Electroneum is mobile cryptocurrency it mine on a electroneum mobile app available for android and iphone that targets the 2.2 billion smartphone users around the world via a mobile-focused blockchain solution with the explicit intention of capturing the mobile gaming and online gambling market. The initial token offering for Electroneum began on September 14, 2017, and will run through October 31, 2017.
Who’s Behind Electroneum?
Electroneum’s whitepaper describes the team as “an experienced team of software developers.” The team is led by Richard Ellis, who has 20+ years of experience running a digital agency called SiteWizard. In 2013, Ellis founded Retortal. As CEO of Retortal, Ellis offers social media marketing to various companies – including Fortune 500 companies like Herbalife and Avon. Retortal is valued at over $50 million USD today, and the software is used daily by hundreds of thousands of people.
The name of the currency and company, by the way, is derived from “the electron which all cryptocurrencies rely on.”
Electroneum reportedly started working on their own cryptocurrency back in August 2015. They used bitcoin’s open source code as the basis for the currency. The currency had no name for several months, but was eventually named Electron. By July, the company had officially formed under the name Electroneum Ltd. and started actively promoting their upcoming cryptocurrency.
How Does Electroneum Work?
Electroneum makes numerous mentions of it being a mobile-friendly currency. The creators of Electroneum recognize that most of the world has a mobile phone – and approximately 2 billion people own a smartphone. Electroneum is based on harnessing power from all smartphones to power the network. In addition, users can control all aspects of Electroneum from their mobile wallet.
Typically, cryptocurrencies are mined with specialist equipment – like PCs with multiple GPUs inside. Electroneum will allow users to mine the currency with the mobile app.
The company will begin by releasing their iOS and Android app on October 31, 2017, one day after the token sale concludes.
Another key feature of Electroneum is its accessibility. The whitepaper makes several mentions about how bitcoin’s numerous decimal places discourage widespread adoption. Let’s be honest: most bitcoiners are sick and tired of counting up the number of 0s when they’re asked to pay a fee like 0.0000416, or when they see a transaction fee like that. Electroneum plans to have two digits after the decimal (it has a 21 billion total supply of coins compared to bitcoin’s 21 million). That means you’ll see a price labeled as something like “21.39 Electroneum” instead of “0.089151 BTC”.
The developers of Electroneum claim to already have numerous working products and platforms in place. They plan to release all of these products immediately after the ICO crowdsale. The products will go live on October 31, one day after the crowdsale.
Products that have already been developed, finished, and tested include:
- The Electroneum blockchain
- An app-based wallet that allows someone to access Electroneum with zero technical skills or crypto experience
- App based mining system that allows non-technical people to gain Electroneum easily
- An offline wallet that allows for a completely secure, unhackable, offline wallet to be created
- A Windows wallet
- A Windows miner, where you can leave your PC mining for more coins at home or the office
- Mining pool software (Electroneum runs this software to make mining easier; the software is open source and allows users to develop their own pools)
- Blockchain explorer (used to verify payments and examine the blockchain in an open source way)
- Third party payment API used to allow third parties to accept Electroneum or pay in Electroneum
- The company claims these products give Electroneum a good foundation for launch. However, they plan to raise money through the ICO for an even more ambitious plan.
The Electroneum whitepaper outlines long-term goals for the cryptocurrency based on the amount raised. If Electroneum raises over $40 million, for example, then the company will introduce a whitelabeling system that allows other coins or ICOs to utilize the currency as a base while implementing their own branding.
The Electroneum Crowdsale
The Electroneum crowdsale begins on September 14. During the first week, you’ll be able to buy Electroneum at a 50% bonus rate. You’ll receive 150 coins for every $1 USD you contribute. By the last week of the sale (October 19 to 31, 2017), that rate will drop to $1 USD per 100 coins. Click here to participate
A total of 6.3 billion Electroneum coins will be available during the crowdsale. You can participate using Ethereum, bitcoin, or bank transfer.
You can see below total token sales statistics and people still buying it
Electroneum is a cryptocurrency built on the original bitcoin blockchain. The company claims to have already developed a wide range of technical products – including a mining system that can be run from your PC or smartphone to generate currency from your unused processing power.
The Electroneum ICO is taking place throughout September and October. You may want to wait for more technical details about the project to appear online, or proof that any of the products have already been developed. However, if you don’t mind the risk, you can gain bonuses of up to 50% by participating in the Electroneum token sale early.
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