Following the event of CoinNewsExtra’s interview with the Founder of Electroneum, Richard Ells, an Ask Me Anything (AMA) session was held for its community and it was done by Xterest from Reddit.
Eight topics were gathered from Electroneum’s community, each one, addressing major concerns of Electroneum. Below is a summary of the questions and excerpts answers from the Ask Me Anything (AMA) Session.
Question 1: What is the status of AnyTask? Is it still in line with Q1 of 2020 release date?
Yes, AnyTask is still on track to launch in Q1 of 2020. On November 18 2019 was when Electroneum planned to go out of Alpha mode to Beta. So far, only developers have seen the Alpha.
In the Beta test, they created a Zendesk form for submitting reports, bugs, complaints or suggestions. The Beta testing went live at 9 o’clock on November 18 and it was carried out by staff and people from other tech companies that are not related to Electroneum. So far, Electroneum has received 178 suggestions from Zendesk, excluding bugs.
The group of people that tested the Beta version were entirely new to the interface. They had no prior usage of the app. After the community members will test the app, the result will however, be deleted from the database.
AnyTask will be given to the HackerOne community, a vulnerability coordination and bug bounty platform that connects business with penetration testers and cybersecurity researchers, for penetration testing.
The major standpoint for the app is the low transaction fee cost. Alternatively, there will be a little service fee charge the buyer will pay when using the app. The fee is for the product to not be a cost.
To the dismay of the community, ETN or any other cryptocurrency will not be used to carry out transactions on AnyTask due to strict regulations. Rather, fiat currency will be accepted to boost the Electroneum ecosystem as it will be used to buy ETN from holders and recycled back to the market.
Question 2: Expanding to more countries by the end of the year?
Yes, as speculated, Electroneum will be expanding to 20 countries b y the end of the year. To establish in countries took longer time because there weren’t any working structure at that time to bring on NGO’s. But with NGO’s in place, it is easier to go into more countries.
As at the time of the AMA, Electroneum has gone live in Tanzania, Uganda and Nigeria “with so many users in Nigeria,, it is an exciting space for us. Of all African countries we have gone in to, Nigeria is going to be a better version of our work in Brazil of South America. Electroneum won’t go into any country except it is good for the project, for mass adoption, for solving a real problem.
Question 3: Are there still enhancements and improvements on the Instanstant Payment System or is it fully live?
The IPS will work like the normal way of using fiat currency to purchase goods in a store, but it will be different, better and faster and will not need a consensus to move cash from one wallet to another. “Electroneum is 99.9% faster than other cryptocurrencies out there.”
Question 4: According to your Roadmap, what is your mass marketing like?
Electroneum will start building relationships with crypto exchanges and making more deals with utility companies. Over the past year, they’ve spent up to $150-200k in the background doing digital marketing – making sure they enter the market when they are supposed to.
“It will be easy getting 30 million holders of ETN, but it won’t be sustainable if they aren’t active, because the ecosystem has to work.” The marketing is all about sustainability and right now, Electroneum has groups on ground working on how to gain users trust and reward merchants.
Question 5: Ledger Support
Developers are working on ledger integration for Electroneum. It requires low-level mathematics to scale through and not every C++ programmer can perform the integration. “Our ledger integration is a technical piece to undertake” says Richard.
Question 6: What is the statistics of airtime top-up in countries that Electroneum have launched?
In September, when Electroneum went live in Brazil, they did a total of $28k worth of airtime top-up and got the people exposed to cryptocurrency. Brazil is a really good use-case for Electroneum because the demand is high for AnyTask, which, when installed, will increase the number of top-ups per month. With the expected launch of AnyTask, more people will start joining the digital economy, and it will bring faster growth.
Question 7 – Are the deals with major corporations and companies still active?
All the deals are still active. The challenge with the deals is that big companies are not willing to bput themselves at risk with inclusion of ETN or any cryptocurrency. Major factors that hinder the monster deals are legal/regulatory. The NGO model is a really good start to push cryptocurrency adoption in countries that want the best for their citizens. Hopefully, the monster deals will come through in 2020.
Q8 – New Exchanges
Electroneum are currently in talks with many cryptocurrency exchanges. They had a squabble with Binance when they requested to be listed on Binance Exchange through public voting. According to Binance, Electroneum had an overnight growth lead on their voting platform and they got kicked out because Binance assumed the voting was fake.
When projects are not built on ERC-20, they do not get listed on most crypto exchanges. Binance for instance, will require that any project that wants a listing on its exchange should be moved to Binance DEX and Electroneum will not do that for the sake of their community. There are many exchanges that lists projects with real use-cases. “When the likes of Kraken, Binance, Coinbase and others see that Electroneum is actually solving real world problem, they’ll be delighted to list ETN.”
Richard Ells did not exactly give a price prediction, but he did say that Electroneum will be adopted by many because they are solving so many world problems.