Electroneum Wiki ▷ What is ETN? Cryptocurrency & more!
In this guide we explain what ETN is, what the coin does and give our opinion on the project. We ask for caution before making cryptocurrency investments and recommend doing your own research.
What is Electroneum?
The Electroneum cryptocurrency is a digital asset, similar to Bitcoin. However, ETN was designed with the following ideas in mind:
· A cryptocurrency must be easy for people to understand.
· It has to be easy for people to use.
According to the Electroneum team, the main problem with current cryptocurrencies is that they are too difficult for most people to understand. This results in fewer people using them. ETN aims to solve all of these problems and remove this barrier to the adoption of cryptocurrencies.
Electroneum's ultimate goal is to become the people's cryptocurrency.
How does ETN make things easy?
· A currency that makes sense: In contrast to Bitcoin ETN has a high supply of 16 billion coins compared to 21 million Bitcoin. This means that Electoneum is only divisible by two decimal places (like a normal currency). People are more familiar with this monetary system. For example: Imagine buying a pack of Haribo for € 1, when you pay Bitcoin you are charged 0,00012 BTC. If you're using Electroneum, the cost is ETN 40.
· Included: The majority of cryptocurrencies exclude the average car consumer from mining. The reason for this is that overpowering mining equipment such as ASIC miners are required to receive reasonable mining rewards. ETN, on the other hand, is designed so that mining can be used on a mobile phone, which opens up the possibility of mining for billions of people.
· Mobile friendly: Electroneum understands that most people want to interact with the currency on their phone. Big investments have been made to make ETN mobile-ready with easy-to-understand app designs.
· Make cryptocurrencies more accessible: Traditionally, anyone who wants to buy cryptocurrency has to send a copy of their public ID to an unknown website. Of course, this is a huge barrier that keeps people from using crypto. Instead, Electroneum verifies usage via SMS using a process similar to messaging applications like WhatsApp. Most people find this system less intrusive and are used to this type of verification.
· Crypto for the "Unbanked": 2 billion people are without a bank account. You are excluded from participating in the cryptocurrency revolution as traditional methods of buying cryptocurrencies require a bank account. Electroneum gives these people the opportunity to get involved and process their own digital payments.
In which industries is Electroneum used?
ETN aims to be present in two core markets:
# 1 computer games
According to the The report of Statista the global video game market was worth $ 2017 billion in 78,61. Electroneum aims to support this market by giving players the ability to "transfer some of their hard work and time from one game to a new game by allowing them to monetize their" in-game virtual currencies "and using them in to take the real world ".
The trends show that players are increasingly interested in “social games”, with 48% choosing this type of game. Games like Farmville and World of Warcraft already have virtual currencies built into the game.
The problem is that these games are so popular and the resources within them are so coveted that black market exchanges have popped up to buy and sell currency or in-game items. People are already exchanging real money for digital items. Understandably, most gamblers are cautious when it comes to giving their credit card details to black market exchanges. This means that gamers cannot properly monetize time they have invested in a game.
ETN plans to integrate a virtual Electroneum currency exchange into your partners' games. That simplifies some aspects:
· Players can now sell their in-game currency or items for Electroneum and use them to buy or sell items in other Electroneum integrated games.
· Gambling companies could receive commissions on trading.
· The game company could earn commissions on ETN sales.
· In-game virtual items would be traded in an open and transparent environment and not on the black market.
# 2 gambling
The world gambling market is worth 10 billion euros a year. In fact, many gambling providers have started to accept cryptocurrency. The problem is that players still need to have a bank account:
Two billion people are without a bank account, and gambling companies have no way of entering this market right now. Although these people do not have a bank account, the majority have cell phones. ETN solves this problem by allowing anyone with a cell phone to get Electroneum and use cryptocurrency to play games.
Gambling companies can make profits from Electroneum through the use of cryptocurrency exchanges in Fiat currency convert.
