What Is Electroneum (ETN)?
Electroneum is a one-of-a-kind project that aims to empower a significant number of people by giving them the tools to make a livelihood in the digital economy. Over a billion people are unbanked and do not have access to a digital payment system. Electroneum intends to help consumers all around the globe pay for goods and services, both in store and online, every day. The network seeks to implement KYC measures voluntarily and establishes a moderated blockchain, which makes it immune to the 51 percent attack, the most significant risk to cryptocurrencies.
Further, Electroneum offers the AnyTask platform, which is a marketplace for digital tasks that connects buyers and sellers. It aims to provide financial support and access to the global digital economy. The sellers don't have to pay any fees, and they don't even need a bank account to make income. Sellers can earn tokens by completing digital tasks for buyers worldwide and get compensated via the blockchain using their smartphones. Users of the AnyTask platform enjoy high-quality digital services at reasonable costs, but they also help alter the lives of freelancers worldwide. The network application allows users to pay for items and services with the token in more than 160 countries worldwide, including mobile data top-ups and a growing number of utility providers. Accepting the token establishes users as leaders in their communities by using a new form of digital currency.
According to its whitepaper, the network's ecosystem aims to include a novel approach for customers to purchase products. It increases customer traffic by attracting a broader spectrum of customers who access the network's token. The platform enables the use of a tried-and-true blockchain that has been enhanced with certain distinctive qualities that make it more beneficial to an average individual.
ETN token is the native cryptocurrency of the network and aims to offer easy access to regular people in large numbers. ETN aims to implement an instant payment system, which expands the digital payments ecosystem and makes the token suitable for daily essentials and transactions. The token is helpful for long-term holders who are looking to trade and hold the token for its future use cases, and also for cryptocurrency enthusiasts who want to get their hands on ETN tokens and engage in its cutting-edge technology before anyone else. By accepting ETN through their website, users can expose their business to a larger worldwide audience. The Electroneum application allows users to manage their wallets and securely send and receive ETN tokens.
History of Electroneum (ETN)
The Electroneum network was founded by Richard Ells in 2017. Ells has a track record of creating successful digital businesses along with an established and expanded digital agency called Retortal. Electroneum was created by Electroneum Ltd, a small foundation team of ten people who all began as delegates of Retortal and have worked together for over three years. The token’s total supply stands at 21 billion ETN.
How Are New ETNs Created?
As per its whitepaper, the platform has purposefully avoided mining through powerful ASICs and thus designed a blockchain that is mined with CPUs, allowing the average person to participate. An ASIC miner is a computerized device or hardware that uses ASICs (integrated circuit chips) solely for the purpose of mining cryptocurrency. Non-crypto-literate users prefer to see whole numbers in their wallets rather than fractions of tokens. Apart from this, there are trusted NGOs as part of the validators of Electroneum. The platform's block rewards assist them in funding their charity endeavors. Therefore, with a large supply of ETN tokens, the platform seeks to make whole-coin mining and payments simple.
