If the Electroneum cryptocurrency has caught your eye and you want to learn more about its origins and future, you’ve come to the right place. Founded in 2017, Electroneum is one of the best cryptocurrencies on the market today.
Electroneum, which runs seamlessly on mobile devices, is designed to facilitate and protect smartphone transactions. In addition, users can use their smartphones to dig ETN coins into their Electroneum wallet.
This guide also looks at the investment potential of Electroneum. So, by the end of this guide, you will have a detailed understanding of what the Electroneum coin is and how it differs from other digital assets.
What is Electroneum (ETN)
Like other digital assets today, the Electroneum coin is a digital asset built on blockchain technology. This digital asset is unique in that it is an anonymous cryptocurrency for smartphones that runs on a blockchain compared to other cryptocurrencies that usually run on Ethereum or other blockchains. Another feature that sets the Electroneum network apart from the rest is its focus on wearables and fast micropayments.
Electroneum (ETN) is a British cryptocurrency originally intended for the mobile and online gaming markets. The name and currency of the company comes from the electrons that power the entire cryptocurrency industry. Promising a major change in the market, it is designed with mobile functionality in mind. In January 2020, Google rolled out a cosmetic upgrade to the Mobile Digging process that will give them $3 per month to use their app. It doesn’t dig coins, it digs your data.
In addition, the Electroneum ecosystem is designed to be easy to use and accessible to everyone. Users can mine ETN tokens from their smartphones and quickly transfer their mined tokens directly to their ETN wallets.
The team behind ETN aims to offer a smartphone-based micro-cryptobank for those who can’t use traditional financial tools like debit cards, Google Pay, or Apple Pay. Once again, the ETN team aims to offer the fastest and safest crypto transaction platform with minimal fees to the world’s non-banking population.
Today, the Electroneum ecosystem has enabled cryptocurrency traders to dig for ETN from the comfort of their own home using their smartphone, giving them more financial flexibility.
The team behind Electroneum ETN
The team is made up of various professionals including crypto consultants, senior engineers and industry experts.
Richard Els founded Electroneum in 2017 due to his interest in cryptocurrencies. However, he sought the technical skills of his team at Retortal Ltd, another of Richard’s companies, to develop cryptocurrencies. In September 2017, Electroneum Ltd made the ETN exchange token available for sale at an Initial Coin Offering (ICO), also known as a token sale. The token sale was a huge success and ended early after hitting the maximum targets for Bitcoin and Ethereum. It is important to note that ICO Electroneum Ltd is still the record holder for the largest ICO by a number of participants (115K+).
Electroneum, which is designed to be ASIC-resistant, branched out this summer, making it practical for ASICs. The branch continued due to a block sync mismatch that occurred due to a wave of GPU mining causing delays in completing transactions.
It also increases transaction fees to 0.1 ETN, increases block time, and increases block rewards. In addition, the complexity of extracting ETN becomes more reactive, resulting in a more flexible blockchain network.
It forked twice this year: the first split removed the ASICs from the network, the second saw them reinstalled. The most important thing for people is that their coins are fully protected in both divisions and already have the following properties:
Convenient for ASIC
Emphasis on fast payments
Costs will be increased
Increase block size
Reduce difficulty window
Increased rewards per block
How does Electroneum (ETN) work?
Electroneum (ETN) uses the CryptoNote algorithm based on the Bitcoin code. What is special about this algorithm is that it allows complete confidentiality of transactions. The ETN network generates a one-time address for initiating financial transactions, where traders’ confidential information is encrypted using ring signature technology. Electroneum’s signature ring technology makes it difficult to identify who is making a transaction and the recipient because it encrypts financial transaction information.
Electroneum users hold and send ETN tokens worldwide at low fees from their iOS and Android apps. However, Anytask.com’s additional platform, which was launched in 2020, has helped attract a large number of users today.
Another solution launched on the Electroneum network that has attracted a lot of users today is ETNDonate.com. This solution makes it easy for charities to advertise for free. In addition, ETNDonate.com allows international charitable donations to be made to ETN at no additional cost, ensuring these donations reach their intended recipients without cross-border bank transfers.
In 2019, the Electroneum team improved its security protocols and servers, making it immune to 51% of attacks.
In terms of regulatory compliance, Electroneum introduced KYC and AML compliance procedures in 2018 before the 5th European Anti-Money Laundering Directive to ensure that every user is screened carefully and Electroneum operates in accordance with the 5th EU AML Directive.
