Electroneum – A Cryptocurrency For the Mobile and Online Gaming Industries
Electroneum is a Cryptocurrency that targets the mobile and online gaming industries. It uses its own blockchain to keep track of transactions, enables anonymous transactions, and uses a proof-of-responsibility protocol to choose miners. This makes it an attractive alternative to traditional fiat currencies, which are prone to hacking.
Cryptocurrency designed for mobile and online gaming markets
Electroneum is a cryptocurrency that was created to cater to the mobile and online gaming market. Its protocol enables companies to accept commissions in the form of Electroneum, which can be used to purchase items within games. It also allows players to enter and exit games by using their Electroneum. Moreover, the protocol provides compliance and KYC features. The cryptocurrency aims to reach the gaming market and unbanked areas of the world.
One of Electroneum’s biggest advantages is its mobile app, which is available for Android devices. Users can send and receive Electroneum from anywhere. The mobile app also offers offline paper wallets, which are useful for storing Electroneum coins when offline.
One of the most important benefits of using this cryptocurrency is its anonymity. While most cryptocurrencies are launched with special equipment, such as a PC with several GPUs, Electroneum aims to make its technology easily accessible to people. It will release mobile applications for iOS and Android devices on October 31st.
The company has an experienced team that has years of experience in software development. Richard Ellis, who is the CEO, has 20 years of experience in running a digital agency. Before establishing Electroneum, he founded another company called Retortal, which offers social media marketing to various businesses. Retortal is now worth $50 million USD, and its software is used by hundreds of thousands of people worldwide.
Electroneum has big plans for the future. Its main goal is to dominate the cryptocurrency market by combining accessibility and ease of use, which is key for online gaming. Online gaming has become a major leisure activity for people all around the world. Electroneum could reach millions of users in this space.
Electroneum’s transaction system is fast and anonymous, with transaction times of less than a minute. The fees are minimal and are based on the network’s traffic. New blocks are added to the system almost every minute.
It uses its own blockchain
Electroneum has recently partnered with BMedia, an online community that helps users connect with brands. Founded in 2013, BMedia has over 500,000 Facebook fans and a monthly reach of 10 million. It also has partnered with FanFare, which connects fans and brands. It has been partnering with 60 brands since August 2017. It rewards fans for uploading videos about products they love. While the two technologies have similarities, the main differences are in the way that the coins are used.
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Unlike other cryptocurrencies, Electroneum is a mobile-based digital currency. It’s available on Android and will be coming to iOS in 2018. It provides mobile access to a digital wallet so that users can send and receive Electroneum wherever they go. In addition, it offers paper wallets for offline storage. It’s advisable to spread your coins among multiple wallets to protect against losing them.
The team behind Electroneum consists of highly experienced software developers. Richard Ells, the CEO and co-founder, has over 20 years of experience building successful digital businesses. Prior to his involvement in the crypto industry, Richard Ells had worked as an entrepreneur and digital marketer. Before joining the team at Electroneum, he co-founded the digital marketing agency SiteWizard.
While the Electroneum blockchain does use a proof-of-responsibility (PoR) algorithm to prevent 51% attacks, this system also limits who can operate a node and what they can do once they’re on the network. To prevent this problem, Electroneum uses a proof-of-responsesibility mechanism that requires operators to prove charitable giving before continuing to operate Electroneum’s blockchain.
Electroneum has also avoided the use of powerful ASICs for mining. The Proof-of-Responsibility algorithm was derived from the original Bitcoin whitepaper. According to Dr. Scott Stornetta, co-inventor of the blockchain, Electroneum is a more moderate and safer system that offers greater security. He also spoke about the future of blockchain and how the project will help the developing world.
Electroneum is a mobile-based crypto platform that offers an instant payment system. It was founded in July 2017 and launched in September 2017. In December, it completed an ICO worth $40 million. Its primary goal is to serve the billion-plus unbanked population.
It allows for anonymous transactions
If you’ve been hesitant to use Bitcoin because of its lack of anonymity, you might want to check out Electroneum. This digital currency is based on the CryptoNote algorithm, which allows users to generate multiple one-time keys from a single public key. The Electroneum network also uses a stealth address system. These stealth addresses create a single, unique public key that is a hidden link between a user’s wallet and balance. Lastly, this digital currency uses ring signature technology, which links several signatures with the same private key. Each transaction block is added almost every minute, so you will never need to worry about your funds disappearing before your eyes.
Anonymous transactions can become increasingly popular in the future, as privacy becomes more important for businesses and individuals. However, there are going to be barriers to the development of such a technology. In particular, governments are going to need to decide how to regulate it. For now, though, this technology may be a way for businesses to make their products or services available to the public.
The founding team of Electroneum is made up of several highly-experienced people who are able to make the platform successful. The team includes James Atkinson, a developer with 10 years of experience, Dean Cole, a web and app developer, and Andy Denton, an online gaming consultant with over 20 years’ experience. The team has been working together since 2015 to develop this new currency.
While Electroneum is still in the early stages, it is a worthy contender in the cryptocurrency market. With real-world implementation and a high level of convenience, it is likely to increase in value over the next few years. To learn more about Electroneum, check out the app on Google Play or the iOS App store.
Like Monero, Electroneum features built-in privacy features. The system utilizes a stealth address that means anonymous transactions cannot be traced on the public blockchain. As a result, you can use Electroneum without worrying about your money being exposed to unwanted eyes. It is also fast and cheap to send and receive funds using Electroneum. The ETN symbol was able to raise $40 million in its ICO.
It uses a proof-of-responsibility protocol to select miners
Electroneum, a blockchain startup founded in 2017, has pioneered a proprietary transaction validation protocol known as Proof of Responsibility. This mechanism selects transparent NGOs to operate nodes and validate transactions. The company’s mission is to make cryptocurrency more mainstream and provide income and skill training opportunities to people in developing countries.
The project has managed to raise over $40 million ETH in a single round of its ICO in September 2017, selling 29% of its total supply. It has reached 43% of its maximum supply. However, Electroneum’s price has fluctuated in recent months, so investors should keep an eye on the project’s development.
The Electroneum network uses CryptoNight technology to mine its ETN. This prevents ASIC miners from mining the coin by requiring specialized equipment. It encourages the use of CPU-powered devices and applies a proof-of-responsibility algorithm to select miners. This algorithm enables non-governmental organizations (NGOs) to receive block rewards in return for mining Electroneum.
Electroneum has several features that make it a good option for mobile users. The ETN native coin is a cheap alternative to Bitcoin, and you can acquire it easily with a smartphone. The ETN native coin can be used in mobile games, gambling, and phone checkout. Electroneum also has its own mobile app and ecosystem. You can use it to make payments in over 190 countries.
As the value of cryptocurrencies has increased, mining farms have been set up. Many of these companies use specialized mining hardware called ASICs to increase the speed of mining. Until recently, this method was useless for end-user machines. However, the Cryptonote PoW algorithm has attracted individuals to mine their crypto currencies with home machines. Moreover, the Cryptonote mining algorithm is constantly changing, which discourages ASIC development.