Electroneum (ETN) is a UK-based mobile-centric cryptocurrency platform. More
| Fully Diluted Valuation | $76.45M |
|---|---|
| 24H Trading Volume | $732,844 |
| 24H Low / High | $0.00 / $ 0.00 |
| Circulating Supply | 17.98 B |
| Total Supply | 21.00 B |
| Max Supply | ∞ |
| Categories | Smart Contract Platform 1 more |
|---|---|
| Founder | Richard Ells |
| Website | electroneum.com Whitepaper |
| Socials | 5 more |
| Explorer | Electroneum |
| Name | Pair | OG Score |
|---|
In the fast-evolving world of cryptocurrencies, Electroneum (ETN) stands out as a mobile-centric platform with a mission to make crypto transactions quick, secure, and accessible to the unbanked population worldwide. Founded by Richard Ells in July 2017, Electroneum launched in September of the same year, becoming the first U.K.-based cryptocurrency after successfully completing a $40 million initial coin offering (ICO).
Unique Approach to Accessibility:
Electroneum's primary focus is on providing a swift and secure crypto transaction experience with minimal fees, particularly targeting the billions of individuals worldwide who lack access to traditional banking systems. The project takes a unique approach by emphasizing accessibility through smartphones. Similar to PayPal but with cryptocurrencies, Electroneum aims to empower individuals who own smartphones but are excluded from mainstream financial services.
Innovative Mining System:
One of Electroneum's notable features is its innovative approach to mining. In March 2018, the platform launched the first Android mobile "mining" application, allowing users to mine ETN coins using the processors of their devices. This move eliminated the need for expensive, dedicated, and power-hungry mining devices, making cryptocurrency participation more inclusive.
Proof-of-Responsibility (PoR) Algorithm:
To ensure security and sustainability, Electroneum operates on a unique algorithm called Proof-of-Responsibility (PoR). This algorithm prevents a group of miners from controlling over 50% of the network's mining power, reducing the risk of a 51% attack. Electroneum chooses and authenticates validators, and in the event of an attack, the system can identify the source and shut down the validator. Additionally, the PoR algorithm creates a permissioned network with 12 validators being NGOs, using block rewards for charitable work.
Global Impact and Expansion:
In late 2019, under the leadership of Richard Ells, Electroneum launched AnyTask, the first freelance platform dedicated to creating a digital economy in developing countries. While open to freelancers worldwide, AnyTask places a special emphasis on the unbanked population in developing nations, aligning with Electroneum's broader mission of financial inclusion.
Cryptocurrency Exchanges:
For those interested in buying or trading Electroneum (ETN), the platform is available on various online exchanges with a focus on mobile services. Some of the notable exchanges include Huobi Global, KuCoin, BiKi, BiONE, HitBTC, Sistemkoin, and Liquid.
In summary, Electroneum's journey from a gaming and gambling-focused platform to a pioneer in instant payments with a unique mobile-centric approach has made it a noteworthy player in the cryptocurrency landscape. With its commitment to accessibility, innovation in mining, and a responsible PoR algorithm, Electroneum continues to make strides in providing financial services to the underserved population around the globe.
Electroneum stands out for its focus on providing a quick and secure crypto transaction system through smartphones, targeting the unbanked population globally. It utilizes a unique proof-of-responsibility (PoR) algorithm, ensuring a safer, more responsible, and environmentally friendly blockchain.
Richard Ells is the founder of Electroneum Ltd and the brains behind the Electroneum project. A former entrepreneurial marketeer, Ells envisioned a cryptocurrency accessible to smartphone users, leading to the creation of Electroneum in September 2017.
Specific supporters and investors of the project are unknown. For up-to-date investor/backer information, please visit the project's official website.
Electroneum secures its network through the proof-of-responsibility (PoR) algorithm, which selects and authenticates validators, preventing a 51% attack. The network includes 12 validators, NGOs using block rewards for charitable work, creating a permissioned network focused on sustainability.
You can buy Electroneum (ETN) on MEXC, Gate.io, HTX, KuCoin, CoinEx cryptocurrency exchanges.
