Electroneum: The Next Big Promise
There is no longer a need to mention that cryptocurrencies have been taking off everywhere. Encrypted currencies such as Bitcoin, Ethereum and Litecoin have been experiencing perpetual growth since their beginnings.
Unlike Bitcoin, which can only be mined by using computers that use significant amounts of energy, Electroneum, an English firm, have recently created a cryptocurrency that uses a mobile application and allows users to mine the cryptocurrency from their smartphones.
The Idea of Electroneum (ETN)
Created by a team of developers led by Richard Ellis, Electroneum is the very first cryptocurrency to have British origins. Some are calling this new encrypted currency revolutionary, and for good reasons. It aims to offer its users the opportunity to enjoy the benefits of cryptocurrency without needing any technical knowledge.
The English company developed an iOS and Android application that, not only functions as a “wallet”, but also offers its users the ability to mine Electroneum from their smartphones. Computer-based mining also remains on option for this currency, however, its profitability still remains unknown.
Another one of Electroneum’s targets is the video game industry. Since most games already use one or more forms of virtual currency, Electroneum wants to make it possible for users to exchange these other currencies for ETNs. As an example, gamers would be able to transfer their virtual currency from one MMORPG to another. Therefore, Electroneum, plans to sign partnership agreements with video game publishers.
Electroneum’s blockchain has been improved to use over 2 billion smartphone users to help power its network. This cryptocurrency is also very accessible. With a total of approximately 21 billion coins, the cryptocurrencies fees will only be two digits past the decimal point, which will help to avoid paying in fractions of ETN. As an example, if with Bitcoins, we see charges like 0.0000717 BTC, with Electroneum, we will see prices like 22.50 ETN.
To finance the project, an ICO (Initial Coin Offering) was launched from September 14th to October 31st, 2017. With over 294,907 participants subscribing for the tokens, the ICO raised about $40 million. Estimated at a value of $0.01, Electroneum was officially released on November 1st and even has its own blockchain.
The Value of Electroneum
On November 2nd, Electroneum saw its value start to rise and reached a value of $0.142. From this day, its value started to decline, touching down as low as $0.023 on November 12th, before resuming its rise in value. By November 29th, Electroneum was worth $0.135, which equates to about 0.11 Euro.