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Electroneum

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Discover Electroneum's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Electroneum?

Electroneum (ETN) is a mobile cryptocurrency designed for mass adoption, particularly targeting the 2.2 billion smartphone users worldwide. It offers a user-friendly platform with easy mining features, instant transactions, and a wallet accessible on both Android and iOS devices. Electroneum aims to provide financial inclusion and empower individuals to earn a living from the digital economy through its AnyTask™ platform and other features.

How is Electroneum used?

Electroneum (ETN) is a cryptocurrency designed to provide a simple and cost-effective way to pay for goods and services, particularly on mobile devices. Here are some key ways ETN is used:

  1. Mobile Payments: ETN can be used for low-cost cross-border transfers, making it an attractive option for users, especially in underdeveloped regions where traditional banking services are limited. The Electroneum app allows users to store, send, receive, and manage ETN tokens directly from their smartphones.

  2. Instant Payment Technology: ETN is one of the first cryptocurrencies to introduce an instant payment system, making it suitable for everyday purchases and transactions.

  3. AnyTask Platform: Electroneum has created the AnyTask platform, a hybrid fiat-crypto payment system that enables buyers to pay with credit or debit cards and sellers to receive payment in ETN. This platform provides financial inclusion for freelancers who do not need a bank account to earn ETN.

  1. Gaming Industry: Electroneum aims to integrate its cryptocurrency into the gaming industry, allowing users to purchase in-game items and currencies using ETN. This integration would enable seamless transfers of value between games, making it a convenient option for gamers.

  2. Merchant Directory: Electroneum has a merchant directory called ETNEverywhere.com, where users can find local and online merchants that accept ETN as a form of payment.

  3. Mining: ETN can be mined using both desktop and mobile devices. The mobile miner uses a simulated mining experience to prevent overheating, while the desktop mining client uses the CryptoNote mining algorithm.

Overall, Electroneum is focused on providing a user-friendly and accessible cryptocurrency experience, particularly for those in regions with limited access to traditional banking services.

How do I store Electroneum?

To store Electroneum (ETN) tokens securely, several options are available. Here are the most recommended methods:

Offline Paper Wallet

The most secure way to store ETN is in an offline paper wallet. This involves generating a paper wallet, which is a piece of paper or a PDF containing your private keys. This method is considered very secure as it is not connected to the internet, making it less vulnerable to hacking attempts.

Electroneum App Wallet

The Electroneum app wallet is a popular option for storing ETN. It is available for both iOS and Android devices and allows users to securely store and transfer their coins. The app requires a passcode for access and is relatively safe, but not as secure as a paper wallet.

Electroneum CLI Wallet

The Electroneum CLI (Command Line Interface) wallet is a technically advanced storage option. It turns your device into a fully synced Electroneum blockchain node, providing high security. However, it requires installing software on your laptop and learning how to use it, making it more suitable for advanced users.

Hardware Wallets

Hardware wallets, such as the Ledger Nano S, provide additional security by storing your ETN offline. They are compact, portable, and offer features like transaction tracking and backup options. While they are more expensive than other options, they offer high security.

Avoid Exchanges

It is not recommended to store ETN on exchanges like Cryptopia, as they are vulnerable to hacking and other security risks. Instead, transfer your coins to a secure wallet only when you need to trade or transact with them.

Other Options

Other wallets, such as the Electroneum Web Wallet, MyCrypto Wallet, Trust Wallet, and Coinomi Wallet, are also available. These wallets offer various features like transaction tracking, backup options, and integrated exchanges, but may have varying levels of security and user-friendliness.

How to buy Electroneum?

To buy Electroneum (ETN) tokens, follow these steps:

  1. Choose a Platform: Select a reliable and trustworthy platform to purchase ETN. Options include Changelly, Kriptomat, and various centralized exchanges (CEXs) like CoinEx, Coinstore, FinexBox, gate.io, and HitBTC.

  2. Create an Account: Sign up for an account on the chosen platform. This typically involves providing personal information and setting a secure password. Enable two-factor authentication (2FA) for added security.

  3. Verify Identity: Complete Know-Your-Customer (KYC) verification to ensure compliance with regulatory requirements. This may involve providing government-issued identification documents.

