Review of the Electroneum (ETN) cryptocurrency: technology features, mining, wallets, prospects

Electroneum became the first cryptocurrency designed specifically for smartphones.

According to its creators, it is precisely because of this that it will become incredibly popular, because anyone can mine it, even without a computer.

Story

Electroneum has quite a long history. Its ideological inspirer, Richard Alice, first became acquainted with cryptocurrencies in early 2015, when he bought bitcoin.

By the middle of that year, he assembled a team and began developing a new cryptocurrency.

In August 2016, the founders based their brainchild on new improvements to the Cryptonote algorithm, which were introduced by the Bytecoin cryptocurrency.

By September of the same year, the decision was made to focus on smartphones. At the same time, the cryptocurrency was first named Electron.

In 2022, the founders collected initial investments to launch the cryptocurrency and renamed it. The apogee of development was the ICO held in September-October, at which they managed to raise more than $40 million for the development of their idea. During the ICO, more than 6.3 billion ETN were released into free circulation.

go

Peculiarities

Electroneum was created to make it easier for people to access cryptocurrencies. All a user needs to do to start getting acquainted with cryptocurrencies is to install a mobile application.

In this case, ETN mining takes place on a smartphone and begins immediately after installing the program.

The mining itself takes place in the background and does not require huge capacities.

One of electroneum's mottos is to make cryptocurrencies easier to use. She begins to do this already at the stage of calculations. Thus, most cryptocurrencies have a small number of crypto coins. For example, there are only 21 million bitcoins in circulation. Because of this, the calculations are difficult for the average citizen to understand. After all, most often they look like 0.0003 BTC.

There will be a total of 21 billion crypto coins in the electroneum blockchain, making ETN calculations look like “store prices.”

According to the team's research, people unfamiliar with cryptocurrencies prefer to see prices or amounts of monetary transactions in whole numbers.

Therefore, even this simple trick can popularize cryptocurrencies.

Electroneum cannot be mined using ASIC - special mining equipment. The developers intentionally introduced such a measure so that every user could engage in mining on the CPU.

go

Mobile application interface

The developers are confident that their application will be used by people all over the world. There’s not much to talk about its functionality yet; the main interface has only 4 tabs. The “Wallet” section contains the transaction history, as well as buttons for receiving and transferring ETN:

New notifications are also displayed here. In the future, it is planned to add coins for various payments, from mobile payments to purchases in real stores. At the moment, only replenishment of the balance in South America has been implemented and it is proposed to send a request to add other methods:

It is difficult to say whether the developers will succeed with such limited functionality, as in many other startups, it all depends on their further actions. The last tab contains settings, you can read the rules, and also go to the affiliate program.

Capitalization and price

The cryptocurrency appeared on exchange listings in November 2022. Then its price did not even reach $0.1.

The capitalization was $300-400 million. At the end of last year, the cryptocurrency began to rise in price, and its value reached its peak on January 6, 2022. Then the rate jumped to $0.22. Capitalization has broken the $1 billion mark.

Further, the course only moved downwards. Now the cryptocurrency has fallen in price to $0.03. Capitalization fell to $222 million.

go

Blockchain

The ETN cryptocurrency is based on the Cryptonote algorithm. This is an already tested and reliable blockchain.

It runs Monero and Bytecoin, among other cryptocurrencies. It has several advantages.

Transfers online cannot be tracked, but at the same time their accuracy is confirmed . For this, the principle of a ring signature is used.

In this system, a group of crypto enthusiasts own their own private and public keys. When a transaction is confirmed, the blockchain recognizes that it is confirmed by one of the keys. But it is impossible to find out who exactly verified it.

Another plus is the anonymous ETN wallet. In most blockchains, anyone can view the balance of another crypto enthusiast, as well as find out his transaction history.

This is done through unique public addresses, or they are also called public keys.

In the Electroneum network, a unique one-time key is automatically created for each transaction, which does not allow tracking the entire history.

Consensus in the electroneum network is achieved through an Egalitarian Proof of Work.

It's essentially a voting system. Participants cast their votes for the correct order of transactions, the introduction of new features, and the fair distribution of cryptocurrency.

