Electroneum is a UK-based cryptocurrency consisting of around 50 employees. Launched in 2017 with a $40 million ICO, its platform aims to provide a mobile-first payment solution for the world’s unbanked population, which to this day accounts for more than 1 billion people worldwide.
Whilst the Electroneum app enables anyone to hold and transfer value in ETN instantly across the world at very little cost (a fraction of a US cent), it’s their complementary platforms that have reportedly led the company to acquire 4+ million users worldwide.
Thousands of users are reportedly benefitting from ETN by selling their services on AnyTask.com – a freelance marketplace launched by Electroneum in 2020. The platform allows freelancers to sell their services for free and without incurring costs on their earnings, which are delivered instantly in ETN following the approval of their work.
ETNDonate.com is another solution launched by Electroneum in 2020, which aims to make it easier for charities to promote themselves for free. They receive international donations in ETN at zero cost and are able to move those donations anywhere in the world quickly, ensuring they go to the right place without incurring cross border transfer fees.
From a regulatory standpoint, Electroneum voluntarily introduced KYC and AML compliance procedures in 2018 ahead of the European 5th Anti-Money Laundering Directive, ensuring all new users are onboarded accordingly and that Electroneum operates within guidelines set out by the 5th EU AML directive (and as subsequently enshrined in the laws of England & Wales).
What Can Electroneum (ETN) be Used For?
Users can spend their ETN from within the Electroneum app on a growing number of everyday essentials, including electricity and mobile airtime and data. These services have already been used thousands of times and Electroneum has pledged to continue adding more services just like this. Businesses can also begin accepting ETN via the app, or via the growing list of API integrations. For a full list of where you can spend ETN, visit the official Electroneum store directory - ETNEverywhere.com.
Can You Mine Electroneum (ETN)?
No, the Electroneum blockchain is a permissioned network. In 2019, Electroneum responded to corporate demand by moving to an in-house designed protocol called Proof of Responsibility (PoR). Compared with Proof of Work (PoW), this brought with it a host of benefits, including greater security, a massive reduction in energy consumption, and a redirection of ETN block rewards to educational initiatives.
How Does Electroneum (ETN) Work?
Electroneum’s blockchain consists of a monitoring layer that evaluates the network for security breach attempts. This layer provides Electroneum with a minimal, but sufficient level of interference to secure the network against a double-spend or 51% attack. If hackers were to breach the security of a permissioned validator, the moderating layer would immediately detect the breach and rescind the rights of that miner.
What is an Electroneum (ETN) Halving?
In July 2020, Electroneum pledged to keep ETN’s inflation rate to less than 2%. With that in mind, they implemented a series of halving events, the first of which took place in July 2020 and will continue every four years until 2032. After the 2032 halving, no more block reward reductions are planned until the maximum supply of 21 billion ETN is reached. Once this point is reached, the block reward gets reduced from 50 ETN to 25 ETN per block.
How Do You Buy Electroneum (ETN)?
You can buy ETN on any exchange that offers the token. For the full list of exchanges and trading pairs, please click on the market pairs tab above or visit Electroneum.com. Remember to do your own research before choosing an exchange.
How Do You Store Electroneum (ETN)?
Whilst you can store ETN on an exchange, the team always recommends using a wallet. You can store ETN within the Electroneum app, or for greater security, you can store your ETN on a paper wallet, which is downloadable at Electroneum.com. Ledger support is also coming in 2020 for ETN, so be sure to sign up for our updates at the Electroneum Newsroom.