  1. Add Funds: Deposit funds into your account using a supported payment method, such as a credit or debit card, bank transfer, or other options like Apple Pay or Google Pay.

  2. Buy ETN: Use the deposited funds to purchase ETN. If the platform does not support direct fiat-to-ETN purchases, you may need to buy a more popular cryptocurrency like USDT first and then exchange it for ETN.

  3. Store ETN: Once purchased, store your ETN in a secure wallet to ensure safekeeping.

Remember to check fees, exchange rates, and any regional restrictions before making a purchase.

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History of Electroneum

Electroneum (ETN) is a cryptocurrency that was first introduced in 2017. The project was developed by Richard Ells, who has a history of building successful digital businesses. Ells founded and grew a successful digital agency, which is still running today, and later founded Retortal.com in 2013. He assembled a team of over 40 developers and created a social media management platform used by global Fortune 500 companies.

The Electroneum ICO started on September 14, 2017, and ended on October 23, 2017, raising over $40 million during that period. The platform officially launched on October 31, 2017, and has been operational since then. The team behind Electroneum aimed to create a cryptocurrency that could be easily accessed and used by anyone, regardless of technical ability, particularly focusing on the estimated 2.2 billion smartphone users worldwide.

Electroneum was initially designed to be a fork of Monero but has evolved significantly since then. It is optimized for use on mobile devices and has a unique mobile miner that allows users to generate coins through a background activity on their smartphones. The cryptocurrency is designed to be user-friendly, with wallets that can be easily managed on mobile devices and transactions that are fast and have low fees.

In addition to its mobile-focused features, Electroneum has also developed AnyTask, the first online freelance platform with a hybrid fiat-crypto payment system. This platform enables buyers to pay with credit or debit cards and sellers to receive payment in crypto. The project has continued to evolve, introducing new features such as in-app purchases for food, medicine, and construction materials.

Overall, Electroneum has a history of innovation and a focus on making cryptocurrency accessible to a broader audience.

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How Electroneum works

Electroneum (ETN) is a cryptocurrency designed to be accessible and user-friendly, particularly on mobile devices. It was created as a fork of Monero and has evolved significantly since its inception. Here are the key aspects of how ETN works:

Moderated Blockchain and Proof of Responsibility (PoR)

Electroneum uses a Moderated Blockchain, which is powered by its Proof of Responsibility (PoR) protocol. This protocol allows for the selection of trusted validators, ensuring the security and integrity of the network. The PoR protocol also helps to prevent 51% attacks, making the blockchain more secure.

Mobile App and Wallet

Electroneum offers a mobile app for both Android and iOS, providing users with a digital wallet to store, send, and receive ETN. The app is designed to be user-friendly and accessible, making it easy for new users to enter the digital economy. Additionally, the app includes features such as offline paper wallets for extra security.

Mining and Energy Efficiency

Electroneum can be mined using a mobile app, which is unique compared to other cryptocurrencies. The mining process is designed to be energy-efficient, consuming only a fraction of the energy required by other popular blockchain projects. This is achieved through the use of a memory-bound algorithm that encourages CPU mining, making it accessible to average users.

Transactions and Fees

Transactions on the Electroneum network are fast and have dynamic fees based on network traffic. The fees are relatively low, with most transactions having less than 0.2 ETN in total fees. New blocks are added to the blockchain every minute, ensuring quick transaction processing.

Security and Privacy

Electroneum incorporates privacy features similar to Monero, including stealth addresses that prevent the linking of recipient funds with their wallet. This ensures that transactions remain private and secure.

AnyTask Platform and Hybrid Fiat-Crypto Payments

Electroneum has developed the AnyTask platform, a freelance marketplace that allows buyers to pay with credit or debit cards and sellers to receive payment in ETN. This platform promotes financial inclusion and provides an opportunity for users to earn ETN without needing a bank account.

Compliance and Regulation

Electroneum has voluntarily adopted robust Know-Your-Customer (KYC) and Anti-Money Laundering (AML) compliance procedures, ensuring that the network operates within international guidelines set by organizations such as the Financial Action Task Force (FATF).

Overall, Electroneum is designed to be a user-friendly and accessible cryptocurrency that promotes financial inclusion and provides a secure and efficient way to earn, send, and pay with ETN.

