Not long ago, the understanding of the now very popular cryptocurrencies was limited to the few tech-obsessed individuals. It wasn’t until the last two years, with the Bitcoin’ sudden rise to fame, every company wanted a piece of the digital action and cryptocurrencies came into the spotlight. That was the turning point for the cryptoverse as the crypto market became one of the most exciting and often lucrative investment opportunities of the world.
So in order to reap the potential benefits of this relatively new arena, different companies are jumping on that bandwagon and so did a few countries. Like the Japanese, launched the Monacoin, the British are entering the game with their very own, brand new cryptocurrency called, Electroneum.
However, you should know that the British didn’t just enter this market on a mere whim; they are actually aiming to make Electroneum the most user-friendly cryptocurrency in the world, by making the process of acquiring cryptos as simple as downloading an app.
The Need For Electroneum
While Boitcoin might be considered as the king of the cryptoverse, it cant be denied that its very open nature is cause for some criticism and one of the main criticism is that the balance of every wallet address is public and easily searchable and Electroneum has taken upon itself to solve this problem.
How Does Electroneum Work?
Based on the famous Monero codebase, Electroneum allows for transactions on a decentralized blockchain and also has some inbuilt privacy features. With Electroneum’s stealth address, which is a one-time public key that is responsible for preventing recipient’s funds from being linked with their wallet. Furthermore, a third party can audit that very address in order to prove the transaction occurred.
The recipient acquires their funds through their wallet’s private view key that is responsible for scanning the blockchain. Upon being identified and retrieved by the wallet, the single-use private key is created which corresponds with the sender’s public key.
It is then that those funds can be spent using the private send key and this occurs without the public linking of the sender, recipient or even the amount transacted.
Moreover, the transactions through the Electroneum network are relatively faster with the dynamic fees being based on the traffic level of the network. The platforms codebase attempts to avoid powerful ASICs from having an upper hand over the CPU miners.
The Electroneum Token
The Electroneum coin (ETN) is the official token of the mobile-based platform. It is after all, a smartphone application, essentially.
Majority of the blocks on the network have less than 0.2 ETN in total fees and new blocks are added around every minute. The mining, that was mentioned earlier, utilizes a memory bound algorithm to try and encourage CPU mining thus granting the average users an easy access to ETN.
The Mobile App
The core difference of Electroneum is that it is using a mobile app to bring the cryptocurrency to its users; it is already available on Android and is coming soon to iOS.
The app is responsible for providing access to a digital wallet, along with the facility to send and receive ETN. In the case, you want boosted security; there is an option to create offline paper wallets. Along with offering cryptos to people in the palm of their hands, Electroneum also incentivizes the users for sharing knowledge and inviting friends. Anyone who invites 5 friends to join the app automatically enters a contest to win a whooping 5000 ETN. Even the newly invited users are also eligible to win.
One of the most interesting features Electroneum has to offer is currently under beta testing, which is the ability to perform mobile mining. That’s right! The app will allow your phone’s CPU to engage in simulated mining all the while consuming negligible amount of your Internet and without heating your phone up. However, it won’t actually help in the process of confirming new blocks on the blockchain, you’ll still receive rewards. It’s a win win.
The Electronuem Team
You can read the whitepaper here.