There are very few cryptocurrency projects that we’d consider to be trending up when their token price has dropped over 80 percent in 2 months, but that is definitely the case with Electroneum (ETN), a new project that has developed its own blockchain with the explicit intention of gaining mass adoption via the 2.2 billion smartphone users worldwide.
With nearly 1 million users registered on their platform, Electroneum is focused on creating a network of mobile crypto miners to further facilitate widespread adoption of ETN as a currency. Ultimately, Electroneum hopes to be the first digital coin to enter common usage among ordinary mobile device users.
Interested in Electroneum? Here’s a quick rundown of the project:
Platform & Development
Electroneum was developed around a core set of features:
- 21 billion maximum supply to reduce usage of decimal points. Electroneum only uses two decimal places in order to simplify daily usage.
- CryptoNight algorithm designed to be ASIC-resistant. However, this might no longer be the case with the release of the Baikalminer Giant N Cryptonight ASIC miner designed to crack the CryptoNight algorithm.
- Third party payment APIs with a focus on the gaming industry
- High-quality mobile and desktop wallets.
Given the massive drop-off in GPU mining profitability through the most recent crash, those looking for a cheaper way to mine cryptocurrencies might be more inclined to try out Electroneum’s mobile mining app which launched for Android devices on March 5th.
— electroneum (@electroneum) March 13, 2018
According to Electroneum CEO, Richard Ells, the app will not consume much power, since it is only simulated mining and not using the actual hardware. Thus, this type of mining will not wear out a user’s phone or drain its battery.
Data usage is low, as well. Monthly data usage is supposedly in the range of 4.5-5.0MB. It has also been reported that the upper limit of hash rates achieved via a single mobile device is around 50 h/s. According to the profitability chart, this would pay out around 40 ETN at current network difficulty. While this isn’t all that much right now, continuous mining over a long period coupled with a significant increase in ETN value would offer a nice payout for the amateur miner.
Electroneum plans to soon roll out the iOS miner and according to their white paper, the major focus moving forward will be the integration of ETN into payment platforms and unique applications, with a specific focus on the gaming industry.
The Electroneum team looks to be very well-rounded and has all the tools to properly grow the project and its user base.
Electroneum (ETN) currently has a market cap of ~$280 million with a circulating supply of 6,422,928,582 ETN and a total supply of 21,000,000,000 ETN.
Electroneum is developing a unique, exciting platform that will look to leverage the massive mobile device user base. Their mobile mining app should ultimately work to advance their goal of creating a more ubiquitous cryptocurrency, driving significant value creation.
Related: Crypto Miners Struggle with Increasing Difficulty Through Market Correction, DENT: A Blockchain Marketplace for Unused Mobile Data
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Disclaimer: The author(s) of this article may have a position in one or more of the securities mentioned above. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.