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Electroneum is a cryptocurrency built on its own bitcoin-derived blockchain. The cryptocurrency claims to be “the world’s first common cryptocurrency” by targeting 2.2 smartphone users, and 7 billion and growing mobile devices. The currency was built with the specific goal of capturing the mobile gaming and online gambling markets. It is designed and aims to be mobile-friendly, offer fast transactions and easy micropayments.
Electroneum claims to be advanced from its cryptocurrency competitors and a powerful investment opportunity that will almost certainly increase in value. Electroneum is built for widespread common usage with the aim to capture markets with viral techniques, aiming for growth through all mobile devices and computers.
Crypto can alter the very fabric of society. For it to work, there must be adoption from all areas, and not just from the top, like a ponzi scheme or like how the banks currently work. It must have the capability to be adopted from all areas.
Why Might Electronuem Be a Good Investment in 2018?
Electronuem is one of the largest ICO’s in history by participation. They raised $40m in ICO, with close to 500,000 registered users. The coin has won popular vote on various surveys and has cult following on various boards and social media, as well as YouTube. In early 2018, coin currently ranks between 41-44 on Coin Ranking.
In early 2018, the coin’s market cap valuation sits at around 500-800 million, while other coins average in the multi-billions.
Electroneum currently trades on Cryptopia, a New Zealand online exchange, and is one of, if not the highest volume trading coin on the platform. Currently new registrations are closed off due to high demand. In early 2018, Electroneum is set to go on Next Exchange and has applied for listing on Liqui and HitBTC, with additional prospective listings such as Binance, Poloniex, Bittrex, Evercoin, Bitfinex, Livecoin, and Exmo. As seen with other coins, exchange listings have significantly increased the value of competing coins.
In December 2017, John McAfee, while stating that he had no position, endorsed Electroneum for security and was a fan of its growth, offline wallet, and aim for ease of use.
Duncan Logan, CEO of RocketSpace, who nurtured the likes of Uber, Spotify and Hootsuite, also endorsed Electroneum in August of 2017. He is holding major if bitcoins and Ethereum. Electroneum’s ICO was the first time he held any ICO position.
What Makes Electroneum different from the hundreds of other cryptocurrencies on the market today?
Why should you use Electroneum instead of Bitcoin, Ethereum, or any altcoin?
Here are some of the unique selling points:
Electroneum targets 2 billion smartphone users and knows that in order for adoption to occur, it needs to go viral and target the masses. With cult followings in various platforms and boards, including YouTube, it is off to a good start.
The Electroneum team knows its coin also needs to be easy to use and very secure. Security has been one area drastically improved since the launch of its initial coin offering due to early hacking testing with Hacker One, who is also used by the US Dept. Defense.
Mobile Mining and Wallet – Electroneum wallets are designed to be easily manageable and mined on any smartphone. Coins can be generated by a unique mobile miner running as a background activity on your device.
Offline and Online Wallet – An offline wallet that allows for a completely secure, unhackable, offline wallet to be created
Understandable Transactions – The coin has a maximum total supply of 21 billion, “which will mean transactions have only two decimal places and have a ‘real money’ feel that bitcoin lacks. You know how when you send a small amount of bitcoin and it looks like “0.0001264”? Electroneum plans to offer a more approachable, understandable transaction amount by having a total supply that’s significantly higher than bitcoin (bitcoin has an expected total supply of 21 million).
Fast Micro-Transactions – The currency enables fast micro-transactions, and Electroneum can easily be transferred between different games, apps, and users.
It’s Own Blockchain – Electroneum relies on its own purpose-built blockchain. Many other cryptocurrencies, are based on existing blockchains like Ethereum. Electroneum’s blockchain is based on the original bitcoin source code. The company has been developing the blockchain and cryptocurrency since 2016.
Who is Behind Electroneum?
Electroneum’s whitepaper describes the team as “an experienced team of software developers.” The team is led by Richard Ells, who has 20+ years of experience running a digital agency called SiteWizard. In 2013, Ellis founded Retortal. As CEO of Retortal, Ellis offers social media marketing to various companies – including Fortune 500 companies like Herbalife and Avon. Retortal is valued at over $50 million USD today, and the software is used daily by hundreds of thousands of people.
Beginning of 2018, the company brought on Michael Stollaire, the founder and CEO of Titanium, as their new Technical Advisor. He is known for his many connections with exchanges and in helping to bring popularity with Verge coin.
Electroneum reportedly started working on their own cryptocurrency back in August 2015. They used bitcoin’s open source code as the basis for the currency. The currency had no name for several months, but was eventually named Electron. By July, the company had officially formed under the name Electroneum Ltd. and started actively promoting their upcoming cryptocurrency.
