Is Elektroneum a good investment 2
What is Elektroneum (ETN)?
Ever wanted to invest in cryptocurrencies but stopped when faced with selfies, documents, passports and complicated, slow processes? You may be tired of paying huge fees and scouring your bank worrying about getting hacked.
Electroneum thought about these kinds of problems when it came to bringing the cryptocurrency world to the masses. Let's see if they did a good job and if it is worth taking an interest in their project.
Electroneum's ICO hit $ 40 million and was launched on Github on November 1st. Before launching the app, however, they fell victim to a denial-of-service attack that brought them to a standstill for a few days. Nevertheless, everything went smoothly and the investors got their money: Over 690 million ETN were sent in the first 24 hours, with only 430 ETN fees.
How Electroneum works
ETN (Electroneum) is built on the Monero code base to provide transactions on a decentralized blockchain. There are some privacy features built in to avoid exposing your wallet address to the public like with Bitcoin. You are given a stealth address that is used only once and actually sends the funds to or from your real wallet through a third party verification and proves that the transaction actually took place.
Transactions are fast and fees are based on network traffic. Most of the time it is less than 0.2 ETN in total fees. The code base also tries to work through CPU miners rather than powerful ASICs to allow users easy access to ETN. The idea is to democratize the network.
There will soon be an app for Android and iOS that will allow access to your digital wallet, from which you can send and receive ETN. It is also possible to create offline paper wallets and maybe you should split money into several to avoid losing your money. When you invite friends to the app, you both take part in a competition and win 5000 ETN if you are lucky.
Simulated mobile mining
So far everything is pretty standard, so here comes the interesting part; the app allows your phone's CPU to engage in simulated electroneum mining. It won't be very demanding either on your phone or on your data. This is not real mining, and you are not confirming any blocks on the blockchain. Even so, you will get a reward. They are trying to educate people about mining so hopefully someone will move on to actual mining on their computer.
Electroneum is the self-defined first British cryptocurrency. Based in Kent, with a team of 12 employees, they recently partnered with XIUS, a telecommunications company. The idea is to offset the cost of owning a smartphone through the Electroneum app. They also partnered with Bmedia, a Japanese social media e-commerce company, and Fanfare, a video streaming service for fan-made recordings of products they love.
Electroneum hopes to become the leading currency in the game and maybe replace World of Warcraft gold with ETN. This would speed up the game many times over and increase the fees for the gaming company when someone makes deposits or withdrawals. Online bitcoin gambling is rampant these days and ETN hopes to partake in it too.
Mining has become a business for ASIC miners when it comes to Bitcoin, but ETN's mining algorithm makes it possible to mine with just your CPU. The average block bonus is around 7000 ETN and is nowhere near as demanding as Bitcoin's.
There is now a circulating supply of around 6 billion ETN with the aim of reaching the maximum supply of 21 through mining. The team initially reserved 4.4 billion euros for ICO investors. 20 million went to people who share the ICO and translate relevant information, while the team of 12 also reserved 20 million for funding purposes.
The initial ICO electroneum price was 1 cent, but has since increased to 7 cents per coin and even hit 10 cents at a certain point. It's too early to make an assessment as mobile mining is still in beta, but we'll see what happens once everything is officially up and running.
So far you can only buy ETN on Cryptopia, as it is not yet available on any other platform.
Overall, it's an interesting project that doesn't require much as an initial investment, so it might be worth it.
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