What Is Electroneum (ETN)?
ETN is the native token of Electroneum, which is an instant payment system. It intends to provide users with a payment system that would enable them to conduct international transactions using just their smartphones in places where they do not have access to traditional banking systems.
If you’re interested in the current ETN price, check out the Electroneum price chart above.
The main product of Electroneum is its mobile app. It enables users to make quick and inexpensive transactions with ETN tokens. Users can store and manage their ETN holdings by utilizing the integrated ETN Wallet. Additionally, it gives users the opportunity to move their assets to an offline wallet, which provides a considerably better level of security. Besides that, the app also allows them to mine ETN tokens using only their phones. In fact, Electroneum is the first ever mining application.
Apart from the app, Electroneum has a few other projects, including:
- AnyTask. It’s a platform that allows people to find freelancing jobs without having a bank account. The freelancers are paid in ETN tokens for completing the jobs placed on the platform.
- ETN Donate. It’s a fundraising platform that allows users to donate ETN tokens to various charities and Non-Governmental Organisations (NGOs).
- Electroneum M1. It’s an affordable Android smartphone. It’s designed to be compatible with the ETN app, however, it also supports other Android apps, so it can be used like any other smartphone.
- TaskSchool. As of writing this, the project is in the development phase. However, TaskSchool will be an online educational platform accessible through a smartphone. It will allow users to learn a range of basic digital skills.
The Founder of Electroneum
Richard Ells founded Electroneum in 2017. Prior to founding Electroneum, he was a technical director at SiteWizard Ltd. Besides that, he is also a director at Retortal.com, which is a marketing tool for brands. Additionally, he is the one who founded AnyTask, the aforementioned freelancing platform.
How Does Electroneum Work?
The project has its own blockchain called the same way – Electroneum. The blockchain employs the Proof-of-Responsibility (PoR) consensus mechanism.
Essentially, PoR has miners who mine the blockchain and receive block rewards for that. However, with this new mining paradigm, miners are required to protect the payment network's integrity and appropriately use the block rewards they earn to aid the underprivileged.
Thus, the ETN Network has chosen a few NGOs as validators. It allows them to use the ETN block rewards to invest in their charitable initiatives. As of writing this, Electroneum has 12 network validators. Due to that, the possibility of 51% attacks is avoided because there is no way for miners to control more than 50% of the network's mining hash rate or processing power.
Besides, even though mining is perceived as a process that takes a lot of energy, Electroneum managed to reduce its hash rates to less than half a kilo hash per second (0,5 kH/s).
The Purpose of ETN Tokens
ETN token is an enablement currency, which means that it is meant to provide people without access to banks with a medium of exchange for real-world purchases. It can be used to pay utility bills, purchase airtime and data, and pay for a huge variety of other services in more than 140 countries. There is a program called ETN Everywhere, which allows merchants and services to become a part of the ETN network by accepting ETN tokens as a payment method.
Besides that, ETN is a currency that is the driving force of the whole Electroneum ecosystem.
FYI, make sure to check the Electroneum price chart above in order to see what is the current ETN price, as well as how it changed overtime.
Tokenomics of ETN
The max supply of Electroenum coins is 21 billion. This means that the ETN token is deflationary. Thus, as the circulating supply reaches the max supply, it’s likely that the ETN price will increase.
You should be aware that the ETN price is subject to change if you intend to purchase Electroneum tokens. This occurs as a result of the price of Electroneum being impacted by the overall cryptocurrency market's volatility, just like the pricing of other digital assets.