[{"category":{"name":"BitScreener Exclusive","exported_url":"bitscreener-exclusive"},"id":"df285040-1648-410a-8f6c-f267b55a3161","updated_at":"2023-08-14T04:09:39.157007+00:00","account":{"firstName":"Akash","lastName":"Kashyap"},"description":"This article introduces Electroneum, a digital currency with the purpose of simplifying and reducing the cost of global money transfers.","sapo":"Experience Seamless Global Money Transfers with Electroneum: Say goodbye to the complexities and costs of sending money worldwide. Discover how Electroneum, a revolutionary cryptocurrency, is transforming cross-border transactions for everyone.","title":"The Complete Guide to Cryptocurrencies: Electroneum","content":"

Electroneum emerges as a trailblazer in the world of cryptocurrencies, built with the fundamental goal of making blockchain accessible to all. Established in 2017, Electroneum is not just another digital currency; it's a mission to revolutionize the way people engage with cryptocurrencies. Through its mobile-focused approach, innovative features like mobile mining, and a commitment to simplifying transactions, Electroneum aims to break down barriers and invite a global audience into the realm of digital assets.

What is Electroneum?

Electroneum (ETN) stands out as an inclusive proof-of-work blockchain, prioritizing seamless entry into the cryptocurrency realm for consumers. Geared toward mobile devices, Electroneum ensures accessibility. While deriving from Monero, privacy features were adapted to conform to KYC regulations in specific regions, enhancing its operability. Unlike the scarcity-focused models of some cryptocurrencies, Electroneum aspires to be highly accessible. By capitalizing on the massive smartphone user base of over 2 billion devices, the project seeks to democratize blockchain engagement.

Aiming to simplify global money transfers and echoing a more user-friendly version of PayPal, Electroneum emerges as a cryptocurrency with a mission. Particularly impactful in developing nations where banking access is limited, Electroneum provides an affordable and efficient solution for cross-border transactions.

Who created Electroneum?

Electroneum was brought to life in 2017 by a team of London-based developers, spearheaded by CEO Richard Ells. Presently, it is managed and nurtured by an expanding group of dedicated and skilled individuals.

Development Team of Electroneum

Figure 01: Development Team of Electroneum. Source: Electroneum101

Following a successful ICO in September 2017, the Electroneum blockchain, a decentralized ledger system, was launched on November 1, 2017, marking the coin's entry into the market. Subsequently, the Electroneum app wallet became operational in December 2017, the mobile miner in March 2018, and the instant payments system in September 2018.

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How does Electroneum work?

Electroneum operates on an egalitarian proof-of-work blockchain utilizing the CryptoNote algorithm, shared with Monero (XMR) and Bytecoin (BCN). CryptoNote technology rests on three pillars: scalability, untraceability, and unlinkability.

Electroneum's iteration of CryptoNote differentiates from the Bytecoin and Monero versions in the calculation of block difficulty and size. For block difficulty, Electroneum aggregates completion times across a 720-block span, eliminating 20% of outliers, and then divides by the mining duration for the difficulty value.

Concerning block size calculation, the algorithm finds the median value (M) from the last set of blocks (N) and doubles this figure to establish the network's maximum block size—essentially, MN*2 defines the highest permissible block size within the Electroneum network.

What’s so special about it?

Mobile Mining: Electroneum stands out with its groundbreaking mobile mining app, allowing individuals to earn coins using their smartphones. Traditional cryptocurrency mining demands significant computing power, leading to high costs and energy consumption. Electroneum's innovative app removes these barriers by enabling mining through background smartphone activity. It's user-friendly, space-efficient, and minimizes battery usage.

Identity Checks (KYC): Electroneum has pioneered the adoption of KYC checks in the cryptocurrency realm. This move aims to attract corporate interest by adhering to stricter regulations. While the introduction of KYC requirements in November 2018 triggered concerns, particularly among investors from developing countries lacking recognized identity proofs, Electroneum addressed these issues. The platform has implemented varying levels of proof based on the amount of currency held or sent, allowing individuals with minimal holdings to provide only basic information like their name and country.

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What is the future of Electroneum coin?

The future of Electroneum is rooted in its commitment to simplicity. By prioritizing ease of use, Electroneum aims to broaden its user base, ultimately enhancing the value of the currency itself. While not the sole contender pursuing mass adoption, Electroneum distinguishes itself by dismantling barriers that hinder cryptocurrency mainstreaming. Founder Richard Ells envisions ETN's distribution, especially in developing nations, catalyzing its adoption as a preferred currency. This strategy is anticipated to foster an entrepreneurial spirit, positioning Electroneum as a prevalent cryptocurrency for transactions in goods and services. Additionally, it seeks to tap into the global gig economy. Although full-scale adoption is on the horizon and the actual value of ETN has been below expectations, the concept of a smartphone-based, bank-account-free earning, holding, and sending process could pave the way for broader acceptance.

Is Electroneum coin a good investment?

Forecasts of Electroneum’s price in the remaining period of 2023

Figure 02: Forecasts of Electroneum’s price in the remaining period of 2023. Source: Changelly

According to Changelly, According to the technical analysis of Electroneum prices expected in 2023, the minimum cost of Electroneum will be $$0.00202. The maximum level that the ETN price can reach is $$0.00220. The average trading price is expected around $$0.00239. Thus, Electroneum is perceived to be promising for the time being.

However, the investors also have to consider their individual investment goals, risk tolerance, and market analysis. Electroneum has positioned itself with unique features like mobile mining and a focus on mass adoption, which can make it attractive to certain investors. However, like all investments, it comes with risks.

It's important to conduct thorough research, understand the cryptocurrency market, and consider expert opinions before making any investment decisions. Additionally, keep in mind that the cryptocurrency market is highly volatile, and past performance is not indicative of future results.

Conclusion

Electroneum's mission revolves around simplicity, aiming to enhance its value through increased user engagement. Founder Richard Ells envisions its widespread adoption, particularly in developing countries, leading to it becoming a currency of choice. While its full-scale adoption may be a journey, its smartphone-centric approach and easy transactions could drive broader acceptance. However, potential investors should consider their individual goals, tolerance for risk, and conduct thorough market analysis before making investment decisions.

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The Complete Guide to Cryptocurrencies: Electroneum

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