Electroneum Price

What Is Electroneum

Elektroneum (ETN) is a user-friendly digital smartphone cryptocurrency that allows for instant transactions through its native system and has attracted a vast number of users ever since its launch. The Electroneum app is available for iOS and Android and allows instant digital payments and balance checking via a patent-pending instant payment system. In addition to trading ETN currency, you can also mine your coins using mobile phones instead of high-powered computers or other dedicated hardware, as it happens with other minable coins.

The Electroneum team launched the project in September 2017 to offer fast and safe crypto transactions with minimal cost to the world's unbanked population. They also developed and released a wallet manager in December 2017.

In March 2018, Electroneum launched the first mobile "mining" application that allows people to mine ETN coins using just their phones.  You don't need any hardware, striking servers, or terminals to trade it.

Electroneum was first introduced by the US, but it quickly became the British bitcoin profit official app.

Electroneum (ETN) price reached its peak on January 6, 2018, hitting $0.207854.

Electroneum Founders

Richard Ells is the founder and CEO of Electroneum and AnyTask, Electroneum's global freelance platform.

Ells is also the co-founder of the web design platform SiteWizard and the social media management platform Retortal.

The entrepreneur became interested in crypto in 2015 and started building GPU (Central Processing Unit) mining rigs.

Ellis founded Electroneum LTD, headquartered in the South-East of England, in Maidstone, Kent, in July 2017. In September 2017, the Electroneum team presented the first UK-based cryptocurrency ETN for sale via an Initial Coin Offering (ICO). At the time of ICO, the ETN price was $0.01, and $40 million was raised in total.

How Does ETN Work

As Richard Ellis put it, Electroneum is "a micropayment system," a convenient solution for making payments.

The Eletroneum blockchain takes advantage of a unique algorithm known as Proof of Responsibility (PoR). Built upon the Monero codebase, PoR allows making transactions on a decentralized blockchain.

Electroneum presents some privacy features by using a so-called "stealth address" — a one-time public key to prevent recipient funds from being linked to their wallets. The senders share their public ViewKey with a third party to prove the transaction actually happened. The Private ViewKey scans the blockchain, creates, and retrieves a single-use private key for the recipient to get funds into their wallets. This key is connected to the sender’s address allowing the recipient to spend the received funds using a private “spend key.” In all these transactions, no information about the sender, recipient, or transaction amounts is linked to the public addresses.

Transactions on Electroneum are very fast, with dynamic fees based on the level of traffic on the network.

Mobile Mining

The most interesting feature of Electroneum is the ability to perform mobile mining.

In 2019 the ETN blockchain moved to a permissioned/moderated network called Proof of Responsibility (PoR). The new PoR blockchain has provided a permissioned network where Electroneum chooses miners based on their interest in the project's sustainability. 12 Non-Governmental Organisations (NGOs) became validators, who use their block rewards for charity work.

Electroneum uses centralized mobile mining and is based on the CPU mining mode to avoid ASIC (application-specific integrated circuit) mining solutions. CPU mobile mining uses Cryptonight, a memory-bound algorithm to empower the network's operations. It has a monitoring layer that analyzes the network security breach attempts.

Electroneum's blockchain update led to block-reward reductions and increased protection against attacks.

Electroneum AML Compliance Procedures

The Electroneum team has made their support for regulation very clear, and the token is well received from a regulatory standpoint. In 2018, the company introduced KYC and AML compliance procedures ahead of the European 5th Anti-Money Laundering Directive.

Electroneum Projects

In 2019 Electroneum launched complementary platforms that led to the company's acquiring over 4 million users worldwide.

AnyTask

The freelance platform AnyTask provides access to the global digital economy without the need for a bank account and Seller Fees.

Sellers earn ETN by performing digital tasks. They receive payment through the blockchain and their smartphones. There are over 140 countries that allow ETN payments for different kinds of services and goods, such as purchasing airtime and data, as well as paying for utility bills. To get paid in the cryptocurrency, users will need the Electroneum app or ETN Online wallet.

ETN Donate

ETNDonate.com empowers the ETN community to instantly donate their tokens to support NGOs and charities without massive transfer costs.

ETN Everywhere

ETN Everywhere is a global network that allows local merchants and eCommerce businesses that accept ETN as payment to add their listing to the merchant map. In so doing, they help customers in their community and worldwide find their business and spend their ETN with them.

Where Can You Buy ETN

Among exchanges offering Electroneum trading are Huobi Global, KuCoin, Biki, BIONE, HitBTC, Sistemkoin, and Liquid.

Nearly 2000 businesses accept ETN as payment for everyday essentials - from mobile airtime to various products. Visit the official Electroneum store directory on ETNEverywhere.com for a growing list of companies that accept ETN as payment for services and goods.

Get the latest Electroneum price, market cap, trading volume, and other data from the CoinStats crypto tracker,  the #1 free cryptocurrency portfolio management, and DeFi wallet app.