Today's Electroneum price is $0.003796, which is up <1% over the last 24 hours. Electroneum's market cap is $37.83M. 24 hour ETN volume is $89,016. It has a market cap rank of 93 with a circulating supply of 9,966,254,679 and max supply of 21,000,000,000. Electroneum is traded on exchanges. Electroneum had an all-time high of $0.039585 almost 2 years ago. Over the last day, Electroneum has had 15% transparent volume.
Electroneum (ETN) is a cryptocurrency that fuels the mobile-based payment tool with the same name. It is aimed primarily on the unbanked people helping them gain access to instant transactions via mobile app. Also, it comes with the mobile mining feature and acts as a smartphone-based wallet. Electroneum users can store, send and receive digital funds without having to create a bank account, solely via a smartphone app. Cryptocurrencies may seem to be way too complex for those who have never used them before. Electroneum aims to bring this new technology further towards its mass adoption by offering its users a simple payment tool. In order to pay with ETN one does not require any specific technical knowledge. In fact, regular smartphone users can easily install the app and start mining ETN. The mobile app is available at iOS AppStore and Google Play Market. Electroneum conducted an ICO in autumn 2017, but unlike most other projects running at that time, it was based not on Ethereum’s blockchain but on the decentralized platform of its own creation from the very start. Electroneum utilizes the Cryptonote protocol which is also used by such popular privacy coins as Bytecoin and Monero. The enhanced security is one of its key advantages as it allows to hide transactions from public view via cryptographical means. Also, it helps Electroneum stay resistant to ASIC mining and makes it possible for end-users to obtain new coins with the help of mobile devices. The idea of giving users a possibility to obtain cryptocurrency using their smartphones is not new and there have been other similar projects before Electroneum. But since they used standard mining algorithms they all came with some side effects that affected users’ devices in a negative way. Phones got overheated, their performance dipped and batteries got quickly discharged. Electroneum has resolved these issues by implementing a centralized system to reward miners. This may scare off those who place decentralization at the center of the whole idea of cryptocurrencies. But the point is that it’s either centralization or low transaction speed and scalability issues. No solution has been invented yet that would resolve all these problems in a single blow. Electroneum claims that this is the only part of their system that is centralized and that the benefits it gives overweight all the negative effects. Also, one may argue that there are other projects such as Ripple with a fully centralized issuance model which doesn’t prevent them from successful cooperation with banks all over the world. Electroneum’s website states that its network is run by Non-Governmental Organisations (NGOs) that make use of block rewards they receive in order to enhance their own charitable initiatives. Also, the project claims that it utilizes the world’s first KYC/AML compliant cryptocurrency and that its decentralized approach makes it insusceptible to 51% attack. In addition, despite processing thousands of transactions on a daily basis, the network’s energy consumption is pretty low and is equivalent to that of a single light bulb. Richard Ells, the founder of the project, has two other successful IT projects behind his shoulders - a digital agency SiteWizard which he had been running for 16 years and a white label social media scheduler Retortal. Also, the project has a broad development and marketing teams with high-level specialists. The company is located in the UK. Not all has been smooth on Electroneum’s way, though. Right before the start of ICO, the project experienced a huge security breach with a lot of accounts hacked which had a negative impact on the token’s price. On November 1st, 2017, ETN price dropped from $0.23 to $0.06 in less than a day. Also, there had been many suspects and accusations of scam in the following months. There had been a special thread on Bitcointalk where the debated started in September 2017 and died down only in February 2019. There had been many scam projects in the blockchain industry, that’s true, but Electroneum is still more alive than most of them with many active users and several hundred thousand unique visitors per month (according to Similarweb).Read More