Electroneum claims to the be the first company to make a giant leap towards making cryptocurrencies accessible to common people. Powered by a mobile application, it enables users to send and receive payouts and manage and monitor their online funds. It has been developed on custom blockchain with features like mobile-friendliness, fast transaction, and easier micropayments. It is developed along the lines of Ethereum blockchain and is a more scalable model.
The cryptocurrency claims to be the "world's first common cryptocurrency". The major goal of this platform is to capture the market of online gambling and mobile gaming.
How it Works
It is the first cryptocurrency based on the use of several disruptive technologies and power of 2.2 billion smartphones users around the world. Electroneum harnesses the power of every smartphone in the network to power its network. Every single node in the network authenticates a transaction. It contains a blockchain explorer, which is responsible for the verification of payments.
The white paper criticizes how bitcoin contains numerous decimal points like "0.000416 BTC" makes it untempting to investors and also difficult for them to transact. Electroneum plans to fix the decimal points to two digits like "15.49 ETN" which will make it more sensible for investors. The total supply Electroneum has been fixed at 21 billion as compared to 21 million in Bitcoin.
Founder and History
Electroneum was launched in June 2017 in south-east England by Richard Ells who is also the CEO of this platform. Mark Robinson and Andy Denton are advisors to this platform. It has successfully concluded its ICO during the September and October month in which it has raised a total of $40 million. Soon after concluding, it was hit by a cyber attack that restricted investors to access their account for several days.
How to Buy Electroneum Coins (ETN)
1.Open an account in Cryptopia exchange and transfer or buy the required amount of BTC or ETH for your planned investment in ETN
2.Then convert your Bitcoin or Etehereum into Electroneum coins at the prevailing rate by providing the wallet address from my.electroneum.com
3. Confirm your transaction details specially the wallet address and ETN will be credited.
4. Electroneum also allows the purchase of its coin through Coinbase by using Ethereum (ETH). The link below provides the details to purchase the coins.
It supports offline Electroneum paper wallet available on its website- my.electroneum.com/
Currently, Electroneum has only been listed on "Cryptopia" and negotiations are going around for listing in other top exchanges.