Electroneum Coin Review 2019: Everything You Need to Know
Electroneum coin is a mobile application-based mining service that allows payment through its Instant Payment feature. Here at BlockchainBiome, we take a look at Electroneum coin review, the features of Electroneum coin, the pros, and cons and provide you information on buying Electroneum coin. Where to buy Electroneum coin? Is Electroneum coin safe? How to buy? If those are some of the questions you have, we have the answers. This Electroneum coin review will answer all those questions and provide you with great insight, so, read on.
Electroneum has hoped to revolutionize mining in blockchain networks by introducing application-based mining. Electroneum claims to be the world’s first cryptocurrency that allows mining through mobile applications. Electroneum also has a fast Instant Pay feature that allows for quick payments through the mobile application. Its technology is primed to perform. The CEO of Electroneum is Richard Ells, who has set high expectations for Electroneum coin.
Instant Pay Feature
The Instant Pay feature enables hassle-free transfer of ETN from one mobile device to another. The agonizingly slow blockchain confirmations and validations that are needed for such transfers are overcome through Electroneum’s Instant Pay feature. The Instant Pay feature integrates seamlessly with e-commerce Point of Sale (ePoS) systems. This enables users to pay using ETN to e-commerce websites that they wish to buy from.
Electroneum had announced way back in April that the global patent pending status was conferred to their Instant Pay payment process. This payment could be carried out through ETN, Bitcoin or other cryptocurrencies. This allowed for easy integration into the existing electronic point of sale (ePoS) systems for retailers, restaurants and various other merchants and vendors through their API system, rather than requiring special kinds of equipment or a separately dedicated wallet. It provides instant checkout and settles the amount in around an hour’s time. When compared with other forms of payment such as credit cards, this is significantly much faster.
The payment process is extremely simple on the customer side. It works similar to some of the currently existing mobile wallets for actual cash. Payments can be carried out in a matter of seconds. It allows for instant confirmation of payments. Vendors who use this might not get their currency immediately but will be assured that their payment is carried out and once the blockchain validates the transaction, they will surely receive the payment. Right now, payments are obtained through cryptocurrency only, but, integrations of fiat currencies can be made possible.
Is Electroneum Coin Safe?
In the initial stages of its launch, some of the users’ accounts had been compromised. Electroneum, however, claimed that the hack was a result of using an email and password combination that had been hacked elsewhere. Electroneum even assured its users that nothing untoward had occurred. They claimed to have shut the system down before any transactions took place.
Overall, it has not faced too many problems and although there have been a few claims of people losing money, none of the claims have been substantially been proven to be true. The site functions well and can be perceived to be safe.
Why is Electroneum exciting?
Electroneum understands the potential of cryptocurrencies and the opportunities that they present. The cryptocurrency market is fast-growing and Electroneum wants to be able to help its users exploit the usefulness that cryptocurrencies provide. They believe that cryptocurrency is beyond the reach of the everyday guy and they hope to change that through Electroneum.
The biggest advantage of using Electroneum coin is that it does not require technical knowledge. It aims to be accessible to all. The mobile application is smooth and easy to use.
Problems with Cryptocurrency Mining
- Need for powerful GPU
- Requirement of a cryptocurrency wallet
- Need for arduous verification process
Need for powerful GPU
Let’s move ahead in this Electroneum coin review and see some of its problems.
Cryptocurrency mining generally involves solving a cryptographic puzzle that involves using brute force approaches. This task is computationally expensive and requires a Graphical Processing Unit (GPU) with immense capabilities.
The requirement of a cryptocurrency wallet
To buy, sell, store, and trade cryptocurrency, you would need a wallet that enables these transactions. Often, these wallets are built outside of the trading system and are merely integrated. Usage of third-party wallets and their safety is a huge cause for concern for users.
Need for an arduous verification process
Many cryptocurrency organizations seek a lot of personal information, which, sometimes seem like more than necessary. To carry out verification and be able to transact using the cryptocurrency, users generally undergo verification processes that go on forever.
Electroneum overcame all the above problems by allowing for a simple mobile based application that took care of everything. The mobile application had a wallet that enabled transactions. The mining process could be carried out through the application without having to worry about the powerful hardware needed for mining. The verification process was also simplified and allowed users to use Electroneum coin rather easily.
All the security, transactions, trading of Electroneum, and verification processes, are managed by the application. The application is free to install and requires zero technical knowledge.
Electroneum and its Founder
The Electroneum team is led by founder Richard Ells. Richard Ells is known to have an experience of 20 years in the field of digital businesses. He was in charge of running Retortal, which was a social media platform that offered social media managing. He also was responsible for co-founding a digital agency called SiteWizard. Richard got a team of professional developers, marketers, and strategists and brought them all together to form Electroneum. He used expertise in all aspects including trade and cryptocurrency instead of simply relying on a technology-heavy team. They are based in the United Kingdom and aim to make cryptocurrency mining available to all.
