Electroneum is an extremely new cryptocurrency with a motto of creating a mobile economy. Notably, it is the first British cryptocurrency project. Electroneum raised 40 million USD during their Initial Coin Offering from more than one million contributors.
The ICO took place in September 2017 and it raised a few eyebrows because of the marketing tactics.
Article Updated In 2018
Introduction To Electroneum
Like many other ICO campaigns, the Electroneum ICO also gave away bonus to the contributors. But it also introduced a referral system, where the referer, as well as the, referred, will both get a bonus.
That is why in September we saw a huge spike in Electroneum referral spam.
I don’t know how much the referral concept helped Electroneum but I am sure it caused a bit of a suspicion in few. But later we all realized that Electroneum is a legitimate project.
One thing that did impress me was their choice of platform for the ICO campaign. While most other ICO campaigns are using Ethereum as the platform, Electroneum used their own platform.
There will be a fixed supply of Electroneum – 21 billion ETN to be exact. This is exactly 10x more units than BTC. Out of these 21 billion, about 5.2 billion are already circulating the market.
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Electroneum is the brainchild of Richard Ells, who has been in the field of Internet business for around 20 years. He invited some of the best British blockchain engineers, UI designers, and marketing people to help in this project. At first, the cryptocurrency was named Electron but it was later changed to Electroneum.
The main goal of this new cryptocurrency is to tap into the huge mobile market. In the process, they also want to revolutionize the whole cryptocurrency mining industry.
Features Of Electroneum
Let’s look into the features of Electroneum in detail –
FULLY FOCUSED ON THE SMARTPHONE MARKET
As I have mentioned above, the Electroneum team has identified the problem with other cryptocurrencies. They are not optimized to be used on mobile devices. currently, it is estimated that there are more than 2.2 billion smartphone users worldwide. And for a market that as huge as this, it is really surprising that no cryptocurrencies have tapped into it.
That is why Electroneum is trying to make the most of this market. The wallet will be supported by smartphone OS like iOS and Android. Plus Electroneum is also targeting the mobile gaming platform.
Bitcoin is undoubtedly the king of all cryptocurrencies. But it lacks in some aspects like security. Anyone can view your sensitive transaction details on the Bitcoin blockchain.
But on Electroneum no one has access to your transaction history except you. But the protocol still leaves behind publicly viewable hashes confirming the transaction.
DISRUPTIVE MINING STRATEGY
Almost all of the cryptocurrencies required specialized GPU mining rigs or ASIC rigs for mining. But Electroneum is different.
You can even mine Electroneum on your smartphone from the application. The same application which enables you to do store your ETN balance and carry out transactions will also give you the ability to mine the cryptocurrency.
This is truly revolutionary and if the Electroneum team successfully implements it, then surely it will draw a lot more attention.
FASTER TRANSACTIONS AND ZERO FEES
As claimed by the project whitepaper, transactions on Electroneum will process faster than Bitcoin. But I don’t think it will be as fast as Ripple or IOTA.
Also supposedly there will be no fees for sending ETN. So you will be able to carry out microtransactions with ETN like IOTA.
… OTHER FEATURES
Apart from all the features mentioned above, Electroneum will also support third-party API access. So it will enable third-party websites to process payments using Electroneum.
How To Buy Electroneum Altcoin?
Currently, you can buy Electroneum or ETN on Cryptopia only.
But the development team is in talks with popular altcoin exchanges like HitBTC, Poloniex, Liqui, Bitfinex, Bittrex etc.
BUY ELECTRONEUM ON CRYPTOPIA
Cryptopia is a New Zealand based cryptocurrency exchange and also a marketplace. It is the only exchange that supports ETN at the moment.
- First of all, you need to register at the Cryptopia exchange website.
- After you have registered on the platform, you need to deposit BTC or USDT or LTC etc to your account to start trading. For BTC the transaction needs one confirmation only, but for all other altcoins, it needs at least 20 odd confirmations.
- Now that you have funds in your account, you can head over to the Cryptopia exchange.
- On the top right corner of the exchange under the main menu, you will see BTC, USDT, NZDT, LTC and DOGE markets.
