Exciting articles several times a month
6 July 2018
As the use of desktops is dramatically sliding down and enthusiasm about smartphones is ever surging up, it is essential for app developers and digital project owners to have their offering adapted to mobile devices. This is where cryptocurrencies have some deficiencies, because most of them are more oriented at PCs than on smaller devices. Electroneum makes an ambitious attempt to fill this shortage, claiming to be mobile-first cryptocurrency with its own blockchain architecture, so why not to learn more about this digital asset?
Electroneum (ETN), in general, is an ordinary cryptocurrency with a set of basic functions, including mining, trading, sending or receiving. Its blockchain is based on the original Bitcoin source code and as such also follows the Proof-of-Work consensus protocol, enabling miners to confirm the transactions with the reward paid in ETN for their machine work.
The key difference of Electroneum for Bitcoin is that the cryptocurrency may be mined using web browsers, desktops on Windows and Mac OS and smartphones. In addition, Electroneum has an obfuscation feature, which means that users may remain sure that their transactions, while being performed and verified publicly, still do not allow strangers to see their wallets and amounts they own.
Electroneum has a market capitalization of $95,417,869 with one ETN traded at $0,012989. The project allegedly charges comparatively lower fees than other cryptocurrencies for the transactions. The fee is 0.01 Electroneum for any transfer.
Mobile mining: is that right?
While Electroneum promotes itself as a mobile-first cryptocurrency, its mobile mining feature has some remarkable limitations. Mobile mining process is not an actual mining operation similar to that performed by a desktop. This is a simulation of mining, where Electroneum aims to teach users of the mining basics and increase its audience by attracting more smartphone owners.
The mobile application of Electroneum, which is available only for Android devices, as the iOS software is still pending approval by Apple, calculates how much CPU power it would require for mining, if a mobile device had been really mining. After that the app issues a hash rate to a device based on the actual CPU power and credits some ETN coins to the wallet on the basis of this hash rate. The amount of ETN granted to mobile miners comes from the overall amount mined on desktops.
Gaming and gambling
Since its inception, Electroneum has been positioning itself as a cryptocurrency designed to disrupt the gaming and gambling industry, replacing conventional payment instruments with ETN. The currency should have been used for major MMORPG games as an in-game money instead of such means of payment as World of Warcraft gold. That was a very bold goal, because, if put in practice, it would have changed the entire experience of gamers, enabling them to convert money earned within the gaming interface into real cash and other cryptocurrencies. However, there is still no gaming project accepting ETN, nor there is a gambling website offering ETN as an option for making deposits or withdrawals.
Is there still any benefit?
The key advantage of Electroneum is that it solves one substantial problem for users living in various jurisdictions across the globe. In most cases cryptocurrency exchanges provide some restricted access to trading based on the geographical location of members. Thus, if a user wants to mine and trade Bitcoin, it would entail a series of time and resource consuming actions, including expenses on a powerful enough machine to ensure any substantial efficiency or sending a lot of identity documents to verify your information for creating an account.
Electroneum allows bypassing all these tiresome and expensive movements and use its mobile app from anywhere in the world for mining, trading, tracking the prices, making and receiving payments.
So, would you be using Electroneum and does it really match its claimed objectives? As a matter of fact, it has little to do with what it poses to be. Elecroneum is at its nascent stage and, if it stays viable, there is a long way to go for this cryptocurrency to become a truly ‘mobile-based’ and ‘gambling’ or ‘gaming’ oriented digital payment means.
Exciting articles several times a month