Electroneum

Electroneum (ETN): A Comprehensive Guide to the Mobile-Focused Cryptocurrency

What is Electroneum (ETN)?

Electroneum (ETN) is a mobile-focused cryptocurrency that was launched in 2017 with the primary goal of bringing cryptocurrency to the masses through smartphones. As one of the first cryptocurrencies designed specifically for mobile users, Electroneum (ETN) aims to provide a simple, accessible digital payment solution for the unbanked and underbanked population worldwide. ETN distinguishes itself through its user-friendly mobile mining experience and focus on micropayments in developing economies.

How Does Electroneum (ETN) Work?

Electroneum (ETN) initially launched as a Monero-based cryptocurrency, utilizing a modified version of the CryptoNote protocol. However, in 2019, ETN transitioned from a proof-of-work (PoW) consensus mechanism to its proprietary Moderated Blockchain powered by its unique Proof of Responsibility (PoR) protocol. This transition was made to increase security, reduce environmental impact, and enable faster transactions.

The ETN blockchain features:

• A permissioned blockchain with trusted validator nodes
• Two-minute block times for efficient processing
• Enhanced security against 51% attacks
• Reduced energy consumption compared to traditional PoW systems

Electroneum (ETN) Mining and Staking

With Electroneum's shift to the Proof of Responsibility consensus mechanism, traditional mining of ETN is no longer available. Instead, Electroneum implemented these systems:

Mobile "Mining"

Electroneum (ETN) offers a simulated mining experience through its mobile app, which is more accurately described as a rewards system rather than actual mining. Users receive small amounts of ETN for engaging with the app, essentially acting as a distribution method rather than true cryptographic mining. This approach allows smartphone users worldwide to earn ETN without specialized equipment or technical knowledge.

Proof of Responsibility (Instead of Staking)

Unlike traditional staking cryptocurrencies, Electroneum (ETN) uses a Proof of Responsibility system where block validation is performed by a limited number of approved organizations rather than allowing public staking. These validators are typically NGOs and nonprofit organizations that use the block rewards for humanitarian causes. This approach combines corporate social responsibility with blockchain validation, aligning with ETN's mission of positive global impact.

What is Electroneum (ETN) Used For?

Electroneum (ETN) serves several key purposes in its ecosystem:

• Mobile Payments: ETN is designed primarily as a payment method, facilitating quick and low-cost transactions through the Electroneum mobile app.
• Digital Services: Users can pay for mobile top-ups, utility bills, and other digital services using ETN in supported regions.
• Micropayments: The currency enables small-value transactions that would be impractical with traditional payment systems due to fees.
• Freelance Platform: ETN powers AnyTask, Electroneum's freelance marketplace that allows sellers to offer services without requiring a bank account.
• Merchant Payments: Businesses can accept ETN payments through the Electroneum payment system with minimal fees.

Electroneum (ETN) Initial Distribution and Launch

Electroneum (ETN) was launched through an Initial Coin Offering (ICO) that ran from September 14 to October 31, 2017. The ICO was notably successful, raising approximately $40 million from over 115,000 contributors. The distribution of ETN tokens was structured as follows:

• Total Supply: 21 billion ETN tokens were created at launch
• ICO Distribution: Approximately 6.3 billion ETN tokens were sold during the ICO
• Team Allocation: A portion was reserved for the development team, with vesting periods
• Marketing and Development: Funds were allocated for ongoing development and marketing
• Community Initiatives: A percentage was reserved for community growth and user acquisition

Additional Key Features of Electroneum (ETN)

Electroneum (ETN) has several distinctive features worth noting:

• KYC Compliance: Electroneum was one of the first cryptocurrencies to implement full KYC (Know Your Customer) procedures, making it more appealing to regulatory bodies.
• Instant Payments: The ETN Instant Payment system allows for quick merchant settlements.
• AnyTask Platform: This freelance marketplace allows users to sell digital services and receive payment in ETN without requiring a bank account.
• Corporate Social Responsibility: Through its validator program, Electroneum directs mining rewards to charitable organizations.

Trading Electroneum (ETN) with Cryptohopper

Investors and traders interested in Electroneum (ETN) can easily trade this cryptocurrency on various exchanges using Cryptohopper's automated trading bot. Cryptohopper provides a convenient way to implement trading strategies for ETN without needing to monitor the markets 24/7. Whether you're looking to accumulate ETN for long-term holding or capitalize on market fluctuations, Cryptohopper's platform offers tools to optimize your trading experience across any exchange where ETN is listed.

Electroneum (ETN) Future Developments

Electroneum continues to evolve its ecosystem with ongoing developments focused on expanding real-world utility and adoption in developing markets. The project maintains its mission of providing financial inclusion through simple mobile cryptocurrency solutions, particularly targeting regions with limited banking infrastructure but high smartphone penetration.