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Electroneum Cryptocurrency and Blockchain Use Case
Electroneum (ETN) is a blockchain solution that makes digital money easy to use for everyone. ETN is an exciting cryptocurrency that is specifically designed for mobile users. The project is unique since it targets the mobile market. The Electroneum cryptocurrency project is working towards entering the online gaming and gambling markets in the coming years.
Electroneum is built off the Monero code to allow for transactions on a decentralized blockchain. Like Monero, Electroneum has some built-in privacy features. Electroneum’s stealth addresses are a one-time public key that “prevents recipient’s funds from being linked with their wallet.”
Development and Management Team
Electroneum has been developed by an experienced team of software developers lead by Richard Ellis. Richard Ellis has a history of building successful digital businesses. He founded and grew a successful digital agency, which is still running today, over 20 years later. More recently, he founded Retortal.com in 2013.
From the project’s whitepaper, it looks like there are at least 12 team members. The team also has 2 advisers, Mark Robinson and Andy Denton. Both men are successful individuals. Robinson has served as the director for a number of businesses listed on the London Stock Exchange. Denton is an experienced online gaming consultant with a solid track record.
Additionally, the project seems to have a pretty active Github community.
Partnerships and Other Influences
Partnerships can be essential to the success of a blockchain project. This is because if no one is using a particular blockchain network, their token is essentially useless.
The following are confirmed partnerships:
- QUOINE – Japanese exchange platform
- XIUS – Telecomunications and payments company
- BMedia – Marketing Agency
Competitive Advantages and Risks
The following are Electroneum’s main competitors:
The following are from Electroneum’s white paper and should be considered when determining the project’s strengths:
- There is a maximum Electroneum cryptocurrency supply of 21 billion. This mean transactions have only two decimal places and have a ‘real money’ feel that Bitcoin lacks.
- Electroneum wallets can easily be managed on a smartphone. Coins can be generated by the unique mobile miner running as a background activity.
- It enables very fast microtransactions and Electroeum cryptocurrency can be transferred between different apps, games and users.
- It relies on its own purpose-built blockchain, unlike many other currencies that rely on other blockchain networks.
- It has a single-minded development team behind it, with the clear goal to break into and dominate the mobile currency market.
Risk can hint at a project’s chances of ending in failure:
- Will cryptocurrency users and business use ETN? Although the coin is “easy to use”, it doesn’t mean it will be adopted. It is still a new cryptocurrency and does not have a large amount of partnerships. It is very possible that users and businesses adopting cryptocurrencies will opt to use a larger more established token such as Litecoin.
- Is the project unique enough? Currently ETN is one of the few cryptocurrencies which are targeting the mobile devices and are targeting the gaming industry. However, this is not a unique idea and is open for anyone to enter their niche and provide competition.
Network and User Trends
Electroneum is another cryptocurrency that is hard to find the trends on the underlying blockchain. However, per BlockExplorer, it looks as though the average time to process a block is 1 second and a total of 15 transactions per second. These are promising for a new blockchain but it will be interesting to see how scalable the current chain is once more transactions take place on the network.
The Electroneum cryptocurrency project does seem to have a lot of activity on social media. CryptoCompare shows a total score of over 230,000 which is impressive. It shows there is a lot of discussion around the project online and many people are interested in the cryptocurrency.
Overall, Electroneum is a newer blockchain project with a lot of potential. The project is focusing on the “mobile currency market” and plans on implementing their cryptocurrency in online gaming and gambling businesses.
Electroneum has a solid team behind it and has the resources to succeed. The team has also proven that they can get the word out about the project online which is good for their branding.
However, the project has yet to announce any major partnerships which is a little concerning. Until the project partners with a big business that will incorporate their cryptocurrency and blockchain network, it is more of a speculative play than an investment.
Although this project may be very successful, it is better to monitor the development in the coming months before making ETN a major holding in your cryptocurrency portfolio. Once Electroneum gets integrated into some online games, this cryptocurrency can jump into the top 25 cryptocurrencies in terms or market cap.