In such a concept, it is important to give everyone equal rights so that the average crypto enthusiast can express his opinion. Therefore, electroneum abandoned ASIC mining and allows cryptocurrency mining using a regular CPU.

go

affiliate program

There are links to the affiliate program on the main page and in the “More” section. As in other mobile applications, a unique code is offered here; referrals must enter it in the same section or scan the QR code. You can advertise your project anywhere, statistics are displayed here:

5% is awarded to partners from all coins mined by referrals. To motivate invitees to use the codes, they are offered a 1% bonus for joining the referrer. As with the bonus, the affiliate reward is added to the income from mobile mining.

Mining electroneum

There are two types of electroneum mining , which depend on the hardware.

So, you can mine this cryptocurrency on your PC.

Here the process is not much different from other cryptocurrencies.

You need to download a miner, for example, CCminer, and mine electroneum via CPU or GPU.

The second type of mining uses mobile devices . It is built on a centralized system.

In general, the electroneum application for a smartphone is centralized in nature.

According to the developers, this is the only place in the blockchain where there is centralization; everything else is decentralized.

The team made this decision because the benefits of not decentralizing outweigh the negative aspects.

Thus, existing cryptocurrency mining algorithms on smartphones greatly drain the battery, use a lot of Internet traffic, and the result is too inefficient. Moreover, the phone gets very hot because of this.

The electroneum mobile miner does not download the entire blockchain, or uses significant CPU power to ensure the Egalitarian Proof of Work principle. Its main purpose is to provide the user with an initial entry point into the world of cryptocurrencies and introduce them to the mining process.

When mining electroneum through a phone, the crypto user does not add blocks to the blockchain.

The CPU is only busy creating hashrate. But, at the same time, the miner receives a reward in the form of cryptocurrency, as with regular mining.

The founders came up with such a system to immediately attract many customers.

go

Conclusion

Electroneum is a cryptocurrency built on the original Bitcoin blockchain. The company says it has already developed a wide range of tech products - including a mining system that can be run from your PC or smartphone to generate currency from untapped computing power.

You may want to wait for more technical details about the project to appear online or for confirmation that any of the products have already been developed.

————————————————————-

Where to store ETN

You can store electroneum on an official wallet. To do this you will have to create an account.

Go to the crypto service web page and click Create account.

Next you need to provide your email address and come up with a password. A confirmation letter will be sent to your email, after which the second stage of registration will begin - verification of the phone number. To pass it, you will need to enter the number and send the crypto service the code that will be sent via SMS.

Next, you will have to provide a spare email to restore your PIN code. It must be different from the one specified during registration. When this is done, we come up with a 5-digit PIN code and complete the registration, after which the wallet will appear.

The wallet itself has standard functionality. Here you can send and receive cryptocurrency, change your password, contact support and immediately switch to two exchanges: Cryptopia and Qryptos.

You can also install the wallet on your smartphone. It is available for Android and iOS. All you need is either the AppStore and enter your username and password.

go

Electrotonic products

The project developers claim that they already have many working products and platforms.

Products that have already been developed, completed and tested include:

• Electronoid circuit
• A wallet based app that allows someone to access Electroneum with zero technical skills or crypto experience
• An app-based development system that makes it easy for non-technical people to get Electroneum
• Creates an offline wallet that allows you to create a completely secure, no-load offline wallet
• Windows Wallet
• Windows miner where you can leave your computer to mine more coins at home or office
• Mining pool software (Electroneum runs this software to make development easier, the software is open source and allows users to create their own pools)
• Blockchain explorer (used for payment verification and open source blockchain verification)
• Third party payment API used to allow third parties to accept Electroneum or pay for an electricity line

The project's electronic document outlines long-term goals for the cryptocurrency based on the amount raised.

Where can I buy

ETN daily trading volume is $1.5 million. More than 85% of this volume comes from just two exchanges – Kucoin and Cryptopia. Here investors exchange ETN for bitcoin.

There is not a single exchange yet that would exchange ETNs for fiat currencies.

ETN is also not represented in exchangers. Therefore, in order to acquire this cryptocurrency, you will first have to buy another crypto coin and exchange it for ETN.

A similar procedure will have to be completed in order to transfer ETN to fiat.

go