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Electroneum (ETN) Cryptocurrency – The Definitive Guide
About this guide: Our Electroneum guide will tell you everything you need to know. We’ll explain what ETN is, what it does and give our opinion on the project. We do urge caution before making any cryptocurrency investments and encourage you to do your own research.
What Is Electroneum?
The Electroneum cryptocurrency is a store and transfer of value, similar to Bitcoin. However, ETN has been designed with the following ideas at its core:
- A cryptocurrency must be easy for people to understand.
- It must be easy for people to use.
According to the Electroneum team, the main problem with current cryptocurrencies is that they are too hard for most people to understand. This results in fewer people using them. ETN aims to solve all these problems and remove this barrier to cryptocurrency mass adoption.
Electroneum’s ultimate goal is to become the cryptocurrency of the people.
How Does ETN Make Things Simple?
How does Electroneum makes things easier than cryptocurrencies such as Bitcoin?
- A Currency That makes Sense: Unlike Bitcoin, ETN has a high supply of 21 billion coins Vs Bitcoin’s 16 million. This has enabled Electoneum to only be divisible by two decimal places (like regular currency). Humans are simply more familiar with this sort of monetary system. Example: Imagine you were buying a packet of Haribo for $1. If paying in Bitcoin you would be charged 0.00012 BTC. If you used Electroneum the cost would be 40 ETN. Which one is easier?
- Inclusive: The majority of cryptocurrencies exclude the typical person from mining it. The reason is that uber powerful mining equipment like ASIC miners are required to get any reasonable mining rewards. Needless to say, this equipment is very expensive. ETN on the other hand, is designed to be minable on a mobile phone, which opens this opportunity up to billions of people.
- Mobile Friendly: Electroneum understand that most people want to interact with currency on their mobile. Great efforts and investment have been made to make ETN mobile friendly, with simple to understand app designs.
- Making Cryptocurrencies More Accessible: Traditionally, anyone wanting to buy cryptocurrency will need to send off a copy of their ID to an unknown website. Naturally, this is a major barrier which turns people away from crypto. Instead Electroneum verifies using via SMS using a process similar to messaging apps like Whatsapp. Most people find this system less intrusive and are used to this method of verification.
- Crypto For The Unbanked: 2 billion people are unbanked. They are excluded from participating in the cryptocurrency revolution because traditional methods of buying cryptocurrencies require a bank account. Electroneum gives these people a chance to participate and process their own digital payments.
What Industries Will Electroneum Be Used In?
ETN aims to establish a presence in two core markets:
According to Statista, the global video game market was worth $78.61 billion in 2017. Electroneum aims to support this market by acting as a method for players to transfer “some of their hard work and time from one game to a new game by enabling them to monetize their “in-play” virtual currencies and take them with them into the real world”.
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The trends show that gamers are increasingly gravitating to social games, with 48% choosing this game type. Games such as Farmville and World of Warcraft already have virtual currencies inbuilt into the game.
The problem is that these games are so popular and the resources in them are so sought after, that blackmarket exchanges have popped up to buy and sell in-game currency or items. People are exchanging real dollars for these digital items already, so there is little doubt that the demand for exchanges exists. Understandably, most gamers are wary of handing over their credit card details to black market exchanges and this means gamers cannot properly monetise the time they have invested in a game.
ETN plans on integrating a Electroneum virtual currency exchange within the games of partners. This does a few things:
- Players can now sell their in game currency or items for Electroneum and use this to buy items in other Electroneum integrated games or sell this for cash.
- Gaming companies could earn commission on trades.
- The game company could earn commission on ETN sales.
- Virtual in-game items would be traded in an open and transparent environment and not on the black market.
The world gambling market is worth 10’s of billions a year. Indeed, many gambling operators have started to accept cryptocurrency. The problem is that gamblers must still have a bank account to:
- Deposit fiat currency on a gambling operator.
- To obtain Bitcoin to gamble with.
Two billion people are unbanked and gambling companies currently have no way of tapping into this market. Even though these people don’t have a bank account, the majority own a mobile phone. ETN solves the problem of access by allowing anyone with a mobile to mine Electroneum and use cryptocurrency for gaming.
The unbanked user can then send back their gambling winnings to their mobile ETN wallet and maybe trade this for cash with a friend who wants a gamble themselves. The gambling company can convert the Electroneum profits into fiat currency by using cryptocurrency exchanges and thus get exposure to the unbanked market.
Electroneum have a team of experienced developers. However we are going to focus on the captain of the ETN ship: Richard Ells.
