What is Electroneum (ETN)? - Beginner's Facts

[dmbadillo10]

Hi guys!

You might have seen me posting and promoting ETN (Electroneum) on Stake and PD Forums previously.

I am not really sure if everyone knows what this altcoin is for and where it came from. Now I wanted to share a brief overview what Electroneum is all about and its relevance for each coin holder.

What is ETN:

Electroneum is a brand new British cryptocurrency launched via an Initial Coin Offering (ICO) last September 14, 2017. Developed to be used in the mobile gaming and online gambling markets, it will be the most user-friendly cryptocurrency in the world with wallet management and coin mining all possible on a mobile app.

The Electroneum team makes acquiring cryptocurrency as simple as downloading an app. By breaking down the barriers around acquiring cryptocurrency, Electroneum believes they can spread their coin far and wide. There are countless people that want to buy various coins but aren’t willing to send awkward selfies with their passport to a website they know nothing about. There are also the issues of linking bank accounts and paying shockingly high fees. Electroneum feels they have the solution.

How does Electroneum work:

Electroneum, also referred to as ETN, is built off the Monero codebase to allow for transactions on a decentralized blockchain. Like Monero, Electroneum has some built-in privacy features. One of the main criticisms of Bitcoin is that the balance of every wallet address is public and easily searchable.  This problem is solved with Electroneum’s stealth address, a one-time public key that “prevents recipient’s funds from being linked with their wallet. That address can be audited by a 3rd party to prove the transaction occurred. (With the sender sharing their public view key). The recipient gets their funds through their wallet’s private view key which scans the blockchain. Once detected and retrieved by the wallet, a single-use private key is created (corresponding with senders public key). The recipient can now spend those funds using their private spend key. This occurs without the sender, recipient, nor the amount transacted publicly linked.

Mobile App:

Electroneum’s greatest differentiator is using a mobile app to bring in new users. It is already available on Android.

The app provides access to a digital wallet and the ability to send and receive ETN. For extra security, you also have the option to create offline paper wallets. It’s recommended you spread your coins out across several paper wallets in case you lose one.

Mobile Mining:

The most interesting feature, is the ability to perform mobile mining. The app will allow your phone’s CPU to engage in simulated mining. This won’t cause your phone to heat up or lose significant battery life. The mining will also use a negligible amount of your internet data. Though your mobile mining won’t actually help confirm new blocks on the blockchain, you’ll still receive rewards. The app still requires the use of your CPU to teach people about the connection between the power of your computer and the ability to mine. Eventually, they hope to convert some of the mobile miners to full miners on a computer. Using the phone’s CPU also prevents people from simulating thousands of iterations of the app on a computer to receive free coins.

If you are interested on MINING ETN using your mobile phone, just kindly download the app on Google PlayStore (Android), and Apple Store (iOs, not sure if its available) and USE THE CODE that I have on my signature to get BONUS ETN!

Wanna know more? Go to this links. Credit goes to the authors:

https://coincentral.com/electroneum-beginners-guide/

https://finance.yahoo.com/news/introducing-electroneum-first-british-cryptocurrency-091551966.html

I hope this helps those people who are wondering what I am promoting and posting here on our Forums. Happy day and Good luck!

 

 

 

[barbaris]

 

This currency did not live up to my expectations. But I think that everything is not lost.

[Kargai]

Even if you provide a source link, don't copy paste those large portion of articles @dmbadillo10 Thanks

[dmbadillo10]

10 hours ago, Kargai said:

Even if you provide a source link, don't copy paste those large portion of articles @dmbadillo10 Thanks

Ah, yes Sir @Kargai. Thanks for the reminder. :)

I just copied the important facts on each article, and combined them to make sense and for newbies to understand. :D

I'll be more careful next time. Thank you again for leading me to the right path. ;)

 

11 hours ago, Kate said:

Thanks for the info. This would be really helpful for newbies to the crypto world or for newbies to ETN. I am not a newbie but i know a bit about Electroneum tho . 

But mining isn't profitable i guess 

Right now, I would say mining it is not much profitable. Just little by little. Doing it on mobile won't hurt your phone. So better to have it idle, having it earn ETN by small bits, approximately 10ETN per day depending on your device. It will accumulate til it gets bigger. And who knows, the price might rise up anytime soon. :)