What is Electroneum (ETN)?
The ETN token is a cryptocurrency that is intended to be used as an official means of payment in the Electroneum network. ETN Coin was developed and launched in 2017 specifically for payment from mobile devices.
The goal of the project is a good intention: people who do not have bank details, and who, therefore, cannot use digital payment methods such as PayPal or Apple Pay, should be given the opportunity to pay for goods and services using ETN in stores or online.
The original goal of the developers of Electroneum was to replace the various game currencies with ETN. Today, the vision of the creators of Electroneum goes far beyond the original goal.
Similar to PayPal, it is also possible to send ETNs via instant payments. By offering immediate payment, Electroneum should be particularly easy to integrate into existing EPOS and electronic trading systems and thus be accepted as a means of payment for products and services.
Who are the founders of Electroneum?
Richard Ells is behind the creation of the Electroneum project, and is also the founder and CEO of Retortal, a social media management platform, and SiteWizard.
What is unique about Electroneum?
Unlike most cryptocurrencies, ETN mining is possible with a mobile phone or tablet. When generating coins, the need for expensive and energy-intensive equipment is completely eliminated. In order to gain real benefits in the gaming and gambling industry, Electroneum switched from the Monero blockchain to a moderated Proof of Responsibility (PoR) blockchain.
The purpose of the move was to provide better and safer payment services. Electroneum wants to provide payment services to those who do not have access to a bank account that can be used via a smartphone or tablet.
How many ETN tokens are in circulation?
The ETN token has a maximum supply of 10,340,014 ETN, but 17,900,527,906 is currently in circulation.
At the moment, the value of the ETN is 0.018211 USD, with a daily trading turnover of 2,932,480 USD, and a market capitalization of 325,986,514 USD.
How is the Electroneum network protected?
The Electroneum blockchain protects its network using a new algorithm called Proof-of-Responsibility (PoR). The goal of PoR is to create a safer, more responsible and environmentally friendly blockchain.
Also, in accordance with the current guidelines on customer verification (KYC) and prevention of money laundering (AML), the project uses a number of innovative security tools.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.