What is Electroneum?

Electroneum (ETN) is a mobile-centric cryptocurrency platform that strives to provide a quick and efficient transaction system. Launched in September 2017, it was the first cryptocurrency based in the United Kingdom. Electroneum's primary focus is to offer fast and secure crypto transactions with minimal fees, particularly targeting the unbanked population worldwide. The platform has developed a unique approach to cryptocurrency, making it easily accessible via smartphones. Electroneum's goal is to reach out to those who do not have access to a banking system but own a smartphone, creating a system similar to PayPal, but with cryptocurrencies.

How does Electroneum work?

Electroneum operates on a unique algorithm known as proof-of-responsibility (PoR). This algorithm strives to provide a responsible and greener blockchain. Electroneum chooses and authenticates its validators, preventing a group of miners from controlling more than 50% of the network's mining hash rate or computing power. This approach helps to prevent a 51% attack. If such an attack occurs, the blockchain layers are designed to respond by identifying the source and shutting down the validator. Electroneum's PoR also reduces the amount of energy required for the mining process, making it an eco-friendly option in the crypto mining landscape.

What are the potential use cases for Electroneum?

Electroneum seeks to provide a platform for instant payments across borders. It aims to make cryptocurrencies an easily accessible option, particularly for those who do not have access to a banking system but own a smartphone. Electroneum also offers a unique approach to mining. By launching the first "mining" app in March 2018, it effectively removed the need for expensive, dedicated, power-hungry mining devices. This approach opens up new possibilities for individuals to participate in the cryptocurrency space. Furthermore, Electroneum's total and circulating supply is limited, limiting the total number of coins to 21,000,000,000.

What is the history of Electroneum?

Electroneum was formed in July 2017 and launched in September 2017 as the first U.K.-based cryptocurrency after raising $40 million in initial funding. The project was spearheaded by Richard Ells, an entrepreneurial marketeer with a passion for coding. In March 2018, Electroneum launched the first Android mobile "mining" application, allowing people to mine ETN coins using their device's processors. In April of the same year, it secured a patent for instant crypto transactions. In late 2019, Richard Ells, as CEO of Electroneum, founded and organized the launch of AnyTask, the first freelance platform focused on creating a digital economy for developing countries.