Electroneum is also working with Host Havoc, one of the top five gaming platforms in the world today. This partnership will allow more than 4.1 million users to rent servers for 25 games.
Electroneum has a significant community of over 4.3 million eligible participants. His social media page was moderately functioning as of Q2 2021 with 162,149 followers on Facebook, 130,839 followers on Twitter and 23,482 partners on the Telegram channel.
However, their forum is the only place where you can communicate with other community leaders and administrators.
What Makes Electroneum (ETN) Unique?
When Electroneum launched, it was originally built using the Monero codebase, which focused on the gaming and gambling industry. However, things have changed and digital coins have focused on creating platforms that only allow instant cross-border payments.
However, Electroneum migrated from the Monero blockchain to a moderated Proof of Liability blockchain (PoR) in the second quarter of 2019 to offer better payment services.
While the main goal of Electroneum is not much different from what other projects have to offer in the cryptocurrency market, it is very different in itself. Why? Since it mainly focuses on turning crypto into an easily accessible option, the smartphone.
Electroneum’s goal is to reach millions of people who don’t have access to a banking system but have a smartphone like PayPal but with cryptocurrency. This cryptocurrency uses a unique approach compared to other digital cryptocurrencies, including when digging. Electroneum effectively eliminated the need for expensive, specialized and energy-intensive excavation equipment when it launched its first digging application in March 2018.
How many ETN coins are in circulation?
The total and circulating supply of ETN is currently regulated and limited by the founding team and will never exceed 21,000,000 coins. There are 10,229,924,760 ETN coins in circulation, which is 49% of all coins of all time.
Since Electroneum migrated to its blockchain, miners have been chosen by the project to provide a reliable network. However, these miners are expected to spend the block rewards responsibly to help those less fortunate, in line with Electroneum’s humanitarian agenda. Demonstrating Electroneum’s responsibility also reduces the energy required for the excavation process, as Electroneum ensures investors experience an environmentally friendly mining process. Together with the Electroneum app, these are two ways to dig for ETN coins.
Electroneum Award History
When the Electroneum ICO launched in 2017, it closed early after hitting the hard $40 million mark. Electroneum has a market cap of $272,031,404 billion and is the first cryptocurrency to originate in the UK.
Despite having a successful ICO, Electroneum faces significant problems. Many of its investors were hacked, leading to a sharp drop in share prices in November 2017. As can be seen from the historical data chart below, the price of ETN fell from $0.23 to $0.06.
The price of Electroneum is then refunded once the issue is resolved. Therefore, the price of ETN experienced a 122% increase as it rebounded from $0.06 in November 2017 back to $0.22 in January 2018. Like most other digital currencies, its price has been dropping since January 2018. By the end of January 2021, the price of Electroneum lowered again and remained at $0.005.
So far, Electroneum has performed average when we have to compare it to other cryptocurrencies. This digital coin has also succeeded in generating investor interest because it can only be mined with the help of a smartphone.
Electroneum current price
At the time of writing, the price of the ETN is $0.015191 and the current value of its 24-hour trading volume is $1,169,287. However, the Electroneum cryptocurrency is down 1.70% in the last 24 hours. Also, CoinMarketCap’s current rating is #283, with an immediate market cap of $272,031,404. In addition, ETN has a circulating inventory of 17,907,175,177 ETN coins and a maximum supply of 21,000,000,000 ETN coins.
Electroneum Technical Analysis (ETN).
The technical analysis above shows that the ETN/USDT pair could hit $0.0152. The price of the 4-hour ETN/USDT chart is below its 50-day moving average and 100-day moving average.
According to fundamental analysis, the gains appear to be slowing. All of Electroneum’s price action is still trading to the downside of price action. And this indicates a good time to buy Electroneum because you can immediately see an uptrend.
Electroneum (ETN) Price Prediction 2021 to 2026
Electroneum technological advancements, listing on cryptocurrency exchanges, advertising, etc. doesn’t help the price. We also need to know that ETN entered the crypto market at a historically high time. Since the cryptocurrency market tends to follow Bitcoin when it comes to price developments, ETNs have had to lose their initial high value almost from the start.
There is no doubt that there is strong support behind the Electroneum project and its development team continues to work on the project. However, Electroneum seems to have a chance for a bright future, so let’s take a look at the reliable Electroneum (ETN) price predictions from experienced crypto analysts to see what they have to say.