CEO & Founder – Richard Ells: Mr Ells has a wealth of experience when it comes to digital businesses. His entrpeureal journey started all the way back in 1996 with SiteWizard LTD. The business still trades to this day and specializes in SEO, web design, ecommerce and social media marketing solutions.
Richard moved on to found Retortal in 2012. This business specializes in social media management and its solutions are used by numerous Fortune 500 companies.
Total Crypto are impressed with Richard’s achievements and feel that he could lead ETN to great things. His social media know-how is likely to be a significant boost to the project and the potential success of Electroneum.
The Future Of ETN
Electroneum has a solid foundation with over 1.14 million registered users and 47.5k members in their Telegram group. This shows that the project has strong support from the cryptocurrency community.
The success of ETN will be dictated by the partnerships they can form with computer game and gambling companies. One big partnership for Electroneum could literally mean 10’s of millions of new users.
TotalCrypto thinks that ETN does offer something different and that the cryptocurrency is much easier to use than the likes of Bitcoin. As cryptocurrencies like Bitcoin increase in value, the increasing number of decimal points makes it less easy to use. It is likely that newcomers to cryptocurrency will prefer using two decimal places, like in regular currency.
The concept of a virtual in-game marketplace does make a lot of sense and the TotalCrypto Team is confident that such a product would be used extensively by gamers. In theory, Electroneum could help gambling companies access unbanked customers. However, we still need to be convinced that e-gaming regulators (in reputable jurisdictions) will accept ETN as an acceptable payment method.
If ETN gets widespread adoption in it’s target markets, it could lead to big changes in the gambling and computer game industries. We will let Electroneum outline their own roadmap, it’s on you to decide if it’s exciting and credible:
The Electroneum ICO
ETN held it’s ICO on the 23rd October 2017 and priced 1 ETN at 1 cent. The coins first hit the exchanges on the 2nd of November 2017 and opened at a price of 9 cents a coin. Since then, Electroneum has reached an all time high of 22 cents a coin on 6th January 2018, before falling to 2.5 cents at the time of writing.
Whilst not being the best performing ICO currently, Electroneum ICO investors have still made 150% profit on their initial investment. This doesn’t sound too shabby.
Should I Invest In ETN?
It’s entirely up to you whether you invest in Electroneum or not. We can give our opinions on the project though:
- TotalCrypto really likes the Electroneum app and think it is super user friendly. We can see how newcomers to the cryptocurrency space would prefer it to other crypto apps.
- We agree that a cryptocurrency with two decimal places is easier to understand and use.
- The gambling and computer game industries are massive. We see the value that ETN can bring and the problems it can solve in these industries.
- There is a definite trend toward mobile. We like that ETN is making mobile such a key part of their strategy.
- The project already has a large following and a lot of support in the cryptocurrency community.
- For the project to be really valuable, we need to see some big partnerships and these companies actually integrating ETN into their products.
- It remains to be seen if gambling or computer game companies will actually use Electroneum solutions or choose to create their own. The latter option would ensure that computer game or gambling companies retain 100% of the revenue from their customers, rather than being forced to share this with Electroneum.
- We are unsure if ETN will be mass adopted and ever achieve the goal of being ‘The Cryptocurrency Of The People’.
Buying Electroneum (ETN)?
The two main ways of buying Electroneum are via Kucoin and Coinbase. Fortunately, we’ve put together this awesome guide – Just follow it step by step if you want to buy some Electroneum!
The Total Crypto Team really like the industries that ETN is trying to establish a presence in. It’s hard to imagine a world that there is not demand for gambling or computer games. It is exciting is that ways Electoneum can solve problems in these niches in an intuitive way.
In particular, we are excited about the idea of an ETN powered virtual currency exchange. We think that both game producers and gamers would prefer to use a legitimate marketplace to exchange in game items or transfer value to other games. The existence of blackmarket gaming marketplaces shows there is a very real demand for such a solution.
Electoneum has identified a major issue with cryptocurrencies: it’s too difficult for many people to understand. We feel it’s a smart move to focus on an easy to use and mobile friendly crypto.
Will Electoneum be the cryptocurrency of the people? We don’t know, but there are many things to like about this project. The TotalCrypto Team will certainly be following ETN with a lot of interest over the coming months.
Below we’ve listed some key resources relevant to Electoneum (ETN).
👍 Best Free Wallets
We recommend you use the official Electroneum wallet.
📈 Best Apps To Track Your ETN Investment
Excited in learning more about Electroneum and how the project may lead to mass adoption of cryptocurrency? The Electroneum team reveal their plans and goals in their white paper.