Electroneum

Electroneum (ETN) is a cryptocurrency that was first introduced in 2017. The project was developed by Richard Ells, who has a history of building successful digital businesses. Ells founded and grew a successful digital agency, which is still running today, and later founded Retortal.com in 2013. He assembled a team of over 40 developers and created a social media management platform used by global Fortune 500 companies.

The Electroneum ICO started on September 14, 2017, and ended on October 23, 2017, raising over $40 million during that period. The platform officially launched on October 31, 2017, and has been operational since then. The team behind Electroneum aimed to create a cryptocurrency that could be easily accessed and used by anyone, regardless of technical ability, particularly focusing on the estimated 2.2 billion smartphone users worldwide.

Electroneum was initially designed to be a fork of Monero but has evolved significantly since then. It is optimized for use on mobile devices and has a unique mobile miner that allows users to generate coins through a background activity on their smartphones. The cryptocurrency is designed to be user-friendly, with wallets that can be easily managed on mobile devices and transactions that are fast and have low fees.

In addition to its mobile-focused features, Electroneum has also developed AnyTask, the first online freelance platform with a hybrid fiat-crypto payment system. This platform enables buyers to pay with credit or debit cards and sellers to receive payment in crypto. The project has continued to evolve, introducing new features such as in-app purchases for food, medicine, and construction materials.

Overall, Electroneum has a history of innovation and a focus on making cryptocurrency accessible to a broader audience.

Electroneum (ETN) is a cryptocurrency designed to be accessible and user-friendly, particularly on mobile devices. It was created as a fork of Monero and has evolved significantly since its inception. Here are the key aspects of how ETN works:

Moderated Blockchain and Proof of Responsibility (PoR)

Electroneum uses a Moderated Blockchain, which is powered by its Proof of Responsibility (PoR) protocol. This protocol allows for the selection of trusted validators, ensuring the security and integrity of the network. The PoR protocol also helps to prevent 51% attacks, making the blockchain more secure.

Mobile App and Wallet

Electroneum offers a mobile app for both Android and iOS, providing users with a digital wallet to store, send, and receive ETN. The app is designed to be user-friendly and accessible, making it easy for new users to enter the digital economy. Additionally, the app includes features such as offline paper wallets for extra security.

Mining and Energy Efficiency

Electroneum can be mined using a mobile app, which is unique compared to other cryptocurrencies. The mining process is designed to be energy-efficient, consuming only a fraction of the energy required by other popular blockchain projects. This is achieved through the use of a memory-bound algorithm that encourages CPU mining, making it accessible to average users.

Transactions and Fees

Transactions on the Electroneum network are fast and have dynamic fees based on network traffic. The fees are relatively low, with most transactions having less than 0.2 ETN in total fees. New blocks are added to the blockchain every minute, ensuring quick transaction processing.

Security and Privacy

Electroneum incorporates privacy features similar to Monero, including stealth addresses that prevent the linking of recipient funds with their wallet. This ensures that transactions remain private and secure.

AnyTask Platform and Hybrid Fiat-Crypto Payments

Electroneum has developed the AnyTask platform, a freelance marketplace that allows buyers to pay with credit or debit cards and sellers to receive payment in ETN. This platform promotes financial inclusion and provides an opportunity for users to earn ETN without needing a bank account.

Compliance and Regulation

Electroneum has voluntarily adopted robust Know-Your-Customer (KYC) and Anti-Money Laundering (AML) compliance procedures, ensuring that the network operates within international guidelines set by organizations such as the Financial Action Task Force (FATF).

Overall, Electroneum is designed to be a user-friendly and accessible cryptocurrency that promotes financial inclusion and provides a secure and efficient way to earn, send, and pay with ETN.

The strengths of Electroneum (ETN) include:

• Accessibility: Electroneum is designed to be accessible to users with zero knowledge of blockchain technology or cryptocurrencies. It allows users to simulate mining through a mobile app, making it easy to participate in the crypto world.
• Simple Wallet: The official Electroneum wallet is user-friendly and available on mobile devices, making it easy to use and manage ETN.
• Passive Income: Users can earn passive income through the AnyTask™ Platform, which allows freelancers to sell digital tasks and earn ETN.
• Mobile Mining: Electroneum can be mined using a mobile app, which is a unique feature compared to other cryptocurrencies.
• Low Transaction Fees: Electroneum transactions have virtually zero cost, making it suitable for everyday purchases and transactions.
• Security: Electroneum has a strong focus on security, with robust KYC and AML compliance procedures and a Moderated Blockchain that prevents 51% attacks.
• Energy Efficiency: Electroneum's Proof of Responsibility (PoR) protocol ensures that blockchain validators consume significantly less energy compared to other blockchain projects.
• Global Reach: Electroneum aims to provide financial inclusion and empower people worldwide by offering a digital payment method, especially for the unbanked population.

These strengths contribute to Electroneum's potential as a user-friendly and accessible cryptocurrency.

Electroneum (ETN), a cryptocurrency, carries several financial risks that investors should be aware of. These risks include:

1. Credit Risk: As an ETN, Electroneum is tied to the financial institution that issued it. If the issuer defaults, investors may receive only a fraction of their investment or even nothing at all. This risk is particularly significant because ETNs are unsecured debt securities, meaning they do not have any collateral backing them up.

2. Liquidity Risk: ETNs can have low trading activity, leading to wide bid-ask spreads. This can result in investors buying or selling at unfavorable prices, potentially incurring significant losses.

3. Tracking Errors: The price of ETN may not accurately track the underlying index, leading to deviations in value. This can occur due to credit issues with the issuer or poor correlation between the ETN and the index.

4. Closure Risk: The issuer may redeem the ETN before maturity, which can result in investors selling at a lower price than their original investment, leading to losses.

5. Volatility Risk: ETNs are subject to market fluctuations, which can cause significant price swings. This volatility can be exacerbated by low trading activity, making it difficult for investors to sell their ETNs at a favorable price.

6. Tax Implications: The tax treatment of ETNs can be complex, and investors may be subject to capital gains or losses. It is essential to consult a tax professional to understand the specific tax implications of investing in ETN.

7. Risk of Default: If the issuer of ETN defaults, investors may not receive their principal back, and the value of their investment can drop significantly.

8. Issuance Risk: ETNs are created by their issuers, who may stop issuing new notes if they become too large or expensive to hedge. This can lead to premiums dissipating, causing investors to lose money.

9. Market Manipulation: ETNs with low trading activity can be susceptible to market manipulation, where a small amount of money can significantly impact the price, leading to losses for investors.

These risks highlight the importance of carefully evaluating the financial risks associated with investing in Electroneum (ETN) before making a decision.

• Richard Ells: Founder and CEO of Electroneum, responsible for leading the project and overseeing its overall direction. He has a background in starting successful digital businesses and has been involved in the blockchain industry since the mid-2010s.
• Chris: Co-architect of the moderated blockchain, responsible for blockchain developments, cryptocurrency exchange integrations, and supplementary applications for third-party ecosystems and devices.
• Nigel: A career entrepreneur with over 25 years of experience, providing solutions for major telecommunications brands like Nokia, Vodafone, and AT&T.
• Chris: A financial expert with over 18 years of experience in senior roles at global financial institutions like Merrill Lynch and Citigroup, helping to promote the ETN-Network in the financial markets.
• Cathy: Joined in 2019 for business development, later became Head of Marketing, and now serves as Head of Operations, overseeing strategies and goals across various departments.
• David: Advisor with 32 years of experience leading global charities, including being the CEO of Unicef UK, providing insight into driving change and success in development, human rights, education, and the environment.