What is Electroneum?
Electroneum is famous for being the first cryptocurrency that can be mined from a mobile phone. It is a new cryptocurrency that had its ICO in 2017. Electroneum is designed for mass adoption by allowing anyone with a smartphone to mine crypto, and thus revolutionise the crypto industry. They are aiming to create mass real world adoption of a crypto payment solution, and of cryptocurrency in general, by distributing crypto – specifically the ENT token, as widely around the world as possible. They hope that this will both raise awareness – and daily use -of crypto as a payment method. They are aiming to be the largest cryptocurrency by userbase – number of users – by the end of 2018. This isn’t an impossible feat – Electroneum already have reaching over 130 million users for their online wallets/ apps already through their partnerships with mobile operators
Electroneum is aimed largely at the developing world and have a wide following in Asia, South America and Africa. If people can mine even enough to cover the costs of running their smart phone, this can mean a huge amount to many people. Running a smart phone in the developing world gives access not only to communication- but also the ability to research sale values for goods and commodities to make sure they get a fair exchange rate, or access to weather forecasts, and services and knowledge that might otherwise be unavailable to whole villages of people.
Electroneum also looking at targeting the video gaming industry – to allow users to change the other virtual currencies used by each game into ENTs and to be able to transfer ENT between games. If they are able to make this work, this could mean a huge growth in value of the coin.
- Electroneum is the first british cryptocurrency and is run by Richard Ells
- They raised $40m in their ICO, which sold out early, with 120,000 participants.
- Soon after the token sale, they were hit by a cyber attack, leading Electroneum to lock contributors out of their wallets whilst they fixed it. Prices soared duing this period, with contributors unable to access their tokens and sell.
- Electronuem is still however only listed on small exchanges, mainly Cryptopia. Soon listing on Japanese crypto exchange Quoine
The Electroneum App
Electroneum will offer a smartphone app that can ‘mine’ crypto. The app acts like a Proof of Stake wallet- by leaving the wallet open, one is rewarded with ENT tokens. The longer the app is left open, the more tokens one gets. The tokens aren’t actually mined by the app, but rather pre-mined tokens are distributed to people who keep their app open.
By leaving the app open for long enough, it is intended that people in developing countries might be able to earn enough tokens to cover their phone bills and costs of running a smart phone. This allows many more people access to communication and internet than would otherwise be possible, if all users had to pay directly.
Their android phone app has been tested and is out now in BETA and their iPhone app is due to be coming soon, according to their website.
The app allows people to store, send, receive and pay in Electroneum. People will be able to pay their mobile phone bills directly with the app, as well as sending ENT to other users.
Their BETA android phone miner is now out and their iphone miner due to be coming
Electroneum isn’t actually mined on phones- but rather users who keep their app open are rewarded with pre-mined tokens. It seems mining Electroneum on a computer isn’t economical when taking into account the cost of electricity
The app allows for offline wallets, and one can then send electroneum to a digital wallet to send in transactions. This allows for much greater privacy when storing tokens. Anyone can see transactions on the blockchain, but a private key needed to see the contents of a wallet – allowing a degree of privacy for any user.
Partnerships and Projects
Electroneum is the first cryptocurrency to target the mobile phone market, and they have partnered with mobile phone providers, giving Electroneum a userbase already of over 130 million people worldwide. They have already established several partnerships, with the mobile industry being very receptive of Electroneum. They’re bringing a digital, mobile payment method to millions who don’t have access to banks and would otherwise only be able to pay cash, which is less convenient for mobile providers, but also as they’re giving a little bit of crypto (that can be sold for fiat or other cryptos of real world value) to millions of users around the world.
Electroneum announced a partnership with XIUS, a mobile and payments telecoms provider with a 65m user base – they are looking to integrate Electroneum as a payment method across Latin America. In total they have partnerships with mobile providers giving over 100 million smart phone users access to Electroneum so far.
They are also the first cryptocurrency to be a member of the GSMA- which represents the interests of over 800 mobile operators worldwide. This could lead to partnerships with other mobile providers.
They have also partnered with Bmedia, a Japanese agency with a social media reach – Electroneum hope that their influencer marketing will help Electroneum grow in Asia.