What does Electroneum do?
Electroneum’s direct mission is to create a cryptocurrency prepared for mass adoption. Ideally, Electroneum’s users will not need any technical knowledge. Part of this mission is offering the most user-friendly mobile wallet possible while also allowing people to mine from their mobile devices. Electroneum’s ultimate target market is the entire population of smartphone users - approximately 2.2 billion people.
Electroneum uses a 2 decimal system to value its currency rather than the 8 decimal system regularly used by other cryptos. Fiat users are much more familiar with a 2 decimal system, so there is virtually no learning curve. Other services related to gaming and gambling will also be offered as part of Electroneum.
What is ETN (Electroneum coin) used for?
ETN is the native coin of the Electroneum network. It is primarily used as a medium of exchange for sending and receiving transactions. Users can also gain ETN by mining through Electroneum’s PoW algorithm. ETN can be mined from mobile devices, GPUs, or ASIC rigs.
Electroneum is based on the original source code of Monero. The developers forked back to the original source code in order to be an ASIC-friendly protocol.
How can ETN (Electroneum coin) appreciate in value?
There is a max supply of 21,000,000,000 ETN coins - a relatively high total coin supply compared to other cryptos. When ETN’s price is low, each individual can afford to purchase more. This means the more important factor in ETN’s price is demand. As long as demand grows at a rate faster than the mining inflation rate, the prediction would be that ETN’s price should increase. If the masses adopt ETN due to its ease of use, then Electroneum’s coin demand will significantly increase.
What are the differences between Electroneum and its competitors?
Electroneum’s main value offering is its user-friendliness. Since Ripple and Litecoin are two other user-friendly cryptos, they can be considered Electroneum’s main competitors. Electroneum differs from Ripple and Litecoin, however, because Electroneum’s main goal is mass adoption, not technological advancement. Ripple and Litecoin are arguably much more technical than Electroneum. Another important difference is that Ripple and Litecoin do not emphasize mining from mobile devices, while mobile mining is a key offering of Electroneum’s.
