Electroneum, like other cryptocurrencies, is a digital coin which is using blockchain technology. The network was created for the purpose of making instant payments between users and sellers of goods and services. The mobile platform is under development but it has a wide range of features. The main purpose of ETN cryptocurrency functioning lies in the simplicity of use and availability for a wide range of users. The project development is focused on the use of smartphones and mobile applications, in the frame of which everyone can mine digital coins and invest them at his own discretion. Electroneum price heavily depends on its history and development of cryptocurrency approaches.
The history of the project is interesting, though it is not long. The creators of the project can hardly be called pioneers in the world of cryptocurrencies because the founder of Electroneum first encountered crypto-only in early 2015. He invested in his first Bitcoin, and like any businessman who follows innovative technologies, he realized where this “gold mine” is. After buying Bitcoin, Richard Ellis (this is the name of the founder of this project) began to urgently assemble a team to develop his own cryptocurrency. At that moment, digital assets began to gain great popularity, so developers began to think about which niche to occupy. Almost everyone uses smartphones today and by September 2016, it was decided that the main goal of the cryptocurrency would be complete mobile ubiquity. Initially, the currency was named Electron, but just before its release, or rather before the ICO, the founder discovered that such a currency already exists. Therefore, it was quickly renamed to Electroneum. The ICO was launched in September 2017 and its completion was scheduled by November 1st. But the hardcup of $ 40 million was achieved by October 20, 2017, so the token sale was closed.
Shortly after launching, a DDoS attack was carried out on the system, which for a short time blocked users’ access to the wallets. A similar factor called into question the security of the network, so the developers apologized and took measures to prevent a repeat of this situation.
Everyone who has installed the corresponding application on their smartphone gets the opportunity to make payments in ETN cryptocurrency. Electroneum currently supports both Android and IOS and it is the first UK cryptocurrency. Electroneum cryptocurrency is capped at 21 billion coins. A distinctive feature of the ETN cryptocurrency lies also in the use of only two decimal places. The conducted research showed that the digital variant as 0.99 is perceived better by users than 0.02719103. The developers highlighted this aspect as another opportunity to simplify the use of digital money for users` comprehension, reducing the designation to a sample of the usual fiat currencies. In fact, Electroneum app is also a multi-currency crypto wallet, which is very convenient.
But the main feature of the application lies in the ability to get ETN coins for free. Just for registration and a quick confirmation that you are not a bot you will be credited with 25 ETN. After turning on cloud mining you get a certain amount of ETN every minute for 7 days. The amount of remuneration depends on the exchange rate and it is approximately equal to $ 3 per month.
Electroneum is a young and very profitable cryptocurrency for mining, created on the CryptoNight algorithm. The Electroneum system is a real novelty in the world of cryptocurrencies, as it will become a close concept for any person, and especially for those who are far from the world of blockchain and decentralized technologies. Very few people are actually willing to spend time and resources to deal with miners, equipment, its configuration, transfer of personal data to third-party sites, and also ensuring security. All these questions are solved by Electroneum. The platform simplifies the use of cryptocurrency as much as possible, while at the same time using a secure and reliable protocol that has all the advantages of Bitcoin and is devoid of its own shortcomings. All transactions with ETN coin are fast and anonymous. Anyone who knows the address of your Bitcoin wallet can find out how much money you have and where it came from. This has been fixed with Electroneum, the transaction history is closed, which means that the account status is also closed. At the same time, public hashes of operations remain open for verification by nodes. Electroneum has its own unique blockchain, which does not allow mining cryptocurrency with video cards and even with ASIC devices. Mining of such digital money is carried out using a special mobile application.
Electroneum range of use
The developers distinguish two main areas of application for digital money data:
- Game industry;
- Gambling business.
