appealing to a potential market of 2.2 billion smartphones, and especially to those in underdeveloped nations that lack banking facilities. Unlike other cryptocurrencies, Electroneum has a user-friendly, beginner-oriented interface that allows users to seamlessly make ETN transactions, transfer coins between one another, check their balances, and mine coins.
Mobile Mining Experience
Electroneum’s unique mobile mining experience allows anyone with a smartphone to earn ETN coins by letting the miner app run in the background.
Being a cryptocurrency, Electroneum is created, held, and spent electronically, and has no physical coins. And since it is guarded by the blockchain, it is not controlled or regulated by any single person, company, or government, but rather by the collective community.
Instead, transactions are processed and validated by a network of thousands of computers around the world (called miners) that must all agree on the account balances of every user. Mathematical functions safeguard every aspect of the process and make sure that no one can game the system or commit fraud.
Traditionally, mining could only be performed on a computer with lots of processing power. However, the Electroneum team has created an algorithm that allows anyone with a mobile phone to mine effectively – thereby making it possible for millions of smartphone users around the world to learn about cryptocurrencies and mine their own coins.
READ ALSO: How to Mine Electroneum with a Mobile Phone
With the launch of Electroneum’s Instant Payments System in September 2018, users can now make transactions between one another and get instant payment confirmation. No need to wait for blockchain confirmations.
In traditional cryptocurrencies such as Bitcoin, transactions could take up to an hour to be fully captured in the blockchain. Therefore, they are not suitable for making everyday transactions such as buying groceries at a local store. However, Electroneum acts as a trusted third party between buyer and seller and allows transactions to be confirmed instantly (no waiting time).
Here’s how it works:
When a buyer sends ETN to a seller for goods or services, Electroneum checks to make sure the buyer has the required funds available, reserves the funds so it can’t be spent again, and then gives instant confirmation to both parties that the transaction can be concluded.
Electroneum then gets to work in the background to transfer the funds from the buyer to the seller. The transfers happen on the blockchain itself. If a transaction should fail for whatever reason, Electroneum will try again and again until it succeeds.
A programmable API also allows e-commerce stores and Point of Sale till points to integrate Electroneum payments into their businesses. Checkout is simple, easy, and instant.
READ ALSO: Electroneum Instant Payments: How it Works
Who Created Electroneum?
Electroneum was created and developed in 2017 by a group of developers based in London, UK and led by CEO Richard Ells. It is currently run and developed by a growing team of passionate, talented individuals.
After raising funds through an ICO in September 2017, the Electroneum blockchain (decentralized ledger system) went live on 1 November 2017 and put the coin into circulation. The Electroneum app wallet went live in December 2017, the mobile miner in March 2018, and the instant payments system in September 2018.
Electroneum is a giant leap forward in the cryptocurrency market, making it possible for anyone with a smartphone to participate. This has the potential to create viral growth and mass adoption.