Tech

Electroneum overview

Cryptocurrency project Electroneum at first glance does not offer anything new. The platform is aimed at performing cross-border money transfers with low commissions. However, the creators of the project have found an ingeniously simple solution to increase the availability of blockchain technology.

Electroneum’s unique offer

Electroneum was based on the Monero code base, which is focused on the gaming industry. The first ETN mining app was launched in early spring 2018.

However, over time, the developers have refocused on creating a platform exclusively for instant cross-border payments.

In the spring of 2019, the Electroneum network was rebased on its own blockchain based on a moderated Proof of Responsibility (PoR). The transition to its own blockchain opens up new opportunities for improving the quality of platform services.

It becomes more and more difficult to set fundamentally new goals every year. The services of the Electroneum network are very similar to the services of several dozen other blockchain platforms. However, there are different ways to achieve your goals. The ETN team staked on the maximum availability of the platform and smartphones. They were the first to start cooperation with mobile operators.

Objectively, in many regions of the world it is easier to buy a smartphone than to physically walk to a bank branch. If a smartphone has an application like PayPal, but with cryptocurrencies, the user of such a device gets greater financial freedom.

Mining ETN is possible without the use of expensive energy-intensive equipment and this is another unique feature of the platform.

Network protection

Electroneum uses a unique consensus algorithm – Proof of Responsibility (PoR). This algorithm ensures the reliability, security and environmental friendliness of the blockchain.

The company itself selects and authenticates validators, thereby preventing the likelihood of a 51% attack. If it eventually happens, the source is quickly identified and the validator is simply disabled.

Miners are selected based on their interest in the sustainability and further development of the project. The 12 validators on the network are non-governmental charitable organizations that use the mined coins in their activities.

Electroneum (ETN) Coin

The Electroneum (ETN) offering is creator-limited and set at 21 billion coins. To date, approximately 49% of all ETN have already been mined. The extended proposal was made intentionally so that the Electroneum coin would be more convenient to use without the need for splitting into multiple parts.

Where to buy ETN

The coin is traded on KuCoin, Huobi Global, HitBTC and several other exchanges. The Electroneum price at the time of writing is about $0.007.

Electroneum – a good investment?

ETN is a coin with a difficult fate. The launch of the coin coincided with one of the peaks of interest in cryptocurrencies, and this more likely harmed it than helped it.

Undoubtedly useful and technically interesting project is still in the shadows. Analysts are quite optimistic, but time will tell how justified their expectations are. Now the cryptocurrency market has stabilized in new price ranges and further developments are still unclear.

The low cost ETN, the deflationary nature of the asset, the usefulness of the project and the expected growth of the cryptocurrency market in the long term give reason to consider the coin as a fairly promising investment.

However, don’t make hasty decisions. Before buying any cryptocurrency, do your own research and do not invest more in digital coins than you are willing to lose.

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