Electroneum, found online at Electroneum.com, is a mobile cryptocurrency that promises to enhance the accessibility of cryptocurrencies. Here’s our Electroneum review.
What Is Electroneum?
Electroneum is a cryptocurrency built on its own bitcoin-derived blockchain. The cryptocurrency claims to be “the world’s first common cryptocurrency.”
The currency was built with the specific goal of capturing the mobile gaming and online gambling markets. It’s designed with mobile-friendliness, fast transactions, and easy micropayments in mind.
Electroneum’s ICO is scheduled to begin on September 14, 2017.
Overall, Electroneum claims to be a vast leap forward over its cryptocurrency competitors. It also claims to be a powerful investment opportunity that will almost certainly increase in value. That’s because Electroneum is built for widespread common usage and claims to offer “groundbreaking ease-of-use for the ordinary mobile user.”
That all sounds good – but we’ve seen other cryptocurrencies make similar claims. Let’s take a closer look at how Electroneum plans to live up to those promises.
What Makes Electroneum Different?
How is Electroneum different from the hundreds of other cryptocurrencies on the market today? Why should you use Electroneum instead of bitcoin, Ethereum, or any altcoin? Here are some of the unique selling points raised in the Electroneum whitepaper:
The coin has a maximum total supply of 21 billion, “which will mean transactions have only two decimal places and have a ‘real money’ feel that bitcoin lacks. You know how when you send a small amount of bitcoin and it looks like “0.0001264”? Electroneum plans to offer a more approachable, understandable transaction amount by having a total supply that’s significantly higher than bitcoin (bitcoin has an expected total supply of 21 million).
Electroneum wallets are designed to be easily manageable on any smartphone. Coins can be generated by a unique mobile miner running as a background activity on your device.
The currency enables fast micro-transactions, and Electroneum can easily be transferred between different games, apps, and users.
Electroneum relies on its own purpose-built blockchain – unlike many other cryptocurrencies, which are based on existing blockchains like Ethereum. Electroneum’s blockchain is based on the original bitcoin source code. The company has been developing the blockchain and cryptocurrency since 2016.
Who’s Behind Electroneum?
Electroneum’s whitepaper describes the team as “an experienced team of software developers.” The team is led by Richard Ellis, who has 20+ years of experience running a digital agency called SiteWizard. In 2013, Ellis founded Retortal. As CEO of Retortal, Ellis offers social media marketing to various companies – including Fortune 500 companies like Herbalife and Avon. Retortal is valued at over $50 million USD today, and the software is used daily by hundreds of thousands of people.
The name of the currency and company, by the way, is derived from “the electron which all cryptocurrencies rely on.”
Electroneum reportedly started working on their own cryptocurrency back in August 2015. They used bitcoin’s open source code as the basis for the currency. The currency had no name for several months, but was eventually named Electron. By July, the company had officially formed under the name Electroneum Ltd. and started actively promoting their upcoming cryptocurrency.
How Does Electroneum Work?
Electroneum makes numerous mentions of it being a mobile-friendly currency. The creators of Electroneum recognize that most of the world has a mobile phone – and approximately 2 billion people own a smartphone. Electroneum is based on harnessing power from all smartphones to power the network. In addition, users can control all aspects of Electroneum from their mobile wallet.
Typically, cryptocurrencies are mined with specialist equipment – like PCs with multiple GPUs inside. Electroneum will allow users to mine the currency with the mobile app.
The company will begin by releasing their iOS and Android app on October 31, 2017, one day after the token sale concludes.
Another key feature of Electroneum is its accessibility. The whitepaper makes several mentions about how bitcoin’s numerous decimal places discourage widespread adoption. Let’s be honest: most bitcoiners are sick and tired of counting up the number of 0s when they’re asked to pay a fee like 0.0000416, or when they see a transaction fee like that. Electroneum plans to have two digits after the decimal (it has a 21 billion total supply of coins compared to bitcoin’s 21 million). That means you’ll see a price labeled as something like “21.39 Electroneum” instead of “0.089151 BTC”.
The developers of Electroneum claim to already have numerous working products and platforms in place. They plan to release all of these products immediately after the ICO crowdsale. The products will go live on October 31, one day after the crowdsale.
Products that have already been developed, finished, and tested include:
- The Electroneum blockchain
- An app-based wallet that allows someone to access Electroneum with zero technical skills or crypto experience
- App based mining system that allows non-technical people to gain Electroneum easily
- An offline wallet that allows for a completely secure, unhackable, offline wallet to be created
- A Windows wallet
- A Windows miner, where you can leave your PC mining for more coins at home or the office
- Mining pool software (Electroneum runs this software to make mining easier; the software is open source and allows users to develop their own pools)
- Blockchain explorer (used to verify payments and examine the blockchain in an open source way)
- Third party payment API used to allow third parties to accept Electroneum or pay in Electroneum
The company claims these products give Electroneum a good foundation for launch. However, they plan to raise money through the ICO for an even more ambitious plan.
The Electroneum whitepaper outlines long-term goals for the cryptocurrency based on the amount raised. If Electroneum raises over $40 million, for example, then the company will introduce a whitelabeling system that allows other coins or ICOs to utilize the currency as a base while implementing their own branding.
The Electroneum Crowdsale
The Electroneum crowdsale begins on September 14. During the first week, you’ll be able to buy Electroneum at a 50% bonus rate. You’ll receive 150 coins for every $1 USD you contribute. By the last week of the sale (October 19 to 31, 2017), that rate will drop to $1 USD per 100 coins.
Electroneum is a cryptocurrency built on the original bitcoin blockchain. The company claims to have already developed a wide range of technical products – including a mining system that can be run from your PC or smartphone to generate currency from your unused processing power.
The Electroneum ICO is taking place throughout September and October. You may want to wait for more technical details about the project to appear online, or proof that any of the products have already been developed. However, if you don’t mind the risk, you can gain bonuses of up to 50% by participating in the Electroneum token sale early.