Price Data, Market Cap & News for Electroneum ($ETN) Cryptocurrency

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An Overview of Electroneum

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Overview of Electroneum

Introduction to Electroneum

Electroneum is a unique cryptocurrency designed for mobile users, offering an instant payment system. Launched in 2017, it was the first cryptocurrency based in the UK. It aims to provide quick, safe, and affordable crypto transactions, particularly for the unbanked population worldwide.

Electroneum Creators and Contributors

Richard Ells, an entrepreneurial marketer with a passion for coding, is the mastermind behind Electroneum. Prior to stepping into the crypto industry, he founded Retortal, a social media management platform, and SiteWizard, a digital agency. In 2019, he launched AnyTask, a freelance platform focusing on creating a digital economy for developing countries, as CEO of Electroneum.

Electroneum Token Supply

Electroneum has a limited total and circulating supply, which will never exceed 21,000,000,000 coins. As of now, there are 10,229,924,760 ETN coins in circulation, representing 49% of all the coins there will ever be. The Electroneum network creates new coins through its unique mining process.

Where to Purchase Electroneum

Electroneum (ETN) can be traded on various online exchanges that primarily offer mobile services. However, it's important to research and choose a reputable platform for your transactions.

Common Uses of Electroneum

Originally, Electroneum was focused on the gaming and gambling industry. However, it has since shifted its focus to instant cross-border payments. The primary objective of Electroneum is to make cryptocurrencies easily accessible via smartphones, especially for those without access to traditional banking systems. It aims to function like PayPal, but with cryptocurrencies.

Latest News and Developments

In 2019, Electroneum migrated from the Monero blockchain to its own proof-of-responsibility (PoR) blockchain to focus on delivering better payment services. This move also enabled Electroneum to hand-pick reliable miners for its network, ensuring the integrity of the payment network and aligning with its humanitarian agenda.

Electroneum has also made strides towards eco-friendly crypto mining. Its proof-of-responsibility reduces the amount of energy required for the mining process, significantly lowering hash rates on the network. Furthermore, Electroneum launched the first "mining" app in 2018, eliminating the need for expensive, power-hungry mining devices.

Electroneum's network security is also noteworthy. It uses a unique proof-of-responsibility algorithm to provide a safer, more responsible, and greener blockchain. The PoR network prevents a group of miners from controlling more than 50% of the network's mining hash rate or computing power, thus safeguarding against the 51% attack.

Electroneum continues to innovate and evolve, with a strong focus on accessibility, responsibility, and sustainability. It's a cryptocurrency worth watching in the ever-evolving crypto landscape.

Electroneum's Blockchain Upgrade

Electroneum has been making significant strides in the crypto space, with a major blockchain update being one of the recent highlights. The upgrade, which includes a 75% reduction in block rewards to transaction validators, aims to increase transparency and enable the potential for DeFi and Smart Contracts. This development is part of Electroneum's roadmap to ensure its future long-term permanence.

ETN-Network's Growth and Integrations

The ETN-Network, which is part of Electroneum, has seen a surge in new registrations. The network's app has been downloaded by over 3 million users, indicating a growing interest in the platform. Furthermore, the network is set to release several major integrations, which will likely enhance its functionality and user experience.

Electroneum's Social Impact

Electroneum has also been recognized for its potential for social impact. The company's CEO, Richard Ells, was invited to a panel at the Blockchain for Europe Summit 2021 to discuss how blockchain technology can help alleviate poverty and foster financial inclusion. This recognition underscores the company's commitment to using its platform for social good.

Opportunities for Artists on Electroneum

Finally, Electroneum is creating opportunities for artists by inviting them to join its marketplace for freelancers, AnyTask. This platform allows artists to create and sell unique pieces of art, further expanding the use cases of the Electroneum platform.