A year ago, one would have thought that cryptocurrency-related applications would take a while before joining the over 1 million club in downloads. Electroneum is defying the odds after it turned out that its crypto-mining app has over 1 million downloads from across the globe. This places the application among the top 1% most downloaded mobile application as of press date.
The Electroneum application famous for its crypto-mining capabilities also allows the users to move the ETN digital coin. As a result, the platform is enjoys a rank within the top 25,000 most installed Google Play Store apps out of over 3.5 million available applications.
Electroneum’s presence within the Fin Tech arena has only been felt for nine months yet the project is already breaking records. Today, stats show that the application receives attention from users based in over 150 jurisdictions. This is quite an achievement given the uncertainties surrounding crypto regulation even in big economies like the US & China.
Richard Ells, current CEO for the Electroneum project believes that their application is a favorite in the industry because it makes the accessibility of digital coins very easy. This is because all that is required is a smartphone to download the application and begin to mine crypto coins. Furthermore, the application’s features are scaled to accommodate the transfer of ETN altcoins hence a more crypto-interactive avenue for enthusiasts.
In addition to the above sentiments, Richard is convinced that the adoption stats are a direct indication of the willingness to invest and learn about cryptocurrencies. This is something the Electroneum CEO is bullish on despite the ongoing bloodbath in coin markets.
According to Richard, the 1 million installation mark is a big achievement given the young nature of the Electroneum project. However, the team is looking forward to cover more territory via the mobile money channel. Today, M-Pesa in Kenya is the leading technology in this sector making its parent company ‘Safaricom’ the best performing in East Africa. Electroneum’s efforts are geared towards driving up no. of active users for its app to match the likes of M-Pesa but with a competitive edge for having a blockchain network!
“Providing instant electronic payments, via a smartphone app, allows people without bank accounts – who are known as the unbanked – to access the digital world and improve their lives.”
In addition to the mining app, Electroneum is working on other products that can better productivity within various industries. This is set to be achieved by creating a platform that acts as a market for the growing intellectual labor force in developing economies and the high demand for the skills in developed countries. An example of the products will be a website meant to link the content creators and western entities that can monetize the expertise & creativity. Mr. Ells is in full support of the initiative to create a bridge for this purpose.
Today the online workplace is growing at a high rate, websites like Upwork, People per Hour & Fiverr receive a lot of traffic round the clock. This shows a vibrant market whose support system is the cheap labor from developing economies and their employers in affluent countries. If Electroneum is successful in this milestone then a good number of jobs will be created for the knowledgeable IT savvy youths surviving with under $100 in a month. This will improve their lives even if it means earning income in form of cryptocurrencies.
In summary, Electroneum’s vision is to develop a platform that will facilitate content creation in exchange for a significant amount of ETN altcoins. These digital assets will then be valuable hence a purchasing power that would allow one to spend their earned coins on preferred utilities. While it may seem quite ambitious, Electroneum is determined to make this happen in the near future!