There are so many cryptocurrencies that you can invest in but one that is quite different than the rest is Electroneum. It aims to solve a problem many cryptos have as they are not mobile-friendly. Electroneum is a specific unique cryptocurrency that tackles into a market that is so much larger than what many think. There are 2 billion people with a smartphone and much fewer that own computers. This crypto is aimed at smartphone users that want to mine with their phones.
What Should You Know About Electroneum?
Electroneum (ETN) is similar to all cryptos since you mine it, send it, receive it and trade it. It is highly similar to Bitcoin but there are differences that are really important:
- The mining algorithm is CPU-friendly – You can easily mine it on MACs, smartphones and regular personal computers.
- Complete anonymity – The security included means nobody will know how much ETN you have.
- Fast Transactions
- Lower transaction fees
Electroneum uses the Monero codebase so many things are similar to XMR. However, the core technology used is much easier to be implemented.
This is where Electroneum instantly stands out as being special. Crypto enthusiasts do not really trust anything that is mobile based at the moment since in theory, mining cryptocurrencies with a smartphone automatically means battery life will be drained fast and hardware will be overheat even faster.
If the actual mining would take place on your device, you can be sure that something would be burned or the battery would be consumed very fast. What Electroneum does is offer you an app that actually uses virtual mining. The user is playing a game and is rewarded with ETN. You do not actually use the phone to mine as you do with Bitcoin. You basically feel as if you are mining when you just do this at a much reduced rate.
Still, although the real mining is done with the use of computers, a part of what is done so will be split among all the mobile miners (around 60,000 last time I checked).
Making Electroneum Accessible
Electroneum takes an interesting approach to the coin. The company behind it wants to create a really simple and user-friendly cryptocurrency. The maximum supply is 21 million. This guarantees lower prices, fees and the crypto is just divisible to 2 decimals, similar to fiat currencies. Errors are much easier to be avoided in this case.
Although in theory ETN is accessible, at the moment the only exchanges where you can use Electroneum are not that popular. You can see a list here. Additional exchanges will appear pretty soon though.
Problems With Electroneum
Obviously, as with all new cryptocurrency projects, the company promises a lot but there are things that are not like that in reality. Examples of problems include:
- No iOS app is now available, although it should come soon.
- Mobile mining is still Beta
- Signup processes are slow
- Sometimes the mobile miner stops without a reason
Electroneum is a very interesting new cryptocurrency that you do want to consider. You basically lose nothing by using the mobile mining app on your smartphone, which is quite interesting to see. I have been using the app for over a week now through WiFi and this virtual mining went on perfectly, without any real problem. Except some minor stops that appeared, all was OK.