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Electroneum's strengths

The strengths of Electroneum (ETN) include:

  • Accessibility: Electroneum is designed to be accessible to users with zero knowledge of blockchain technology or cryptocurrencies. It allows users to simulate mining through a mobile app, making it easy to participate in the crypto world.
  • Simple Wallet: The official Electroneum wallet is user-friendly and available on mobile devices, making it easy to use and manage ETN.
  • Passive Income: Users can earn passive income through the AnyTask™ Platform, which allows freelancers to sell digital tasks and earn ETN.
  • Mobile Mining: Electroneum can be mined using a mobile app, which is a unique feature compared to other cryptocurrencies.
  • Low Transaction Fees: Electroneum transactions have virtually zero cost, making it suitable for everyday purchases and transactions.
  • Security: Electroneum has a strong focus on security, with robust KYC and AML compliance procedures and a Moderated Blockchain that prevents 51% attacks.
  • Energy Efficiency: Electroneum's Proof of Responsibility (PoR) protocol ensures that blockchain validators consume significantly less energy compared to other blockchain projects.
  • Global Reach: Electroneum aims to provide financial inclusion and empower people worldwide by offering a digital payment method, especially for the unbanked population.

These strengths contribute to Electroneum's potential as a user-friendly and accessible cryptocurrency.

Electroneum's risks

Electroneum (ETN), a cryptocurrency, carries several financial risks that investors should be aware of. These risks include:

  1. Credit Risk: As an ETN, Electroneum is tied to the financial institution that issued it. If the issuer defaults, investors may receive only a fraction of their investment or even nothing at all. This risk is particularly significant because ETNs are unsecured debt securities, meaning they do not have any collateral backing them up.

  2. Liquidity Risk: ETNs can have low trading activity, leading to wide bid-ask spreads. This can result in investors buying or selling at unfavorable prices, potentially incurring significant losses.

  3. Tracking Errors: The price of ETN may not accurately track the underlying index, leading to deviations in value. This can occur due to credit issues with the issuer or poor correlation between the ETN and the index.

  1. Closure Risk: The issuer may redeem the ETN before maturity, which can result in investors selling at a lower price than their original investment, leading to losses.

  2. Volatility Risk: ETNs are subject to market fluctuations, which can cause significant price swings. This volatility can be exacerbated by low trading activity, making it difficult for investors to sell their ETNs at a favorable price.

  3. Tax Implications: The tax treatment of ETNs can be complex, and investors may be subject to capital gains or losses. It is essential to consult a tax professional to understand the specific tax implications of investing in ETN.

  1. Risk of Default: If the issuer of ETN defaults, investors may not receive their principal back, and the value of their investment can drop significantly.

  2. Issuance Risk: ETNs are created by their issuers, who may stop issuing new notes if they become too large or expensive to hedge. This can lead to premiums dissipating, causing investors to lose money.

  3. Market Manipulation: ETNs with low trading activity can be susceptible to market manipulation, where a small amount of money can significantly impact the price, leading to losses for investors.

These risks highlight the importance of carefully evaluating the financial risks associated with investing in Electroneum (ETN) before making a decision.

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Electroneum's ecosystem

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Electroneum’s team

  • Richard Ells: Founder and CEO of Electroneum, responsible for leading the project and overseeing its overall direction. He has a background in starting successful digital businesses and has been involved in the blockchain industry since the mid-2010s.
  • Chris: Co-architect of the moderated blockchain, responsible for blockchain developments, cryptocurrency exchange integrations, and supplementary applications for third-party ecosystems and devices.
  • Nigel: A career entrepreneur with over 25 years of experience, providing solutions for major telecommunications brands like Nokia, Vodafone, and AT&T.
  • Chris: A financial expert with over 18 years of experience in senior roles at global financial institutions like Merrill Lynch and Citigroup, helping to promote the ETN-Network in the financial markets.
  • Cathy: Joined in 2019 for business development, later became Head of Marketing, and now serves as Head of Operations, overseeing strategies and goals across various departments.
  • David: Advisor with 32 years of experience leading global charities, including being the CEO of Unicef UK, providing insight into driving change and success in development, human rights, education, and the environment.

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