Electroneum is a cryptocurrency that launched via an Initial Coin Offering (ICO). Developed to be used in the mobile gaming and online gambling markets, it will be the most user-friendly cryptocurrency in the world with wallet management and coin mining all possible on a mobile app.
Richard Ells, the CEO of Electroneum was in an exclusive interview with CoinNewsExtra, and he hinted at the plans Electroneum are making, and the milestones they have achieved. He pointed out that airtime top-up can be done using Electroneum’s native coin, (ETN), and how it has simplified the method of payments processing.
Who Is Richard Ells?
Richard Ells is a founder of Electroneum; the world’s fastest growing cryptocurrency. Owner of two other successful digital businesses; SiteWizard (digital agency) and Retortal (social media scheduler)
What Is Electroneum?
Electroneum is a blockchain-based payment platform designed specifically for use on mobile devices like smartphones. It’s claimed to be the first Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) compliant cryptocurrency. ETN, Electroneum’s native crypto, is virtually mined using mobile devices.
What Electroneum Really Is!!
Unlike any other blockchain, Electroneum network is run by Non-Governmental Organisations (NGOs) who benefit from their work by using the ETN they receive in block rewards to enhance their own charitable initiatives.
They are using the power of blockchain to unlock the global digital economy for millions of people in the developing world. Helping everyone to live life on their own terms, their solution is enabling people to embrace their entrepreneurial spirit and find new ways to enhance their lives.
Get Paid by Your Smartphone
Early this year, Electroneum launched its smartphone that “pays you back”.
With phones costing $1000 or more, Electroneum introduced an affordable Android phone Electroneum.M1, designed for people in developing regions. With the features they REALLY need. Most importantly, M1 features Cloud Mining out of the box, making it the only phone that pays you back!
A more responsible blockchain
Electroneum is the only cryptocurrency worldwide whose network is run by Non-Governmental Organisations (NGOs). NGOs run the validator nodes and receive the block rewards for maintaining the blockchain. We call this new protocol Proof Of Responsibility (PoR).
Prior to the launch of PoR, the Electroneum team handpicked several NGOs with verified track records of helping people in developing countries who are living in very vulnerable conditions. These NGOs are now using their ETN block rewards to enhance their charitable initiatives, helping families break the cycle of poverty and build a more prosperous future.
A Greener Blockchain
Electroneum blockchain is the greenest of any cryptocurrency, having removed Proof of Work. Even with tens of thousands of transactions per day our network’s energy requirements is only that of a single light bulb. This is vastly different to the majority of blockchains in existence today, some of which require equivalent energy to that of an entire country! This advancement sets a new standard for blockchains worldwide.
A safer blockchain
In 2019, Electroneum proudly announced that their network has become one of the safest cryptocurrencies in the world. ETN is no longer susceptible to a 51% attack – a major threat for the majority of cryptocurrencies in existence today.
This was achieved with a radical blockchain update that has added a moderation layer that remains dormant all the while the network is running smoothly, however, in the case of a possible attack, the layer will determine where the attack is originating from and shut down the compromised attackers.
Also, validators (miners) can no longer mine consecutive blocks, providing yet another security enhancement.
Electroneum in Africa
Being the world’s leading mobile cryptocurrency, it was natural for Electroneum’s first official use case to benefit mobile usage in Africa. In 2019, the region became the first to receive ETN Mobile Top Up; a new feature that enables users to pay for airtime and data with ETN via the Electroneum app.
Following thousands of successful top ups, the launch in South Africa provided Electroneum with a successful use case that enabled them to forge several partnerships with global third party mobile airtime and data providers, who in turn has enabled further expansion of the top up feature to all major mobile operators across Nigeria, Tanzania and Uganda.
More than 300 million people now have the ability to top up their mobile phone airtime and data with ETN. Countries like Tanzania, Nigeria, Uganda and South Africa have signed up to the mobile top-up provided by Electroneum.
Servicing the Unbanked
Mobile top up is just the first of ETN’s use cases in the region. Electroneum is aiming to provide millions of people across Africa with greater access to the global digital economy, from enabling digital payments to providing them with new ways to earn online.
With more than 100,000 users across Africa, Electroneum has already influenced a large portion of the population to consider cryptocurrency as an alternative to digital banking.
From monthly ETN rewards to earning ETN online with AnyTasks and TaskSchool, the global digital economy is now within reach of people previously restricted by their surroundings. Electroneum’s goal in Africa is to equip new generations of people with the tools they need in building a more prosperous future.