What Is Electroneum?
Electroneum is a cryptocurrency that originated in England, it was brought to the
world through the method of an Initial Coin Offering on September 14th, 2017.
The cryptocurrency was released into the market by its developers to bring an innovation to the
world of mobile gaming and online gambling markets. The goal of the project is to make
Electroneum a cryptocurrency that is simple and very easy to use, thus, making it more likely for the
digital currency to gain adoption.
In fact, the team wants to make it so simple that they are allowing for users to manage their wallets
and mine coins straight from their mobile application.
The project is seeking to bring some changes such as making electroneum easy to access and making
certain that it is “super secure” incorporating all of the benefits of Bitcoin and adding more.
The Benefits of Electroneum
Electroneum should be simple and easy to access and use. The transactions that take place on this
platform should be simple, fast an anonymous. Unlike Bitcoin, the public will not easily be aware of
your entire transaction history or the contents of your wallet.
The project states that “Electroneum is a leap forwards in the accessibility of cryptocurrencies.”
As the project progresses, and meets their goals, they could reach their intended goal.
How does Electroneum work?
There has to be more clarity on this aspect, as their Whitepaper is somewhat generic. The
Whitepaper talks a great deal about the market of cryptocurrencies, the blockchain, their team, and
other general aspects as opposed to the inner workings of Electroneum.
But going further into their Roadmap reveals a little bit more about the components of
Electroneum. The anonymity or privacy factor will come from the aspect of the team using the
bytecoin sourcecode. When replicating this codebase, they will be able to give users the benefit of
having similar technical aspects of anonymity that comes from that codebase.
They will also have an offline wallet so that there will be minimal to no chances of being hacked.
There will be a cap of 21 billion Electroneum that will ever be in circulation, capping it at 21 billion
makes it to where it will have to stay at a certain price point and fluctuate around that certain price
point. Thus making it to where it to where one would be incentivized form a psychological
standpoint to send it and use it as a currency.
The cryptocurrency Electroneum is centralized similar to that of Ripple.
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