Understanding Electroneum: A Mobile-Friendly Cryptocurrency

Electroneum (ETN) has emerged as an unconventional digital currency, focusing on mobile users and boasting a secure, more accessible form of crypto for everyday transactions. With a global reach and a mission to empower users in emerging economies through financial inclusion, Electroneum is a unique project in the cryptocurrency landscape.

Electroneum's premise revolves around achieving widespread adoption of cryptocurrency by laying a foundation that appeals to the masses, especially mobile device users, which number over 3 billion worldwide. Prioritizing ease of use, this cryptocurrency seeks to break down barriers to entry that have often been seen as roadblocks for those without advanced technical knowledge or access to conventional banking systems.

How Electroneum Works

As an egalitarian proof-of-work public blockchain, Electroneum is compatible with mobile devices, allowing for a range of functionalities that include mining, transactions, and payment for goods and services. Unlike some digital currencies that concentrate on scarcity, ETN's aim is a broad distribution and usability.

Electroneum's Key Features

• Mobile Mining: ETN's model allows users to simulate mining on smartphones, contributing to the network's security and rewarding them with ETN tokens.
• Instant Payment System: Electroneum offers an instantaneous transaction confirmation system, making it viable for daily commerce.
• KYC & AML Compliance: In line with global regulations, Electroneum was the first crypto project to voluntarily adopt Anti-Money Laundering and Know Your Customer norms.

The Electroneum Ecosystem

• AnyTask Platform: A digital marketplace that connects freelancers with buyers, functioning without the requirement of a bank account and with zero seller fees.
• ETN Everywhere: A merchant directory that fosters local and online spending of ETN.
• ETN Network: Electroneum's own network which complies with international regulatory standards for security and legality.

Electroneum takes its social responsibility seriously. The network's validators include trusted Non-Governmental Organisations (NGOs), and the mining process is energy-efficient compared to some other cryptocurrencies, consuming only a fraction of the power.

With millions of downloads of the ETN app, Electroneum's user base spans over 190 countries. Features like mobile and utility top-ups, and the ease of cross-border transfers, have seen successful integrations, particularly in regions such as Brazil and Nigeria. Richard Ells, the founder, initiated Electroneum in 2017 through an ICO that raised $40 million, laying the foundation for what is now a growing global network. The project has continued to evolve, with new features and partnerships enhancing its ecosystem.

Electroneum, while being a standalone cryptocurrency, shares its lineage with Monero, from which it forked to become what it is today. However, it has taken a distinct path, focusing on mass usability rather than the privacy features prominent in Monero.

Team Background and Leadership

Electroneum's efforts are spearheaded by a team of seasoned professionals across various industries. Richard Ells, the founder and CEO, started his journey into cryptocurrency back in 2015 and has been a pivotal figure in building Electroneum's vision to empower millions globally. He also brings the experience garnered from being at the helm of other successful digital businesses including SiteWizard Ltd and Retortal Ltd.

Chris Harrison, Head of Blockchain, joined Electroneum in 2018 and has played a central role in the development of the moderated blockchain and oversees all blockchain-related projects. Nigel Pooley handles Business Development, drawing from over 25 years of experience in providing solutions for top telecommunications brands. Chris Norris, with extensive experience in global financial institutions, and Cathy Jenkins, who climbed the ranks from being in business development to leading operations, form the core leadership team.

The advisory board adds depth with figures such as David Bull CBE, bringing in vast experience in leading global charities including Unicef UK, to offer insights into driving change and success in various fields.

Roadmap: A History of Progress

2021 Overview

• Q4: Richard Ells spoke at various summits and ETN became a founding member of the Digital Pound Foundation.
• Q3: Introduction of blockchain update (V10), ETN App downloads exceed 3 million.
• Q2: The Ubuntu Pathways Campus reopened with ETN rewards, ETN listed on Ark's MarketSquare.
• Q1: Launch of AnyTask TV ad campaigns, doubling the support team, AnyTask.com NFT category introduction, and ETN becomes available via Shopping.io.

2020 Highlights

• Q4: In-app airtime and data top-ups available in over 160 countries, partnership with Blockchain Heroes for NFT trading cards, and Electroneum's 3rd anniversary celebrated.
• Q3: Electroneum user base exceeds 4 million, introduction of utility charging feature in the app.
• Q2: Launched ETN Everywhere Trader Program, ad campaign launches to build the brand.
• Q1: AnyTask.com’s ad campaign for buyers began, Electroneum launches trial with Cambodia's leading mobile network operator.

2019 Key Developments

• Q4: ETN-Network joins CryptoUK and Blockchain Associations for Europe.
• Q3: Mobile service launched in Brazil and Turkey.
• Q2: Upgraded to moderate Proof of Responsibility (PoR) blockchain, reducing the currency emission by 75%.
• Q1: Partnership with South African mobile operator, listed on Huobi Exchange, launched iOS app.

2018 and Earlier

Electroneum's history of milestones starting from its formation in 2017 through transformative years includes launching a moderated blockchain to thwart 51% attacks, signing agreements to extend outreach, and becoming one of the first crypto projects to adopt voluntary AML compliance.

Current and Upcoming Projects

Electroneum continues to innovate with projects that build upon the network's philosophy of making cryptocurrencies accessible to all. Project Aurelius, slated for 2023, brings smart contract capabilities by integrating Ethereum Virtual Machine (EVM) with the Electroneum blockchain. This transition welcomes a future of decentralized finance, NFTs, and metaverse-related experiences.

Initiatives like the AnyTask™ Platform persistently evolve to improve user experience. For instance, as of June 2022, users have the option to spend ETN directly on the platform. The ETN-Network actively pursues collaborations with other blockchain projects to broaden ETN's reach as a reward mechanism. A push toward expanding payment options includes efforts to add Google Play, Crunchyroll and even Fortnite vouchers to be purchasable via the ETN app, bringing more utility to the ETN token.

The roadmap also includes aspirations to enhance legal exchange listings and fiat pairings while actively contributing to conversations around crypto legislation as members of the Digital Pound Foundation, CryptoUK, and Blockchain for Europe.

Richard Ells's commitment to this vision continues unabated, as he frequently speaks at key industry events and advocates for the power of digital currencies and blockchain in fostering global economic inclusion.

In Summary

Electroneum is a cryptocurrency designed with the global mobile market in mind. People and corporates alike find value in its model, with an easy-to-use interface and a real-world ecosystem that spans various countries and industries. As Electroneum continues to grow, it remains committed to its mission of enabling access to the global digital economy.

Electroneum Price Analysis

As of October 11 2024 Electroneum has a marketcap of $40M. This is {{percentagefromath}} from its all time high of $0.207854. In terms of its tokenomics, there's a total supply of 21B with 85% currently outstanding. Keep in mind Electroneum has a fully diluted value of $46M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.