- Choose the cryptocurrency you deposited and search for ETN with the “Search markets” box down below.
- Clicking on ETN will open the ETN market. Under the chart, you will find the option to Buy Electroneum against your cryptocurrency.
- Put in all the details like amount of ETN you want to buy, your bid price etc and click on Buy.
- If your entered details are okay then as soon as you click on buy, your order will be accepted. The exchange will carry out the order when it finds a suitable sell order matching your criteria.
- Please note that Cryptopia charges 0.2% as taker’s fee.
The Electroneum Wallet
Electroneum offers two types of wallet – the mobile wallet and an offline cold wallet. Currently, only the Android version of the mobile wallet is available. You can download it from Google Play.
You can create the offline wallet by going to this address (https://my.electroneum.com/). Electroneum advises users to download the .zip file and run the .html file inside it from an offline computer.
The web-based wallet generation application takes in random input from your mouse pointer movement and creates a wallet address for you. Once it generates the wallet, you can download it as a .pdf file.
The .pdf document contains a foldable Electroneum paper wallet with details like Public Address, Private View Key, and Private Spend Key. The generated document also shows you how to fold it properly.
Currently, the Electroneum system is down because the development team is trying hard to spot vulnerabilities. That is why Electroneum is working with Hackerone to find any kind of loopholes in the system. So you cannot create a new account as well as you cannot use the mobile app for now.
HOW TO MINE ELECTRONEUM
As I mentioned above, Electroneum is trying to revolutionize the whole cryptocurrency mining. They believe the days of deploying specialized hardware are gone now. Because it takes away the right to participate from the majority of the population as they cannot afford such hardware.
So the responsibility of mining goes to a select few with powerful hardware. This can create a centralization problem and as the system is putting all its trust on a few people, there can be cases of willful manipulation of the blockchain.
To tackle this, either the cryptocurrencies have to get rid of PoW and embrace PoS, or the cryptocurrencies need to optimize their PoW algorithm.
Electroneum has chosen the path of algorithm optimization. They are using Cryptonight algorithm just like Monero, but I think the development team has further optimized it to allow CPU mining only.
VARIOUS WAYS YOU CAN MINE ELECTRONEUM
- You can mine Electroneum on your smartphone using their official wallet app. This app is only available for Android devices at the moment.
- You can also mine Electroneum on your computer. There are two main ways to do this –
- If you are new to the cryptocurrency mining scene then it makes sense to use the Electroneum Beginner’s Pool Mining Software. You can download this software for your OS from the download page located here: (https://downloads.electroneum.com/). This application comes with all the configuration already done, so all you need to do is open the electroneumd.exe file. Once opened, the application will at first try to sync itself to the Electroneum node. After it finishes syncing, you can use the command “start_mining <wallet_address> <number_of_threads>” to start mining.
- Or, you can use an advanced mining software like Yam, Claymore CPU miner or Wolf’s CPUMiner. These miners need you to do all the configurations part.
ELECTRONEUM MINING POOLS
|POOL URL||POOL PORT|
NOTE: Please note that Electroneum is going through a security audit and a network stress test at the moment. So you cannot mine right now. But be sure to check their Twitter handle regularly to keep yourself updated.
You can use Monero Mining Rig to build Electroneum Mining Rig. As they give the same hashrates and are good for mining.
2018 Prediction Of Electroneum
Electroneum is like Elon Musk’s Tesla of cryptocurrency world. It is innovative, disruptive and it challenges the norms. And if I say that I like Electroneum, it will be an understatement.
The development team is working extremely hard to make Electroneum a reality. And if they succeed in achieving what they claimed then I expect to see ETN within at least the top 15 cryptocurrencies by 2019.
Currently, ETN has a market cap of $379 million and is priced at $0.07. If you closely follow the chart you will notice good upward movements too. Right now, the 24-hour trading volume is more than $4.9 million and that too from just one exchange, Cryptopia.
For Electroneum 2018 will be a very crucial year. And it will also be a very crucial year for cryptocurrency enthusiasts, investors and traders like us. For now, I suggest participating in Electroneum but don’t go all in – take it easy.
After the Electroneum system is back on its feet we can decide whether to trade aggresively.