What you need to know about Electroneum


          
  Electroneum is a new cryptocurrency from Great Britain aimed at smartphone users. The project started in August 2015 as a fork of Cryptonote improved with the open-source Bytecoin upgrades in August 2016 and combines blockchain technology with a viral marketing application to encourage adoption. The platform includes web and mobile wallets with built-in mining software to create a “Mobile Mining Experience.” Electroneum's mining software separates “Full Miners” who run on Windows, Linux, and Macs to secure the network from “Mobile Miners” who receive rewards for helping with marketing through a gamified interface.

            To encourage adoption, Electroneum uses a money supply of twenty-one billion tokens that round to two decimal places to avoid the complexity of a system with twenty-one million digital coins and many decimal places like Bitcoin.2 The built-in mining system allows for simplified access to mining capabilities and currency to begin transacting with, promoting CPU mining instead of GPU's or ASIC's to give average users an advantage and prevent the centralizing effects of major mining organizations. Mobile miners receive less rewards than those using a Windows, Linux, or Mac interface but the system has been set up so that mobile miners can still receive a reasonable portion of the mining rewards.

            The “Mobile Mining Experience” will allow users to run mining software in the background on their smartphone or mobile device and help promote the growth of the application. Electroneum plans to release a game within the application to teach users about cryptocurrency while slightly boosting their hash rate to allow them to receive more mining rewards.15 The company plans to encourage developers to allow gamers to transfer their currencies from one game to another, citing the 80% of multiplayer and massively multiplayer online gamers who quit within the first month of play and 80% of mobile gamers who quit within the first two months.2

            Team members include CEO Richard Ells and Development Lead James Atkinson. Richard previously founded SiteWizard and Retortal, working as Technical Director at SiteWizard and Director at Retortal and James has over ten years of experience in agile development.3, Development of Electroneum has been led by Electroneum Ltd., a small team consisting of members of Retortal working from their offices in Kent, United Kingdom.2 Other key members including head of Blockchain Development and Maintenance Dean Cole,4  head of Javascript Development Adam Atkinson, head of UI/UX and Web Developer Ben Whomsley, App Developer and UI/UX Integrator Costin Cristoi, Developers Robert Hopkins and Terry Hunter,5, 6 Social Media and Public Relations team member Imogen Dale,7 Promotional team member Michael Wiltshire,8 Social Media Lead Natalie Hayton,9 and Marketing team member Barbara Southwell.10

            Advisors include current Director of Fleet Engineering Limited and Retortal and Power Faculty Limited Co-Founder Mark Robinson and the Founder and Principal of Segin Consultants Limited Andy Denton. Mark previously worked as CEO of APC Technology Group of the United Kingdom for thirty years before founding Power Faculty Limited and Andy worked as Chief Marketing Officer of VNU Retail Group, as a Senior Consultant at Pegasus Gaming Solutions, and as a Business Development Officer at Disruptive Tech, Ltd. In Gibraltar.11, 12

            The Electroneum ICO began on September 14, 2017, ending before its scheduled close on October 31 after reaching the $40 million hard cap following hype over a tweet announcing an investment from RocketSpace CEO Duncan Logan.1 The platform is set to go live in November, 2017 with 345,870 pre-registered users as of October 30.1 A $40 million market capitalization brings Electroneum within a stone's throw of the top hundred tokens listen on coinmarketcap.com and 345,870 users would give Electroneum ten percent of the cryptocurrency market assuming the accuracy of the May 2017 study by the University of Cambridge estimating three million total users of digital tokens.14, 16

            Whether or not the “Mobile Mining Experience” and gaming applications actually generate new users will be a key to potential success. A number of other cryptocurrencies have become available for to the gaming community and viral apps come and go but plenty of people have demonstrated interest in getting into cryptocurrency and Electroneum appears to have a strong team behind it so perhaps they can take us farther down the adoption curve; only time will tell! In spite of the wariness of many cryptocurrency users regarding the security of mobile wallets, the popularity of mobile applications may very well play a major role in the mass adoption of digital currencies.


Sources


Comments

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