Electroneum heavily focuses on bringing forward mobile adoption. The wallet-based application is targeted at audiences that are largely mobile phone reliant. They aim to bring about a new change in the mining scene by creating a mobile mining experience. Considering the fact that most people in the world possess phones and, cannot afford, or own equipment that allows computationally heavy tasks, this mobile-based application assures that the benefits of mining are not beyond anybody’s reach.
However, mobile mining is more of a simulation than actual mining. The idea is to familiarize individuals about the mining experience without the complexities that are associated with mining. This is to enable the growth and mass adoption of the technology of blockchain. The users are given incentives for participating in the mining process. Electroneum has also developed associations with mobile network operators.
Electroneum and KYC
Electroneum is set to become the first cryptocurrency with KYC or Know Your Customer compliance. According to the Electroneum team, this would allow them to achieve mass adoption. To get businesses on board with Electroneum, the team had to ensure there was KYC in place. Electroneum aims to introduce KYC in a way that does not create any hassles to the user. This would allow users to earn and spend the ETN that is needed for transactions.
They aim to make the KYC process as easy and convenient as possible for the user. The KYC process would involve sending identification proof based on the amount of ETN that the user possesses. In some cases, the user would only have to provide his/her name and the country to complete the KYC process.
Electroneum’s ICO went extremely well and managed to raise more than what was expected. It had one of the largest ICOs for a cryptocurrency. They managed to raise close to $40 million dollars in the ICO, which, is extremely impressive for an ICO. The ICO had 250,000 registrations and 110,000 contributors.
How to buy Electroneum Coin?
Electroneum currently has no support for fiat currencies. The only way to buy Electroneum coin currently is through other cryptocurrencies such as Bitcoin and Ethereum. These can be bought through exchanges. You cannot buy it using fiat currencies.
Where to buy Electroneum coin?
Some of the cryptocurrency exchanges that sell Electroneum coin:
Features of Electroneum
- Electroneum is a decentralized system. It does not have a central authority that is responsible for maintaining and possessing control over the process.
- It is created by a team that consists of individuals who have comprehensive business and cryptocurrency expertise.
- It works on the Proof of work model.
- The team is headed by an ambitious individual who has immense experience in the field.
- The transfer fee for transacting is comparatively small. It costs the user a mere 0.01 ETN
- It had one of the largest ICOs in cryptocurrency history.
- Transactions through fiat currencies are not possible.
- The network came under attack during its initial stages. The team attributed this attack to the same username and password usage as that of the email that was used for registering.
- Buying of ETN is restricted to only a few cryptocurrency exchange sites.
- It targets developing countries.
- It makes cryptocurrency available to the average individual.
- The access to the cryptocurrency and mining is relatively easy.
- Everything is carried out through the mobile application, including mining.
- There is an in-built wallet and third-party wallets are not necessary for storing the ETN.
- The mobile application is available in 20 different languages.
- The mobile application is convenient and easy to use.
Should I invest in Electroneum?
Despite the initial setback Electroneum faced, it has been gaining prominence in the cryptocurrency industry. The large ICO that it had, made people take note of it. The value of the currency has not seen a rapid increase and it is hard to predict if it would do well.
The price might not shoot up anytime in the near future, but, it is certainly safe to invest in. The only problem is, the investment can only be through other cryptocurrencies. You cannot buy Electroneum with fiat currency.
Downloading the application gives you a certain amount of Electroneum (ETN). Taking part in the mining process can get you a little more. There are definitely no risks involved with downloading the application, so, you might as well download it and explore the possibilities that Electroneum presents. You can potentially use the earned ETN to make payments to merchants and vendors in the not so distant future through the Instant Pay feature if things go according to plan.
Here are some figures pertaining to Electroneum that might help you decide:
Electroneum coin price:
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Pros and cons of Electroneum
|Easy to use||Suffered an attack in its initial stages|
|Not too many risks associated with it||No support for fiat currencies yet|
|It has an extremely handy Instant Pay feature||Only a few cryptocurrency exchanges list ETN|
|It is mobile based and convenient||Its growth has not been too impressive|
|It is available in 20 different languages|
|Easy KYC process|
Wrapping up Electroneum coin Review
Electroneum started off extremely well and impressed all with its Initial Coin Offering (ICO). The growth has not been drastic, but, has been considerably steady. It promises to make payments faster and could potentially revolutionize the way we pay. It is majorly aimed at developing nations and could prove to be very successful there.
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Electronium Coin Review
- Convenient and mobile application based
- Very easy to use
- Available in 20 languages
- Easy KYC Process
- Good Instant Pay feature
- Suffered an attack initially
- No support for fiat currencies
- Very few exchanges allows buying Electroneum
- Growth has not been too impressive