Electroneum: New Cryptocurrency focussed on transactions using smart phones
There is a cool new cryptocurrency called Electroneum that I have taken interest in lately.
Here is a video that explains what Electroneum:
Electroneum is currently listed on two exchanges(Correct me if I'm wrong on this one): KuCoin and Cryptopia.
Electroneum is supposed to allow people in the third world to do crypto or any transactions for that matter by making use of the Electroneum wallet which is a very innovative mobile app. The brought the idea of "simulated mining" into their currency. So the phone app can be used to "mine", but its not real mining. I'm not sure how that actually works, but the coins that get paid to mobile "miners" comes out of a pool of funds aimed spcificially for those doing "simulated mining", but in contrast you can also do real mining. Here are some of the different miners if you would like to check them out:
https://downloads.electroneum.com. If you think about this cryptocurrency could work really well in Africa, where cash seems to be payment method of choice and where people often have to send money from one country to a relative in another country.
What would it take to make this crypto currency work well in Africa?
- More awareness
- Really fast transactions.
- We need more exchanges to trade it.
I thought I'd download the mobile wallet and try it for myself to try and "mine" using simulated mining. I'm also running the CPU miner on one of my VPS's. There is a weird bug in the phone wallet app, which I will explain shortly, but if I have to explain it, I will first have to explain how the phone wallet app works. The miner needs to first mine atleast 5 ETN, before the amount is transfferd from the miner to your wallet. I had to get to almost 9ETN before the balance on the miner went back to 0 and till the 8ETN showed up in my wallet.
See screenshot on the screenshot I had over 5 ETN in the miner, the application is supposed to pay out the mined amount to your wallet as soon as it exceeds 5ETN.
This seems to be an issue that many people are experiencing. Fortunately it did pay out to my wallet in the end,see:
How much have I made?
Do I see a future for this currency, if yes what do you imagine the future to be?
Wanna get into Electroneum?
You can add me using my referral code: B6B4DD, you can use it on the app once you have everything setup,
the referral code puts you into a weekly draw to win free ETN by referring others to the currency and app for that matter.
Btw I'm not an expert at steem markup, I'm not sure how to change my images to a smaller size.
Thanks for reading.