Electroneum and its mission
Electroneum is the first UK-based cryptocurrency based on code from both Bitcoin & Monero with a sustainable and charitable approach. It has raised $40 million in its 2017 ICO.
More than 1 billion people are estimated to be currently unbanked. Electroneum has set a goal to become the first mobile payment solution to fix this.
The company currently has more than 4 million users worldwide, and Electroneum’s mobile payment network is available in more than 170 countries.
Electroneum ecosystem features the following products:
AnyTask.com – a freelance platform where you can offer your services for ETN
Electroneum M1 – an affordable smartphone
Electroneum App – a wallet to store ETN (gained from AnyTask)
ETNDonate – a tool to donate charities in ETN
ETN Everywhere – is a marketplace where you can spend ETN in 170+ countries.
While the Electroneum app allows anyone to store and transfer funds in ETN instantly at next to no cost, it is their ecosystem that attracts users from all over the globe.
In 2018 Electroneum volunteered to introduce KYC and AML (‘Know Your Customer’ and ‘Anti-Money Laundering’) compliance procedures шт фвмфтсу of the European 5th Anti-Money Laundering Directive.
Becoming the world’s first KYC/AML compliant cryptocurrency made Electroneum viewed positively by governments and financial institutions worldwide.
The Moderated Blockchain helps significantly reduce ETN’s carbon footprint. It reduces hash rates by millions of times making Electroneum, one of the world’s most eco-friendly coins.
Electroneum became more secure with network moderation and early hack attempts detection.
Each trusted miner is using unique authentication keys that can be blocked at any time. This way, moderation reduces the risk of a 51% attack, yet the network remains decentralized.
ETN can be used for mobile top-ups around the world. In some countries, you can pay for electricity or buy food. It can be used for gaming, gambling or you can use convert it at etn to btc exchange. Electroneum has a vision and a purpose, and it is first in a lot of aspects.
Before 2019 users could mine ETN both on their computers and mobile phones. A user could make up to $3 worth per month. This made blockchain available to almost any person on Earth and increased the ETN user-base significantly.
But in 2019, Electroneum forked to a Proof of Responsibility (PoR) protocol. PoR means that Electronium picks only trusted NGOs as network validators. Only hand-picked validators can mine and receive block rewards. Moderated blockchain enables Electroneum to implement an Anti-Spam transaction system, putting an end to spam transactions and “blockchain stuffing.” Furthermore, Electroneum continues to reduce its fees and speed up it’s Instant Payment Technology. PoR brings benefits, such as better security, a significant decrease in consumed energy, an increase in scalability, and redirection of ETN block rewards to charitable causes. The network that is mining Electroneum has already donated to 12 community-building and educational efforts since 2019.
To sum up, currently, mining ETN is not available to just anyone, but there are several ways to get ETN:
If you represent an NGO or a charity – you can apply at ETN Donate to promote your organization, receive donations with ETN, mine them, and receive block rewards.
If you are a freelancer – you can register at Any Task and earn ETN with your skill.
If you are a business – you can join ETN Everywhere as a merchant and sell your product or provide your service for ETN.