Gaming industry statistics show that mobile games are losing up to 80% of gamers two months after launching. Multi-user projects reach the same indicator after just a month. The principle is quite simple:
- almost every mobile or multiplayer game has an internal currency, sometimes even several, and the more difficult it is obtained, the more it is appreciated by the players;
- having achieved certain results and losing interest in it, the player actually throws all his capital, moving on to new projects;
- Electroneum platform offers the creation of a linker, i.e. a kind of game money exchange, where each user can sell and buy game currency.
For a user, this aspect becomes an excellent opportunity to save the accumulated funds and withdraw them to another game or real money. Time spent in games is not wasted for nothing, creating a prospect of earning.
For game owners, Electroneum features become a tool for additional retention of the users. Having an opportunity to earn a rare game currency and sell it, a player will remain in the system at least for the sake of earning money.
Electroneum developers also pay attention to the functioning of the black markets for game money. Game owners do not receive profit from them, and the game features suffer significantly due to distortions created by the unauthorized infusion of game money. The players themselves are largely at risk by spending their money and transferring personal banking data to third parties. Electroneum platform will help mitigate these risks by creating a legal market that developers can target and benefit from commissions. The blockchain network is built in such a way that it reliably protects users’ wallets from hacking. The user gets an opportunity to accumulate digital money through mining, as well as create many wallets to work with various gambling services, without risking all funds at once.
Electroneum price and predictions
As of September 24, 2020, Electroneum cryptocurrency has a capitalization of $ 48,323,895.72 or 4,677.32 BTC and ranks #145 in the cryptocurrency rating by capitalization.
#1 John McAfee
John McAfee is a famous influencer in the cryptocurrency market tweeted about Electroneum (see screenshot below), that he expected the coin to rise due to its ease of use, confidentiality, and support by the wide public community.
Wallet Investor Forecast System considers ETN as a perspective1 year investment. Because of the low market cap, ETN price is subject to noticeable manipulations. ETN can bring a good return. As of September 25, 2020 Electroneum price equals $0.00499 and in 2025 it is expected at the point of $0.0195.
Since ETN hasn’t shown any outstanding results lately, Cryptogeek does not expect any substantial price growth towards the end of 2020 is around $ 0.001.
Post-pandemic years can boost the crypto economy. If the ETN team is successful and skillful enough to maintain the asset’s presence in the information zone, big crowds affected by the financial impact of COVID-19 may like this foolproof asset, which is suitable for small and fast transactions. In Cryptogeek`s opinion in the case of a positive scenario ETN price will be back to $ 0.005 by 2023.
It is not easy to see which trend will be relevant for Electroneum and the entire global financial practice in 2025. Electroneum price can rise significantly in such an environment because its ecosystem can remain more human-friendly compared with banks and other official monetary institutions. Cryptogeek bullish Electroneum price prediction is that 1 ETN will be worth $ 1.
Most cryptocurrencies are difficult for ordinary people to comprehend. Users do not want to delve into technical details, deal with gas in Ethereum, store keys to wallets, and count 18 decimal places. Therefore, minor simplifications in the Electroneum network seem insignificant only at first glance, but in fact, they make a great contribution to the popularization of cryptocurrencies among ordinary people. The advent of a mobile wallet that you can always take with you should increase trust.
The market value of the ETN cryptocurrency shows an upward trend, despite the presence of inevitable corrections. But at the moment there is no strong excitement around the project. The mining application was downloaded by just over 2.5 million people and this is a drop in the ocean. Therefore, if you decide to make money by investing in crypto, now is not the best time to invest.
It is wiser to take the position of an observer and see how events unfold. Taking into account a well-developed action plan, a prepared and qualified team of specialists, a successful ICO, as well as the current success of the project, with all the attendant risks analysts confirm the potential for profitable long-term investment.
With Godex.io you can make a quick purchase of the ETN coin along with more than 200 altcoins anonymously and without any exchange limits. Godex.io keeps the reputation of a reliable exchange service among crypto traders protecting the clients from high risks related to market fluctuations and providing the fixed rates for making their transactions.
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