Electroneum (ETN) is an open-source and decentralized cryptocurrency created with the primary goal of capturing the ever-growing gaming market. Furthermore, the cryptocurrency is optimized to target the more than 2.2 billion smartphone users around the globe.
ETN was designed to change the entire cryptocurrency landscape. While the Blockchain industry has no doubt grown steadily since 2009, traditional cryptocurrencies such as Bitcoin are still considered to be rather complicated for the average person.
The complex software, GPU mining rigs, and complicated algorithms are serious barriers to understanding how cryptocurrencies work. Now, ETN aims to simplify the average person’s ability to access, use and enjoy all the benefits that come with traditional crypto coins such as Siacoin, Tenx, and BitShares.
This review explores the Electroneum cryptocurrency platform to establish the way it works and answer key question such as, “Is the Electroneum cryptocurrency secure?” and “Should you join the Electroneum platform?”
What Is Electroneum?
Electroneum is a British-based cryptocurrency platform developed by a tech team and led by Richard Ells. Ells has cut a name for himself in the digital niche, especially after founding Retortal.com in 2013. Retortal software is a social media management platform, valued at more than $50 million, and used by thousands of regular people around the world.
Electroneum is based on the Monero codebase and features built-in privacy features to make transactions completely anonymous. The most notable is the stealth addresses it creates to make it impossible for third-parties to gain access to your account.
To make the cryptocurrency standout, it allows auditing by third-parties to prove that a transactions has actually taken place. This is done with the user’s consent by sharing ONLY their public keys, and not their private keys.
The native tokens were launched during a one month-long Electroneum ICO, running from September 14th, through to October 23rd, 2017, when 29% of the total 21 billion tokens were sold. The remaining coins will be rewarded to miners for securing and confirming transactions.
The price of the Electroneum has faced a significant drop of about 350% from $0.09 in early in November 2017, to $0.02 by the close of the third quarter of 2018. However, it had its great moments in late December 2017 and January 2018 when its price hit $0.19, the highest in its history.
Electroneum cryptocurrency is a 4.5 star rated cryptocurrency because of its unique structure and diverse features. The cryptocurrency has managed to reinforce the idea that cryptocurrencies aren’t only meant for tech-savvy people.
The development team has demonstrated its commitment to progressively introduce more vibrant features to help take the industry to the next level. Now, every person with a smartphone can mine ETN without worrying about the inherent technicalities of setting up mining rigs or choosing the right algorithms.
For many people, it is the enhanced anonymity of the token that makes them feel strongly attached to the Electroneum blockchain. And, even though the price has been on a negative trend lately, the community is optimistic that its fortunes will change and Electroneum could even become the next Bitcoin.
How Does Electroneum Work?
Unlike many tokens being released into the market, such as BNB and the Walton coin, that are based on Ethereum, Electroneum has its own blockchain. This implies that the development team enjoys a greater flexibility in the features they can introduce, as well as how the platform operates.
The platform works with a set of advanced features that are progressively reviewed and improved during regular updates. When the development team first released the Electroneum blockchain, the following features were already integrated and ready for use:
- Electroneum blockchain
- App-based wallet
- App-based mining
- Offline wallet
- Windows wallet
- Windows miner
- Mining pool software
- Blockchain explorer
- Third party payment API
These features are targeted at simplifying the whole concept of Blockchain technology so that all people can join and participate in the world of cryptocurrency. The easy-to-use mobile app allows users to carry the platform with them and run transactions on the go. They can also gamble on the platform and simply manage their cryptocurrency investments.
The Electroneum Mobile App And Mobile Mining
One thing that makes Electroneum stand out from others is that the mobile app is designed for both Android and iOS systems. The apps give users a link to the Electroneum blockchain, which allows them to access and manage their accounts.
However, the most impressive thing about Electroneum is that it allows mobile mining by using using a smartphone’s CPU. Mobile mining makes it possible for users to confirm transactions for a reward, but it does not allow them to add new blocks. Still, the development team plans to eventually change mobile miners into full miners.
The mobile mining is targeted at bringing new utility to mobile phones and giving Electrum the ability to grow in a highly-competitive market. By February 2018, there were more than 400,000 Android downloads of the mobile platform.
The Electroneum Wallet Review
Electroneum is a cryptocurrency wallet designed to help store ETN coins. The wallet is available in two versions; the Electroneum app wallet and the Electroneum paper wallet.
The Electroneum app wallet are designed for both mobile and desktop users. The wallet provide users with the Electroneum user interface, allowing him/her to send, receive, manage, and mine the native ETN coins.
The Electroneum paper wallet, on the other hand, is a more secure method of storing ETN coins simply because it is completely air-gapped (never connected to a computer). To use the paper wallet, you are required to generate a pair of cryptographic keys using a computer that is completely FREE from malware. Then, you’ll need to print the keys and store them securely.
The biggest challenge of using the Electroneum paper wallet is the complex process of generating the keys. Note that the keys are still prone to damage if the paper gets torn, burnt, lost, or even wet. Here is a demonstration of how to set up the Electroneum paper wallet.
Remember that to remain secure and avoid falling into an Electroneum scam, private keys should always be kept as secure as possible. The wallet, and the Electroneum client, should also be updated frequently and your device should always be protected with antimalware software.
Online Gaming And Gambling
The Electroneum development team aims to replace many of the in-game currencies, such as World of Warcraft Gold, with its native token, ETN. The team wants to create a new type of gaming ecosystem where players can easily convert ETN to fiat currency, and then the respective gaming companies can also make money by charging a fee for deposits and withdrawals.
Though there are some websites that support Bitcoin, many people still find it difficult because Bitcoin is very hard to mine and expensive to buy. In many cases, local exchanges that sell Bitcoin have very high service charges. Electroneum wants to become the new face of online gaming and gambling industry.
This Electroneum review has mentioned that the platform is one of the top options on the market. The platform uses some of the latest technologies in the niche, and combines them with an enthusiastic team, to give users hope that the value and price will ultimately grow in the future to deliver higher ROIs (return on investment).
- Can be mined using mobile phones.
- Created with a very intuitive user interface.
- Targeted at a very high potential gaming and gambling niche.
- Considered one of the most secure cryptocurrencies.
- It is led by a highly enthusiastic development team.
- The transactions on the Electroneum blockchain are faster than those on the Bitcoin network.
- The blockchain is relatively new to the industry.
- The paper wallet is very complicated to support.
If you have been looking for a high potential cryptocurrency, this Electroneum review strongly recommends ETN. The Electroneum platform has provided the industry with an essential link needed to help move it to the next level.
The development team’s focus on bringing everybody onboard is now seen as the ultimate method to help advance Satoshi Nakamoto’s original goal for creating decentralized operations. The team’s operational model starting from the way they handled the project’s ICO is an inspiration to the industry. Do not be left behind; join others to become part of the Electroneum platform.