Electroneum (ETN) is a mobile-phone-based cryptocurrency platform that offers instant payment solutions. Launched in September 2017 after completing a $40 million Initial Coin Offering (ICO), Electroneum was among the first U.K.-based cryptocurrencies. The project's primary focus is to provide quick and secure crypto transactions with minimal fees, particularly targeting the unbanked population, which represents a significant portion of the world's population.
The key features and aspects of Electroneum include:
Instant Payments: Electroneum aims to facilitate quick and cost-effective cryptocurrency transactions, especially for individuals with access to smartphones but limited access to traditional banking services.
Mobile Mining: In March 2018, Electroneum introduced the first Android mobile mining application, allowing users to mine ETN coins using the processing power of their smartphones.
Migration and Proof-of-Responsibility (PoR): In Q2 of 2019, Electroneum migrated from the Monero blockchain to its own blockchain based on the Proof-of-Responsibility (PoR) algorithm. PoR involves selecting and authenticating validators to prevent centralized control over the network and ensure sustainability.
Limited Coin Supply: The total supply of Electroneum coins is capped at 21 billion ETN, with approximately 10.2 billion ETN currently in circulation.
Unique Approach to Mining: Electroneum has innovatively removed the need for expensive, power-intensive mining devices by introducing mobile mining and focusing on eco-friendly mining practices.
Exchange Availability: Electroneum (ETN) can be traded on various online exchanges, including Huobi Global, KuCoin, BiKi, HitBTC, and Liquid.
Overall, Electroneum stands out for its focus on providing accessible and affordable cryptocurrency solutions through mobile devices, its innovative approach to mining, and its commitment to sustainability through the Proof-of-Responsibility algorithm.
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