Electroneum was launched in 2017 as an altcoin – alternative coin – to Bitcoin and other cryptocurrencies. Electroneum represents a blockchain-based ecosystem with a platform that is specifically designed for mobile-based payments. The main focus of the project is on the developing world to make the global digital economy accessible to millions of people. The Electroneum ecosystem is powered by ETN, said to be the first KYC/AML compliant digital asset.
What is ETN?
Electroneum is a mobile-based blockchain platform, specifically developed for devices such as smartphones. ETN is the native cryptocurrency to the Electroneum ecosystem, and it is used to power up the network. The network, with its cryptocurrency ETN, is claimed to be the first to comply with Anti-Money-Laundering (AML) and Know-Your-Customer (KYC). The project was developed with the idea of enabling digital payments in undeveloped countries and areas. Electroneum was developed by a team of 12 core developers, headed by Richard Ells, the co-founder of SiteWizard.
The cryptocurrency is based in the United Kingdom with targeted demographics located in areas that are classified as emerging economies and where the general population has no or limited access to banking services. Electroneum has had 2.6 million Electroneum app downloads when compared to 22 million Bitcoin wallets. Electroneum was initially developed as a soft fork derived from Monero. One year after ETN was first launched, ETN conducted a hard fork at block 307,500 and started to operate on its own code. The ETN core developers wanted to streamline the code, while ETN mining became open for ASIC miners. At the time of the hard fork, Monero forked to disable ASIC-based miners from joining the network. Electroneum has gaming origins as the project was first intended to replace in-game currencies in mobile games.
The team switched focus to tap a larger and perhaps more profitable market of unbanked and underbanked populations. Electroneum uses randomly generated private and public keys to enable anonymous transactions. Moreover, Electroneum requires users’ real identities when registering.
Electroneum Mobile Mining
Electroneum mining is based on the CryptoNight Proof-of-Work, originally designed to create resistance against ASIC miners. Electroneum hard forked to enable ASICs, while ETN can be mined virtually through mobile mining. Miners can use their mobile devices, such as smartphones, to virtually mine ETN. Mobile mining with ETN is not actual mining in the true sense of the concept as mobile miners are joining the network through a special application. The app airdrops ETN based on the participation and specifications of a mobile device. At the same time, ETN is the only cryptocurrency that can be mined via a mobile device.
Electroneum mobile mining can be defined as a proof of concept for the initial idea of Electroneum in-game payments and an intro to the process of mining. Mobile miners are not participating in processing and validating blockchain transactions and creating new blocks. Instead, the use of the mobile mining app acts as a marketing tool for spreading the usage of ETN and ETN mining through CryptoNight PoW. The latest version of the Electroneum mobile app enables users to join cloud mining, which replaced the initial concept of mobile mining. In-app mining of ETN rewards users with up to $3 per month in ETN currency.
The Electroneum wallet is automatically generated for new users upon completing registration. The Electroneum team enabled users to access their accounts with the same credentials used to create a personal account. The generated wallet can be accessed through the Electroneum mobile app that is also used for in-app mining. You can also store your ETN units in the Electroneum web wallet, paper wallet, a desktop wallet and the CLI wallet. While users may be familiar with the web, paper, mobile, and desktop wallet, the CLI wallet for ETN may sound like a novelty.
CLI – command-line interface – is a type of Electroneum wallet that comes with ETN mining software. Users can view their ETN balance through the CLI wallet, as well as receive and send payments. CLI requires a fully synced node of the blockchain to be run on your computer to use the wallet. The software will not ask users to mine as a mandatory task, but still requires synchronization between a computer and the Electroneum blockchain.