Electroneum Wiki ▷ What is ETN? Crypto currency & 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 crypto-currency investments and recommend that you do your own research.
What is Electroneum?
The Electroneum crypto currency is a digital asset, similar to Bitcoin. ETN, however, was designed with the following ideas in mind:
- A crypto currency must be easy for people to understand.
- It must be easy for people to use.
According to the Electroneum team, the main problem with current crypto currencies is that they are too difficult for most people to understand. As a result, fewer people use them. ETN aims to solve all these problems and remove this barrier to the introduction of crypto currencies.
The ultimate goal of Electroneum is to become the crypto-currency of mankind.
How does ETN make things simple?
- A currency that makes sense: Unlike Bitcoin, ETN has a high supply of 16 billion coins versus 21 million Bitcoin. This means that Electoneum is only divisible by two decimal places (like a normal currency). People are more familiar with this currency system. Example: Imagine you buy a pack of Haribo for 1€, when you pay Bitcoin you are charged 0.00012 BTC. If you use Electroneum, the cost is 40 ETN.
- Included: The majority of crypto-currencies exclude the car normal consumer from mining. The reason for this is that overpowering mining equipment like ASIC miners are needed to get 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 mobile phone. Large investments have been made to make ETN mobile-ready, with easy-to-understand app designs.
- Make crypto-currencies more accessible: Traditionally, anyone who wants to buy crypto-currency must send a copy of their public ID to an unknown website. Of course, this is a major barrier that keeps people away from crypto. Instead, Electroneum verifies its use via SMS using a method similar to that used by messaging applications such as 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. They are excluded from participating in the revolution of crypto-currencies because traditional methods of buying crypto-currencies require a bank account. Electroneum gives these people the opportunity to participate and make their own digital payments.
In which industries is Electroneum used?
ETN is aiming for a presence in two core markets:
#1 computer games
According to Statista, the global video game market was worth $78.61 billion in 2017. Electroneum wants to support this market by giving gamers the opportunity to "transfer some of their hard work and time from one game to a new game by allowing them to monetize their "virtual currencies in the game" and take them with them into the real world.
The trends show that players are increasingly interested in "social games", with 48% choosing this type of game. Games such as Farmville and World of Warcraft already have virtual currencies integrated into the game.
The problem is that these games are so popular and the resources in them are so sought after that black market exchanges have appeared to buy and sell currencies or items in the game. People are already exchanging real money for digital items. Understandably, most players are cautious when it comes to giving their credit card details to black market exchanges. This means that players cannot properly monetize the time they have invested in a game.
ETN plans to integrate a virtual Electroneum currency exchange into its partners' games. This will simplify some aspects:
- Players can now sell their in-game currency or items for Electroneum and use it to buy items in other integrated games of Electroneum or sell items for money.
- Gambling companies could receive commissions for trading.
- The game company could earn commissions on ETN sales.
- Virtual items in the game would be traded in an open and transparent environment and not on the black market.
The world gambling market is worth 10 billion euros per year. In fact, many gambling operators have started to accept crypto currency. The problem is that players still need to have a bank account:
Two billion people are without a bank account, and gambling companies currently have no way of entering this market. Although these people have no bank account, the majority own a mobile phone. ETN solves this problem by allowing anyone with a mobile phone to receive Electroneum and use crypto currency for games.
Gambling companies can convert Electroneum's profits into Fiat currency by using crypto currency exchanges.
CEO & Founder - Richard Ells: Mr. Ells has a wealth of experience in the field of digital businesses. 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, a company specializing 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 expertise should greatly enhance 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 its telegram group. This shows that the project is strongly supported by the crypto currency community.
ETN's success will depend on the partnerships it can establish with computer gaming and gambling companies. A major partnership for Electroneum could mean literally millions of new users.
Bitcoin-News.one believes that ETN offers a fresh breeze in the crypto world. As crypto currencies like Bitcoin gain 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 intensively by players. Theoretically, Electroneum could help gambling companies gain access to unattached customers. However, we still need to be convinced that the e-gaming regulators (in reputable countries) will accept ETN as an acceptable payment method.
If ETN is widely accepted in its target markets, this could lead to major changes in the gaming and computer games industry. We will now present the Electroneum Roadmap so that you can form your own opinion about this coin:
The Electroneum ICO
ETN held its ICO on 23 October 2017 and cost 1 ETN at 1 cent. Coins first went public on 2 November 2017 and opened at a price of 9 cents per coin; since then Electroneum has reached an all-time high of 22 cents per coin on 6 January 2018.
Should I invest in ETN?
It is entirely up to you whether you invest in Electroneum or not. However, we can express our opinion on the project:
- Bitcoin-News.one likes the Electroneum app and thinks it is super user-friendly. We see how newcomers to the crypto currency space prefer it over other crypto apps.
- We agree that a crypto currency with two decimal places is easier to understand and use.
- The gambling and computer games industry is 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 mobile phone such an important part of its strategy.
- The project already has a large fan community and a lot of support in the crypto currency community.
- To make the project really valuable, Electroneum needs large partnerships and integration of ETN in its products.
- It remains to be seen whether gambling or computer gaming 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 instead of being forced to share them with Electroneum.
- We are unsure if ETN will be used on a massive scale and will ever reach the goal of becoming "The crypto currency of the people".
Purchase of Electroneum (ETN)?
The Bitcoin-News.one team likes the industries in which ETN is trying to establish a presence. It is 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 players 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 crypto currencies: It is too difficult for many people to understand. We believe that it was a wise move to focus on an easy to use and mobile crypto.
Will Electoneum be the people's crypto currency? We don't know, but there are many things to like about this project. The Bitcoin-News.one team will certainly continue to follow ETN with great interest in the coming months.