Electroneum (ETN) is an anonymous cryptocurrency designed to break all stereotypes around the acquisition, storage, and use of digital money. The British project Electroneum (ETN) first hit the market in October 2017.
At the head of the company is Richard Ell, who was previously the developer and CEO of Retortal.com, where he launched a social media management platform for more than 500 companies around the world, including Herbalife, Mary Kay & Forever Living, and others.
Ell dreamed of creating a digital currency that would take over the mobile and online gaming market. The development of the project took 2 years. Since 2015, Ell and his team have been actively working to create an ecosystem for the future cryptocurrency. The development of Electroneum was completed by 2017 with funds from investors.
ETN tokens were on sale at $ 0.01 and sold out ahead of the target date. As a result of the ICO, the company raised about $ 40 million.
The successful ICO gave a pretty good start to the development of the coin. But after the token sale, Electroneum fell victim to a large-scale DDoS attack. At that moment, the accounts of all ICO participants were blocked due to the flow of malicious traffic from the botnet. Access to users’ wallets was unlocked the next day, but this situation negatively affected the project’s reputation and left an unpleasant aftertaste for many victims.
Now the number of registered users on the Electroneum network has more than 2.5 million people. The project is actively developing and moving toward its goals, and the ETN token is included in the TOP-100 cryptocurrencies in the world.
Features of the project
First of all, Electroneum is based on a patented blockchain. Initially, the code was written based on Monero technology, which gave some anonymous features of the cryptocurrency. But in July 2019, the team notified the community of a change in the way blockchain works. They created a new blockchain model called Moderated Blockchain to improve the security of the network.
The Moderated Blockchain operates on two levels:
- Level one: the decentralized level where miners manage servers and process ETN transactions.
- Level Two: Designed for highly reliable nodes and used by the Electroneum team.
An additional layer with trusted nodes allows you to passively monitor the blockchain for unusual or malicious activity and, if necessary, makes it possible to disable this activity in a matter of seconds.
Also, as noted, Electroneum has built-in privacy features. Electroneum does not publicly broadcast transaction data; it uses hidden address technology and one-time keys, which the system generates each time. Thus, the conditions of anonymity of both the recipient and the sender are preserved.
Electroneum justifies itself as a mobile coin since all operations are managed through a convenient smart application. This application combines the functions of a payment platform, wallet, and miner. Using your phone, you can quickly and safely send ETNs, pay for games, place bets on sports events, mine coins, and more.
Advantages and disadvantages
The main advantages of Electroneum:
- Own blockchain, which is focused on anonymity and data security;
- Mining coins directly through a smartphone even in the background, open up new opportunities for those who do not have sufficient funds to buy additional capacities;
- Accelerated microtransactions;
- Due to the large number of coins issued (21 billion), only 2 decimal places are used in the parameters of Electroneum, which makes ETN calculations more familiar to perception and closer to fiat;
- Easy management of all assets and transactions using an online application;
- Availability of an official cold storage wallet;
- The coin can be easily flipped between different games and applications;
- The company focuses on a philanthropist, which captivates many caring people who want to help those in need.
Among the shortcomings, we can note the lack of popularity of the project. Also, users complain about the small income from mining Electroneum and the difficult withdrawal process.
Electroneum development prospects and news
The Electroneum team has chosen the very right niche to develop their project. Considering that mobile phones have now become an integral part of our lives. Thanks to well-structured marketing, simplicity of the system, and high-quality software, Electroneum was able to break into the TOP-100 cryptocurrencies in the world in less than a year.
The team is very active in forging partnerships with various organizations to increase the reach of users around the world. So, in 2018, Electroneum became a member of the GSMA community. Membership in the GSMA accelerates the integration of cryptocurrency into the daily life of users. It is because ETN coins can be accepted as payment for mobile and other services of the cellular operator.
Also, during its existence, the company signed agreements with providers of mobile services and media, payment services, and organizations from Hong Kong, Thailand, Latin America, South Africa, India, and other countries. It made it possible to increase the reach of users to more than 90 million and increase the applicability of the cryptocurrency.
As for plans, the project team plans to continue to develop its network and develop new interesting products, where ETN will be accepted as payment. According to the official roadmap of the project, the following initiatives are planned:
- The launch of the instant payment mechanism;
- Launch of GigFair, an honest online trading platform;
- Creation of a catalog of sellers;
- Launch of the ETN Everywhere business training program.
Thus, due to its simplicity, affordability, and dedicated development team, Electroneum is gaining momentum quickly. For many aspiring investors, the coin has become a ticket to the cryptocurrency world. And due to the focus on mobile users, the future of the project looks quite optimistic.
