What Is Electroneum
What Is Electroneum (ETN)?
Electroneum is a Layer 1 EVM-compatible blockchain, catering to 4+ million users worldwide. The network boasts transaction speeds of just 5 seconds with instant finality, and potentially the market’s lowest smart contract fees. Powered by the Istanbul Byzantine Fault Tolerance (IBFT) consensus mechanism and supported by known validators - targeting universities and Web3 infrastructure companies - the network is incredibly fast, secure and energy efficient. For several years, ETN has provided the backbone for AnyTask.com, helping the platform take advantage of blockchain technology and deliver a fairer, more efficient experience for freelancers globally.
Who Are the Founders of Electroneum?
Electroneum Ltd. was founded in 2017 by British entrepreneur, Richard Ells. He is also the owner of Retortal, a social media management platform designed for businesses in the direct selling industry, and SiteWizard, a digital agency which he co-founded and still serves as a director to date. In 2019, he founded AnyTask.com - a successful freelance platform in the crypto space.
What Makes Electroneum Unique?
In early 2024, Electroneum initiated its ‘Aurelius’ blockchain update, becoming a Layer 1 EVM-compatible blockchain. The network boasts industry-leading speed, security, and efficiency having implemented a unique take on the IBFT consensus mechanism, supported by known validators. Transactions on the blockchain take just five seconds with instant finality, meanwhile, smart contracts can be launched and operated at potentially the lowest cost available on the blockchain market today.
The network has proven to be effective over the years, providing not only the backbone to the ETN-Network, which today caters to more than four million users worldwide but also to AnyTask.com, supporting 15,000+ professionals across 140 countries. AnyTask.com provides a unique take on today’s freelance platforms, allowing freelancers to get paid in ETN - circumventing the need to have a bank account, of which 1.4 Billion people are affected (World Bank, 2021).
The Electroneum blockchain is powered by the IBFT consensus mechanism and supported by a group of known validators. Prior to the latest ‘Aurelius’ update, Electroneum launched its ‘Proof of Responsibility’ update, in which a group of NGOs were introduced to the validator programme.
This unique approach provided the NGOs with a brand new funding stream, supporting new and existing charitable initiatives. This programme continues to this day, and following the introduction of the ‘Aurelius’ update in early 2024, has expanded to universities and Web3 infrastructure companies.
In summary, Electroneum is a Layer 1 EVM-compatible blockchain with a proven history and a solid founder, company, and group of known validators behind it. Boasting industry-leading capabilities in speed, security, energy efficiency, and cost-effectiveness, any developer or organisation seeking to build blockchain solutions should ideally shortlist Electroneum as a preferred platform of choice.
How Many Electroneum (ETN) Coins Are There in Circulation?
Electroneum’s total and circulating supply is limited by Electroneum Ltd. and will never exceed 21,000,000,000 ETN. As of 12 April 2024, there were 17,969,620,855 ETN in circulation, representing 85.5% of all the ETN there will ever be.
How Is the Electroneum Network Secured?
Electroneum uses the IBFT consensus mechanism in conjunction with a group of known validators, which provides a multitude of advantages when compared with other blockchains. First and foremost, it guarantees immediate block finality, completing transactions in just five seconds. This is achieved by presenting only one block proposal per chain height, thus eliminating the complexities associated with forking and the risk of transaction reversals. Block forgery becomes exceedingly challenging as a result, requiring a supermajority of validators to sign off on blocks before insertion into the chain. Moreover, the leadership of the validator group rotates over time, preventing any single faulty node from exerting prolonged influence over the chain. IBFT also offers the benefit of operational flexibility by allowing the modification of validator groups over time, ensuring that only fully trusted nodes are included in the group, thereby maintaining the chain's security and reliability.
Where Can You Buy Electroneum (ETN)?
Top exchanges where you can currently trade Electroneum (ETN) are:
If you are new, you can find our simplified guide for purchasing crypto and more exchanges where you can trade here.
