Electroneum | The “Smartphone” Cryptocurrency

Mine Electroneum (ETN) With Your Phone

Electroneum (ETN) is a cryptocurrency founded by Richard Ells and released via an initial coin offering (ICO) in October 2017 where users could purchase ETN for Bitcoin and Ethereum. The ICO was quite popular, quickly hitting a hard cap of $40 million. 6.3 billion coins were distributed to over 120,000 users.

The primary goal of Electroneum is to be an easy to use cryptocurrency for smart phones; it is one of the only cryptocurrencies that can be mined on a phone. To mine Electroneum, users simply have to open their wallet on the phone and within minutes they receive their first coins. The wallet will continue to mine coins in the background 24/7 as long as the phone is online, making this platform an interesting new way to earn passive income.

Works A Bit Like Monero

ENT tokens are released using proof-of-work (PoW), where users maintain and secure the network by cryptographically hashing transactions into blocks and adding them to the blockchain. It uses the CryptoNote algorithm like the popular cryptocurrencies Monero and Bytecoin. CryptoNote makes it impossible for anyone to trace the origin and destination of transactions, making it much more anonymous than Bitcoin.

It is also resistant to mining with application-specific integrated circuits (ASICs), which are the most powerful mining machines, ideal for Electroneum’s goal of being mineable with the relatively weak processing power of smart phones. About 350 million ENT have been mined since the ICO, and there is a maximum limit of 21 billion ENT in the future, 1000 times more than the maximum supply of Bitcoins.

You Don’t Have to Work with Satoshi

This large amount of coins is specified so that users receive whole coins on their phones when mining to make the mining process more exciting, and also because ENT only has 2 decimal places unlike Bitcoin and most other cryptocurrencies which have 8 decimal places. The 2 decimal place nature of ENT is in order to give it a real money feel, since fiat currencies like the USD only go to 2 decimal places.

Although this crypto-platform is aimed at being a cryptocurrency for smart phones, other major cryptocurrencies like Bitcoin, Litecoin, Ethereum, etc. were already easily transacted on smart phones for the purchase of goods and services well before Electroneum. The only unique characteristic of this platform is you can easily mine it on your phone and it goes to 2 decimal places to look like fiat money; everything else about it technology-wise is a copy of Monero. Despite its lack of uniqueness, this platform has the 75th highest crypto marketcap at $148 million, indicating it is popular and important to know about if you are a cryptocurrency investor or trader.

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This is not advice.  Advice should be accepted by your chosen legal counsel only and financial advice should come from a licensed or certified financial professional. As always – do your homework and make decisions based on your own education.  Seek information and look into projects before adding to or diversifying your portfolios.