Electroneum is a Layer 1 EVM-compatible blockchain, catering to 4+ million users worldwide. The network boasts transaction speeds of just 5 seconds with instant finality and potentially the lowest smart contract fees available. Powered by the IBFT consensus mechanism and supported by known validators (targeting universities and Web3 infrastructure companies), the network is incredibly fast, secure and energy efficient. ETN provides the backbone for AnyTask.com a successful freelance platform in the crypto space.
Electroneum (ETN) works as a mobile-first cryptocurrency designed to make transactions easy, particularly for people without access to banking. You can use Electroneum via its mobile app, which acts as a wallet and allows you to send and receive ETN, pay for services like mobile airtime and utilities, and buy products in over 140 countries.
ETN uses a consensus mechanism called Proof of Responsibility (PoR). In this system, only approved nodes (run by trusted organizations) can process transactions, which helps secure the network. Additionally, Electroneum offers a mobile mining feature, where you simulate mining through the app to earn small amounts of ETN. This encourages user engagement without draining your phone’s battery or data.
Electroneum (ETN) was founded in 2017 by Richard Ells, a British entrepreneur with experience in digital companies like Retortal and SiteWizard. The project was launched after a successful Initial Coin Offering (ICO), raising $40 million. The official launch of the platform took place on October 31, 2017.
The project has expanded to include platforms like AnyTask.com, a freelance marketplace where users can earn ETN for completing digital tasks. The roadmap includes ongoing efforts to integrate ETN into everyday transactions and improve accessibility in developing regions.
Electroneum (ETN) is primarily used for mobile-based payments and transfers. It enables users to send and receive money quickly and at a very low cost, making it ideal for cross-border transactions. ETN is widely used in countries where traditional banking services are limited. You can use ETN to pay for services like mobile airtime, data, and utility bills in over 190 countries.
Additionally, Electroneum powers the AnyTask platform, a freelance marketplace where users can earn ETN by completing digital tasks without needing a bank account. This gives people, especially the unbanked, access to the global digital economy.
You can also trade Electroneum against other cryptocurrencies on the KuCoin Spot Market to make the most of changing market conditions. After you DYOR, you can buy, sell, or HODL $ETN in your portfolio based on your investment goals and risk tolerance.
Electroneum (ETN) has a capped total supply of 21 billion tokens. The tokenomics of Electroneum support its mission of financial inclusion, with the network using the IBFT consensus mechanism for fast, secure, and energy-efficient transactions. Validators, such as universities and NGOs, maintain the network’s security and support charitable initiatives through rewards from mining.
Period | Change | Change (%) |
---|---|---|
Today | $-0.000084 | -4.09% |
7 Days | $-0.000056 | -2.75% |
30 Days | $-0.000229 | -10.50% |
3 Months | $-0.000054 | -2.65% |
Investing in Electroneum (ETN) offers several potential advantages:
1. Accessibility for Unbanked Populations: ETN focuses on providing financial inclusion for the unbanked, offering an easy way to perform transactions globally using just a mobile phone. This creates opportunities for millions of people to participate in the digital economy.
2. Low-Cost, Fast Transactions: Electroneum provides fast, secure transactions with very low fees. You can send money across borders quickly, making it ideal for global remittances.
3. Mobile Mining: With Electroneum’s app, users can earn ETN through a simplified mobile mining process. This makes it easy for everyday people to accumulate ETN without expensive equipment.
4. Real-World Utility: You can use ETN to pay for everyday essentials such as mobile data, electricity, food, and transportation in over 190 countries. The AnyTask platform also allows freelancers to earn ETN for digital tasks without needing a bank account.
5. Growing Ecosystem: Electroneum continues to form partnerships and expand its utility, including integration with telecom and e-commerce platforms, making it more widely accepted and used.
Several factors influence the ETN price prediction:
1. Adoption and Utility: ETN's real-world usage, particularly in over 190 countries for services like mobile top-ups, electricity payments, and through platforms like AnyTask for freelancers, directly impacts demand and the Electroneum price. The more it's adopted for everyday transactions, the higher the demand, potentially driving up the ETN price.
2. Market Sentiment: Like other cryptocurrencies, the overall market sentiment around blockchain and crypto trading affects the ETN to USD price. Positive news, such as new partnerships or developments, can boost prices, while negative market sentiment can lead to drops in the $ETN price.
3. Supply and Circulation: With a maximum supply of 21 billion ETN and about 85% already in circulation, the token's scarcity as it reaches its cap can also play a role in ETN crypto price fluctuations. Higher demand with limited supply can drive ETN token price up over time.
4. Technological Updates: Electroneum’s frequent updates, such as the "Aurelius" blockchain upgrade and its move to an EVM-compatible Layer 1 blockchain, can positively influence the ETN coin price by enhancing speed, security, and scalability.
5. Global Economic Factors: Broader economic conditions, including regulatory developments or macroeconomic events affecting the crypto market, can influence ETN’s value.
To mine Electroneum (ETN), you have two main options: using mobile cloud mining or setting up a more advanced mining rig with ASIC hardware.
i. Download the Electroneum app from Google Play or the App Store.
ii. Sign up for an account and activate the cloud mining feature within the app.
iii. Once activated, you can mine ETN without needing to keep the app open. However, you need to check in at least once a week to keep the mining going. This method is simple and doesn't drain your phone's battery or data heavily.
i. For more advanced users, you can mine ETN using ASIC hardware like the Antminer X3 or Baikal Giant N. These devices are optimized for the CryptoNight algorithm that Electroneum uses.
ii. Connect your ASIC to a power supply and a stable internet connection.
iii. Join a mining pool (such as Spacepools or F2Pool) to increase your chances of earning consistent rewards.
iv. Once set up, configure your ASIC with the pool URL, your wallet address, and other required settings via the device’s web interface.
While mobile mining is more accessible for beginners, ASIC mining is recommended for those seeking higher returns but requires more investment in hardware and electricity.
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