We are pleased to announce the listing of the new token Electroneum (ETN) in our BTC and ETH markets on 10th June 2020. Deposits will begin at 6 PM IST (2.30 PM CEST) and trading will go live on 10th June 2020, 6PM IST (2.30 PM CEST).
Electroneum is a British cryptocurrency project which has been under radar of cryptocurrency investors since its IPO in September 2017. The company raised $40 million in its ICO. Electroneum is built on its own unique blockchain and aims to dominate the mobile market. It started with targeting mobile gaming and online gambling markets with a user-friendly cryptocurrency, wallet management and coin mining all possible on a mobile app. This means the app is capable of becoming an easy and secure way of making instant transactions from your phone – from buying mobile games, to sending money to friends, to betting on live sports.
Electroneum is built off the Monero codebase. Hence, Electroneum retains some of the built-in privacy features from the Monero’s blockchain. Electroneum uses stealth address which is a one-time public key that “prevents recipient’s funds from being linked with their wallet. That address can be audited by a 3rd party to prove the transaction occurred (with the sender sharing their public view key). The recipient gets their funds through their wallet’s private view key which scans the blockchain. Once detected and retrieved by the wallet, a single-use private key is created (corresponding with senders public key). The recipient can now spend those funds using their private spend key. The transaction occurs without the sender, recipient, nor the amount transacted linked to each, similar to Monero.
Due to no traffic congestions, the transactions are fast and dynamic. The vast majority of transactions have less than 0.2 ETN in total fees. The new blocks are added every minute unlike every 12 minutes in Bitcoin. The Electroneum codebase tries to avoid powerful ASICs having a huge advantage over CPU miners. The mining utilizes a memory bound algorithm to try and encourage CPU mining, giving average users easy access to ETN.
Electroneum’s app is already available both for Android and iOS. The app provides access to a digital wallet and the ability to send and receive ETN. For extra security, you also have the option to create offline paper wallets (paper wallets are more secure). The app incentivizes you to share your knowledge of Electroneum with the world. Anyone who invites five friends to join the app is entered into a contest to win 5000 ETN. T
Mobile Mining is the craziest USP of Electroneum’s ecosystem. The app will allow your phone’s CPU to engage in simulated mining. This doesn’t cause your phone to heat up or lose significant battery life. The mining also uses a negligible amount of your internet data. Though your mobile mining won’t actually help confirm new blocks on the blockchain, you’ll still receive rewards.
With the launch of Electroneum’s Instant Payments System in September 2018, users can now make transactions between one another and get instant payment confirmation. No need to wait for blockchain confirmations.
Like other blockchain protocols when a buyer sends ETN to a seller for goods or services, Electroneum checks to make sure the buyer has the required funds available, reserves the funds so it can’t be spent again, and then gives instant confirmation to both parties that the transaction can be concluded.
Electroneum has also increased its palatability to the average consumer by capping the total number of coins at 21 billion, 1000 times that of Bitcoin. The core 12 person team also reserved 20 million ETN for funding purposes. There’s a circulating supply almost 8.5 billion ETN that will eventually reach a maximum supply of 21 billion ETN through rewards to the miners.
TEAM AND PARTNERSHIPS
The team based in Kent, is led by Richard Ells, the co-founder of SiteWizard and Retortal.com. James Atkinson is the head of the Electroneum Development Team with over 10 years of experience. He’s leading the charge on the Electroneum App. The Electroneum team actively seeks out partnerships to further spread ETN. They’ve partnered with XIUS, a telecommunication payment giant to promote the use of their mobile mining app as a way to offset the costs of owning a smartphone. They also partnered with BMedia, a Japanese based social media and e-commerce company.