Electroneum: Mainstreaming Cryptocurrency Mobile Payments
Electroneum is a mobile-based payment platform that claims to be the first KYC compliant cryptocurrency. Accordingly, you can instantaneously pay for services using the platforms currency, ETN, and access common goods. In effect, Electroneum allows you to purchase everyday items and even transfer ETN to other persons using the Electroneum mobile application.
Cryptocurrency still faces a huge problem when it comes to access and reach. For all the attention such coins have gathered, it is somewhat underwhelming that less than two percent of the global population is meaningfully engaged. What could be an easy way to try and bridge this gap? You probably guessed it right: mobile phones.
It goes without saying that mobile phones are bridging access to financial services in general for billions across the world. Gone are the days of lack of access to financial services due to bureaucratic banking bottlenecks. Consequently, Electroneum is a platform that follows similar ideals.
Notably, Electroneum is a fork of the better known Monero cryptocurrency. This divergence is reflected in the aims. This coin will create mass adoption as an “enablement currency” through mobile applications and instant payment technology. Of particular interest is making inroads in the developing world.
- Mining and Algorithm
Electroneum mining is mostly in the form of mobile and cloud mining. Cloud mining means that the platforms cloud mining feature automatically generates coin. The coin is of Proof of Work (POW) coin and relies on the Cryptonight hash algorithm. Users receive monthly rewards of up-to $3 worth of ETN. Furthermore, Electroneum offers partners and retailers the opportunity to earn extra ETN via referral programs.
- Electroneum Wallet
The wallet based app is a defining feature. The Electroneum wallet provides a non-custodial means to store and process ETN. That said, the wallet guarantees ease of use that is typical for custodial wallets.
- Instant Payment Services
This feature is the hallmark of Electroneum. The platform has a lightning fast platform for digital payments. As a matter of fact, Electroneum is in the process of acquiring a patent for Instant Payment technology, making it ideal for everyday transactions.
- Regulatory Compliance
Cryptocurrency largely operates in the unregulated realm and regulators around the world have been slow and sometimes negative in their regulatory responses. This is because cryptocurrency has sometimes been used for illegal activities.
Nonetheless, coins like Electroneum seek to change this narrative. Accordingly, this platform has embraced KYC and AML verification to improve transparency. Governments can embrace cryptocurrency easier when they comply with regulations that apply to most other financial institutions. In that same vein, this coin seems to be an acceptable coin to governments worldwide.
This regulatory compliance can also enable ETN to partner with mobile network operators in these developing countries. This way, the vision of widest possible access to financial services is possible.
At the time of writing the price of an ETN token was $0.007. This is based on a circulating supply of 8.9 Billion ETN and a total of 21 Billion ETN. This is a far cry from the highs of just over $0.1 in January 2018. This down to among other reasons the bear market that devastated the cryptocurrency market last year.
Richard Ells is the head of the Electroneum development team. He has 20 years of experience in managing digital businesses which is an asset in this project. The project has set up shop in the UK, perhaps an attempt at establishing credibility, which is key to this project’s model of operation.
This project has a clear intention to spur the mass adoption of ETN. This is possible through the efficient use of point of sale transactions and reaching as many users as possible through the mobile app.
The Electroneum development team has leveraged success on mass adoption of the payment system. This model, if successful, will be a trailblazer for every other cryptocurrency to emulate. It is high time cryptocurrency became completely formalized. This is because virtual currency is currently a fringe phenomenon, especially in developing countries.
This coin has the potential to disrupt the payments industry a great deal. This is why the development team is highly optimistic that the project can achieve what Bitcoin and the rest failed in. It goes without saying that such bold ideas are easier said than done. How this Electroneum will withstand this test is the million dollar question.