How Does Electroneum Work?
Electroneum makes numerous mentions of it being a mobile-friendly currency. The creators of Electroneum recognize that most of the world has a mobile phone – and approximately 2 billion people own a smartphone. Electroneum is based on harnessing power from all smartphones to power the network. In addition, users can control all aspects of Electroneum from their mobile wallet.
Typically, cryptocurrencies are mined with specialist equipment – like PCs with multiple GPUs inside. Electroneum will allow users to mine the currency with a mobile app.
Another key feature of Electroneum is its accessibility. The whitepaper makes several mentions about how bitcoin’s numerous decimal places discourage widespread adoption. Let’s be honest: most bitcoiners are sick and tired of counting up the number of 0s when they’re asked to pay a fee like 0.0000416, or when they see a transaction fee like that. Electroneum plans to have two digits after the decimal (it has a 21 billion total supply of coins compared to bitcoin’s 21 million). That means you’ll see a price labeled as something like “21.39 Electroneum” instead of “0.089151 BTC”.
The developers of Electroneum claim to already have numerous working products and platforms in place.
Products that have already been developed, finished, and tested include:
- The Electroneum blockchain
- An app-based wallet that allows someone to access Electroneum with zero technical skills or crypto experience
- App based mining system that allows non-technical people to gain Electroneum easily
- An offline wallet that allows for a completely secure, unhackable, offline wallet to be created
- A Windows wallet
- A Windows miner, where you can leave your PC mining for more coins at home or the office
- Mining pool software (Electroneum runs this software to make mining easier; the software is open source and allows users to develop their own pools)
- Blockchain explorer (used to verify payments and examine the blockchain in an open source way)
Third party payment API used to allow third parties to accept Electroneum or pay in Electroneum
- Electroneum is a privacy coin
For mass adoption to take place, the Electroneum team has to focus on viral growth. Here are some areas we’ve seen them take part of:
- Using Social Influencers – Influencers like John Mcafee, Duncan Logan, and Michael Stollaire have tweeted about their approval and endorsement of Electroneum. Such tweets have brought momentum knowledge of the coin. Social communities like TotalCrypto on facebook are sprouting up all over the World and the trend doesn’t look set to stop any time soon.
- Mobile App – Having a mobile app to mine Electroneum, (although perhaps not much hash), will give users a sample of the coin without having to spend any money out of pocket. Such a technique will bring new users to educate themselves about the coin.
- Gamification and Incentives with Partnerships like Fanfare – Fanfare is known for growth and viral techniques using gamification. By awarding users with Electroneum users are incentivized and will educate themselves on how to earn more coins. Think of free coins as when you get a free sample at Costco. From trying samples, you are a little more educated about a product and more likely to buy in at that moment or in the long run.
- Focus on Ranking – Electroneum’s team has been focused on what users think and encouraging them to participate in voting for them on ranking sites. This encourages more growth and new fans. Example: crypto-royalty-awards.d10e.biz
- New Partnerships, New Exchanges, and more – The Electroneum team knows the importance of creating new partnerships and listing on new exchanges. By taking these steps, they open themselves up to new audiences, more eyes, and more markets.
- XIUS – Early January 2018, they signed a partnership with XIUS, a telecommunications and payments giant. Such news made the coin temporarily jump 100% bringing more eyes and volume to the coin. The XIUS ‘Payment Manager’ software services 1.2 million agents, dealers and distribution points spread across 9 LATAM countries. XIUS has over 230 deployments for customers spanning 6 continents, with an average of more than USD 1 billion worth of payment transactions processed every month.
How to Purchase Electroneum
Electroneum is currently available on the Cryptopia Exchange, with expanded listings to several more exchanges in the near future. Cryptopia has recently closed off new accounts due to overwhelming demand. If you have a Cryptopia account, below is a demonstration on how to currently purchase Electronium in early 2018. If you do not, sign up at Next Exchange to claim a trading account, transfer money in, and be ready for the next wave.
Electroneum Conclusion 2018
Electroneum is a cryptocurrency built on the original bitcoin blockchain, providing features like a secure offline wallet, mobile mining, understandable transactions, and fast micro-transactions. The company has already developed a wide range of technical products, including a mining system that can be run from your PC or smartphone to generate currency from your unused processing power; the mobile app is currently in beta in early 2018. Electroneum is poised for growth an to be listed on various popular exchanges, and currently has a cult following on social media, coin boards and YouTube. While other coins currently sit on a multi-billion market cap, Electroneum sits at around 500-800 million.
For more information about Cryptocurrency and Blockchain, see our older posts:
What is a Blockchain, and why is it here to stay?
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