Electroneum (ETN) is a two-month-old cryptocurrency that has managed to become the 47th most valuable coin worldwide, according to CoinMarketCap. This coin is the native currency of a promising phone app that is working toward making cryptocurrency adoption super easy – even for the elderly, people in remote regions and miners that just need basic technology like simple PCs and tablets.
The Electroneum coin was designed for the masses
The problem with crypto coins that are the most accessible, like Bitcoin (BTC) and Ethereum (ETH), is that they still aren’t that easy to use in day-to-day life. Sure, there are apps and sites where you can quickly buy digital currency, but there aren’t that many all-in-one apps with a simple interface where you can buy, sell, send, or receive a coin.
As Electroneum puts it: “It’s common for cryptocurrencies to talk about seeking mass adoption. It’s far less common for them to make tangible progress towards that goal.”
That is what this blockchain project is working towards: it’s an easy-to-use app and they are trying to make it widely accepted at different retail and e-commerce locations. It also offers private transactions, thanks to the fact that it was launched on the Monero (XMR) protocol.
To be fair, Litecoin (LTC) just came out with a pretty cool app that makes using that coin simple and ready for the regular population. But that app doesn’t offer quite the number of features as the ETH platform, like mining on your phone, for instance.
Yes, Electroneum (ETN) lets users mine on their phones
The team behind this coin just beta tested the most interesting feature about the app – the fact that users can earn ETN coins by using their phones’ CPUs to mine.
Just a quick announcement, we unlocked our 2nd level of Mobile mining beta testers last night, the results and feedback so far have been very exciting!-please remember that mobile mining is NOT yet available to all public- be wary of fraudulent apps. 📱⛏️ pic.twitter.com/0LfFv8kRPE
— electroneum (@electroneum) February 1, 2018
Participating just uses a tiny bit of your phone battery and data, and it also doesn’t cause your phone to overheat. It isn’t actually confirming blocks on the ETN blockchain, but you still earn coins as a reward. Even though it’s only like 1.5 Electroneum coin per day, it’s still cool that anyone around the world can use their basic smartphone to participate – even on a small scale like that.
This group is also making deals and growing
This currency is now available on HitBTC, a popular cryptocurrency exchange.
— electroneum (@electroneum) January 19, 2018
Beyond that, they claim to be working on making this currency easy to use on a day-to-day basis – through penetrating the retail and mobile communications sectors. They say they “are currently in negotiation with some enormous global brands who have expressed strong interest in adding Electroneum digital payments to the list of “ways to pay”. We already have signed agreements in place to develop Electroneum payment integration for over 1.2 million agents, dealers and distributors in over 9 countries and have many more in negotiation.”
And this team is making it clear that they are making deals to further their project along:
— electroneum (@electroneum) January 20, 2018
It will be interesting to see what happens in the next quarters – whether or not this coin will really be as easy to use as they are planning.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.