✔️ Information reviewed and updated in April 2024 by Pedro Martínez González
Cryptocurrencies like Electroneum appeared as a natural response to what we all already know, the digitization of the world. And it is that the arrival of the internet has allowed to revolutionize everything, even the way in which we live, buy or handle our money. Cryptocurrencies are money made digital.
Within the digitization process we also find a sub-process in which digitization is even more focused, only this time targeting mobiles. That is why Electroneum appeared, as a way to create a cryptocurrency focused 100% on the mobile device environment.
✨What is Electroneum?
Also known as ETN, for its acronym, Electroneum is a cryptocurrency which comes with a unique and innovative proposal, to be the first cryptocurrency created 100% for mobile environments. This means that from mining to handling they are done through your mobile which makes their use easier.
Its objective is simple, to simplify the entire process behind the mining, storage, purchase and management of cryptocurrencies. By developing on a mobile application you can find everything you need in the same environment. That is, you have the mine, the wallet and even access to the blockchain in one place.
Also, this is intended to make Electroneum much more accessible to people, as anyone can download a mobile app. Another point in favor is that it is intended that this application is compatible with both Android and IOS in its most used versions.
As such, ETN emerged in the year of 2017 obtaining its financing through an ICO which reached 40 million dollars. Although ETN suffered a cyber attack by means of a DDoS, it was able to recover, since it was enough to suspend operations to fix the security breach.
✨Difference between Electroneum and other currencies
- Much more privacy: There are cryptocurrencies such as Bitcoin or Ethereum that do not completely hide the information of their users. In ETN a system is used which allows users to keep both public and private information private, thus providing greater privacy.
- Operation: Most cryptocurrencies, if not 100%, are designed to operate on both mobile phones and computers, with computers being the main way to use them. Electroneum is designed to operate 100% on mobiles so its mining and the entire management process is carried out on these devices.
- Incentives for mining: In addition to being able to be used by mobile phones, Electroneum encourages the mining of its cryptocurrency, only that it does so by CPU. Thus, by not requiring ASIC equipment, the cost of mining this coin becomes much lower in both equipment and electricity.
- Maximum amount of Bitcoins: Another significant difference is found in the number of Token or virtual currencies that ETN can generate. And it is that, unlike Bitcoin, here the cap is much higher.The exact number? The maximum number of Bitcoin multiplied by 1000.
✨Technology behind
The construction of ETN was done through the code known as Monero, this code has its own Blockchain, thus the Electroneum cryptocurrency was born. The programming language used has been designed exclusively to operate on mobiles, so it could be said that its design is different.
Thanks to its mobile-optimized architecture, ETN emerged as a cryptocurrency platform in the form of an App. All you have to do is enter your application store, select the app and download it like any other. Inside, you just follow the registration process required to start trading.
In order to keep the information of its users protected, Electroneum incorporated a technology called Stealth Adress. This is basically a single-use public key which prevents personal, transaction and fund data from being listed and related to Wallets.
Improvements were also added to the blockchain so that you can mine, albeit a little slower, within your own app. What's more, A dynamic system was created which adjusts both the speed of the transactions and the commissions according to the volume registered in the Blockchain.
✨Mining
Electroneum's conventional mining process is based on the use of conventional CPUs which makes it more accessible. If you are one of those who enjoy mining at home, then you should know that the cost of equipment and energy consumption in ETN is much lower.
Although of everything, what stands out the most is the creation of a system for mobile mining. Although this does not mine as such, it is rather a kind of simulation, it does provide rewards or benefits. It was designed in this way to avoid overheating of the equipment.
✨ Where can I store my ETNs?
Every digital coin needs a Wallet, or electronic purse, to store cryptocurrencies and be able to manage them. Having been developed under an environment and architecture focused 100% on mobiles, Electroneum has its own Wallet for its ecosystem, which reduces compatibility problems.
You can enter directly from the App, for now only available on Android, as well as its website version. Similarly, there are some third-party Wallets on the market which are compatible with Electroneum. Thus, you can find the Wallet of your choice more easily.
✨ How can I get Electroneum?
The first option to have your own Electroneum is mining. For now it is only available for CPU, since the mobile version is in beta. You can try both options to find the one that best suits your needs and your mining knowledge.
On the other hand, you can buy virtual currencies from ETN, although this option is a bit limited. This is because, as it is not one of the most popular cryptocurrencies, only few exchanges have it available. To buy them, the first thing we suggest is to look for exchange houses that have this virtual currency available.
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