The team
Electroneum has a Team of experienced developers. However, we will focus on the CEO of the ETN team: Richard Ells.
CEO & Founder - Richard Ells: Mr. Ells has a wealth of experience in the field of digital companies. His journey began in 1996 with Site Wizard LTD. The company is still active today and specializes in SEO, web design, e-commerce and social media marketing solutions.
Richard went further and founded Retortal in 2012. The company specializes in social media management and its solutions are used by numerous Fortune 500 companies.
Bitcoin News.one is impressed with Richard's achievements and feels that he could lead ETN to great success. His social media know-how should significantly increase the project and the potential success of Electroneum.
The future of ETN
Electroneum has a solid foundation with over 1,14 million registered users and 47,5k members in their Telegram group. This shows that the project has strong support from the cryptocurrency community.
ETN's success will depend on the partnerships they can form with computer game and gambling companies. A large partnership for Electroneum could literally mean millions of new users.
Bitcoin-News.one believes that ETN offers a breath of fresh air in the crypto world. As cryptocurrencies like Bitcoin increase in value, the increasing number of decimal places makes them less easy to use.
The concept of a virtual in-game marketplace makes a lot of sense and the Bitcoin-News.one team is confident that such a product will be used extensively by gamers. In theory, Electroneum could help gambling companies gain access to untied customers. However, we still need to be convinced that e-gaming regulators (in respected countries) will accept ETN as an acceptable payment method.
If ETN finds widespread adoption in its target markets, it could lead to major changes in the gambling and computer game industries. We will now give you the Electroneum roadmap so that you can form your own opinion about this coin:
The Electroneum ICO
ETN stopped being ICO on October 23, 2017 and cost 1 ETN at 1 cent. The coins first went public on November 2, 2017 and opened at 9 cents per coin, and since then Electroneum has hit an all-time high of 6 cents per coin on January 2018, 22.
Should I invest in ETN?
It is entirely up to you whether or not to invest in Electroneum. However, we can express our opinion on the project:
Benefits
Bitcoin-News.one likes the Electroneum app and thinks it is super easy to use. We see how newcomers to the cryptocurrency space prefer it to other crypto applications.
We agree that having two decimal places cryptocurrency is easier to understand and use.
· The gambling and computer game industries are enormous. We see the value ETN can bring and the problems it can solve in these industries.
· There is a clear trend towards mobile use. We like that ETN is making the cell phone such an important part of their strategy.
The project already has a large fan base and a lot of support in the cryptocurrency community.
Disadvantages
· For the project to be really valuable, Electroneum needs large partnerships and integration of ETN into their products.
· It remains to be seen whether gambling or computer game companies actually use Electroneum solutions or decide to create their own solutions. The latter option would ensure that computer games or gambling companies keep 100% of the revenues from their customers rather than being forced to share them with Electroneum.
· We are unsure whether ETN will be used en masse and will ever achieve the goal of becoming "the people's cryptocurrency".
Buying Electroneum (ETN)?
The two easiest ways to buy Electroneum are KuCoin and Coinbase. Fortunately, we've created a step-by-step guide on how to buy Electroneum. click on this linkto find out more!
Conclusion
The Bitcoin News.one Team likes the industries in which ETN tries to establish a presence. It's exciting to see how Electoneum can solve problems in these niches in an intuitive way.
We are particularly pleased about the idea of a virtual ETN-based exchange. We believe that both game producers and gamers would prefer to use a legitimate marketplace to exchange items in games or transfer value to other games. The existence of black market gaming marketplaces shows that there is a very real demand for such a solution.
Electoneum has identified a major problem with cryptocurrencies: it is too difficult for many people to understand. We think it was a smart move to focus on an easy-to-use and mobile crypto.
Will Electoneum be the people's cryptocurrency? We don't know, but there are a lot of things to like about this project. The Bitcoin-News.one team will certainly continue to follow ETN with great interest in the coming months.
