For those of you who haven't heard yet, Electroneum is the new kid on the block. They initially had their ICO back in September and launched in November of this year, however due to a cyber attack almost immediately after the Electroneum team raised over 40 million USD they decided to lock everything down and have a security consultation group make sure they were as secure as possible.
They just finished their official relaunch a couple days ago. Speaking from first hand experience, The relaunch was rocky to say the least with many people not even being able to access their accounts till much later in the day due to heavy server load, but to their credit, the Electroneum team is just 12 people and 2 consultants. Pretty impressive stuff.
Now that the platform appears to be stabilizing itself, I feel now is the best time for my fellow Steemians to hop on board! Here's 5 reasons you should already be on the Electroneum blockchain..
#1 - The First Mobile Cryptocurrency
Okay, this alone is more than enough of a reason to get on board this train quickly. Even if Electroneum's price doesn't immediately skyrocket, the fact they are the first currency to reach mobile AND allow for mobile mining is the definition of groundbreaking. Most of us spend our days with our head buried in our phones as it is, which brings electroneum's potential market reach up to 2.2 billion smartphones worldwide that no one has yet to touch.
You obviously will still be able to mine from your computer, and the novelty of being able to mine from your phone may not be appealing to some veterans with massive mining rigs, but it is a great way to get a lot of heads turning quickly and really capitalize on those new to the mining world.
(TIP: The dev team is putting the finishing touches on their mobile miner and will be released in early January, however if you want to hop in on the mobile mining fun early, head over to the Play Store and download Electroneum Miner from EtnPooler.)
#2 - It's Moving...FAST.
On Electroneum's first day of live trading, over 40,000 transactions were processed on their systems ALONE. That excludes any 3rd parties or technical miners working on Command Line so realistically, that number could potentially be a lot higher. To put that in perspective, the already well established coin, Monero, the largest trading day since Monero's inception was a little under 11,000 transactions and Monero is currently trading at over $300 USD.
If you weren't impressed by that, then maybe this will impress you; as I write this Electroneum is only traded on one exchange, Cryptopia. In the first 36 hours over 45 million USD were traded on Cryptopia alone, a figure that eclipsed their entire ICO event by about 5 million dollars. Those are some hefty numbers to be putting up on day 1.
#3 - Already One Of The Largest Token Sales Of All Time
Boasting over 120,000 contributors to their ICO event and already over 400,000 registered users on the platform, Electroneum is already proving a lot of people believe in it. At relaunch they were at a little over 300,000 which means in the past 2 days, they've already expanded their user base by over a third!
I suspect that these numbers with a little viral marketing added could lead to Electroneum absolutely exploding with people interested in coin mining, but dont have the money, time or know-how to begin.
#4 - More Secure Than Bitcoin or Ethereum
Electroneum has a great way of keeping it's users hard earned coins safe. They've integrated an online and a offline (paper) wallet. If you are mining directly from the app or your phone, you could put your online wallet key in and have the deposits drop directly into your Electroneum app. Or if you want to make sure they are absolutely safe or if you are mining with a rig, it's probably better to make the deposits into your paper wallet.
The reason they are called paper wallets is because that exactly what they are, a piece of paper. When you set your offline wallet up you are given a PDF file to download. This has your PUBLIC Wallet key, and your PRIVATE Spend and View keys. What they are individually used for is pretty self explanatory from their names, the important part is they are virtually impossible to hack. To quote them directly:
If you imagine every grain of sand in the world as a lottery – the odds against someone gaining access to an Electroneum offline wallet is the same as them winning every single one of those lotteries AT THE SAME TIME.
Also, if you ever need to use any of your offline money, They've made it very simple to transfer your funds to your online account via the app.
#5 - They have a mobile game coming out that rewards you with ETN!
Okay call me a nerd or whatever you want, but I think this is just a flat out genius idea to get the public involved into Cryptocurrency in a fun, non-computer-sciency way. Lets face it, as much as some of us might enjoy the thrill of figuring our way through new technology or reading up on how to capitalize on the market, most people don't.
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STOPNice post, nice information, hopefully is written by you and not copy-pasted from somewhere else, you got yourself a new follower and an upvote.
Thank you @tesatro! Yes, this is an original article. These are just a few things I've found so far in my brief time with Electroneum that I thought were amazing and figured I'd share with the community. I'm glad you liked it! :)
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But does the mobile miner for Electroneum work yet? And do you know where to find details about the technical details of this blockchain?
@mike00632 No, the official Electroneum miner isn't out till January. Like I suggested in the article, there is an unofficial miner from etnpooler available on the play store that allows you to connect to different pools besides Electroneums official US pool. Any technical aspects of the coin or company themselves can be found on their official white paper.
Hope this helps!
Thanks. I was interested in what they wrote about their app. The mobile 'miner', instead of creating value that is processing transactions, the website says that "mobile miners bring the utility of viral marketing to Electroneum" and is thus rewarded with coins.