Electroleum - The Next Huge Cryptocurrency or Just a Hyped Cryptocurrency?

I have seen it everywhere on the internet but hardly paid attention to it, same way I have struggled in the past to pay attention to previous ICO’s that everyone thinks are the next big thing.

I'm always skeptical of new cryptocurrencies that everyone seem to think is going to be the next big thing, not because I am pessimist but because I think it's wrong for everyone to be right at predicting what’s going to be the next big thing....

Source

So I got a call this evening from a friend and he asked me; if I have heard of electroleum and how much I will putting into it. At that point I knew it was time I do my research on this said promising ICO and project that seem to excite everyone, and with it news almost everywhere on the internet.

Before then, I have been avoiding this video by @Suppoman on electroleum that keep showing up on my youtube homepage since yesterday. Trusting the value of information I do get from his channel, I decided to start with his video as my introduction to electroleum and believe me @suppoman did a honest review sharing his opinion. Though most of his subscribers disagree with him on this one, but what i personally think is that; he might not be right 100% but he was definitely being honest.

Here’s the video

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However I love to do my own research and as a fast reader I headed to electroleum website, downloaded their overview whitepaper and took time to study it very well.

What is Electroluem?

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According to the white paper "electroluem is World’s First Common Cryptocurrency built on its own blockchain and has been developed with the explicit intention of gaining mass adoption via the 2.2 billion smartphone users.”

This simply means the cryptocurrency was designed and targeted at mobile phone users worldwide, offering the easy option of getting into cryptocurrency, mining elctroleum coin on mobile without the conventional, complicating and energy consuming methods and making thousands of fast transactions on your phone.

One thing that really interest me about electroleum is how they are trying and succeeding at introducing the average Joe to cryptocurrency without the usual hustle of actually understanding the in depth of cryptocurrency and blockchain technology.

Steem was the first to do this successfully. I mean steem was the first built blockchain, that the average user engage with daily without knowing they are on the blockchain.

I was pretty much amazed when my friend called to inquire of me if I will be buying into electroleum ICO, I didn’t expect he would want to go through the stress of investing in ICO, but electroleum made it possible.

Good Side of the Project

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• Easier to mine and understand Cryptocurrency: with the official app installed on your android or apple phone, you can begin mining the electroleum coin all the time the app is live (even in background mode) and on a 3g data. Basically anyone can do this without any technical knowledge of mining and blockchain.

• Offline Wallet: which means there is basically more security for your acquired electroneum coin which allows a completely secure, unhackable, offline wallet to be created. This is a good feature because of what we have seen In the past with other cryptocurrencies wallet relating to security where some had been vulnerable to hacking and this use to cause a lot of setback for project involved. I mean everyone will feel okay to know that their money is safe and no one can just come in and steal them away.

• Bring in More Money and More People to Crypto: according to the white paper there will be a total of 6,300,000,000 (6.3 billion) Electroneum coins available for $0.01 US Cent each at the offering. Payment must be made in Ethereum or Bitcoin. And with over 200 thousand people (most new to cryptocurrency) buying millions of dollars worth of bitcoin and ethereum to invest into this project, it open way for more money to flow into crypto from the outside world and more average Joe to discover and come into the industry.

Some Bad Side

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Market penetration into gambling: electroneum have targeted two markets for their coin use cases which are gaming and gambling. Gaming companies can actually incentives their platform by choosing to reward gamers with electroneum coin which will create value around the coin.

Same way with gambling companies and this make me want to agree with what @suppoman stated in his video; that it’s going to dirty their brand looking at how some blockchain projects have emerged in the gambling industry and tried to initiate cryptocurrency into their system but are still struggling to get a rise in the competitive world of cryptocurrency.

Maximum coin volume of 21 billion: they said this mean that; transactions have only two decimal places and have a ‘real money’ feel that Bitcoin lacks.

For some reasons I don’t see why a cryptocurrency should have in excess billion of coin supply when millions of users will be mining the coin daily by just putting on their smartphones. Later on, not much people will be putting more money into electroleum but the punch of inexperienced users recruited will want to sell their coin for real money in order to profit.

This will create pretty much supply than demand and if there isn't much inflow of money regularly pumped into the market, the price might just remain stagnant in few cent for a long period of time. Look at STEEM, it's taking time to break the $1-$2 price barrier because a lot us users are mining the coin daily by posting and getting rewarded from the reward pool.

Despite the fact that steemit has a well designed system where some of our steem earned are kept as steem power to pend a lot of steem supply that ought to go into the market daily. I don’t think electroleum has this type of system design and at the end it will be very much easy to dumb.

Hype Value is High with no Current Real Value: this is where I am trying to caution myself; the current value and that of the first few weeks of release on exchanges for trading will not near the real value of the coin as opposed what most investors are anticipating.

There are currently a lot of speculations mostly by Vloggers that electroleum has the potential to grow pretty fast and return good profit on investment in the shortest time possible. It's good to be optimistic but it great to be realistic.

This project is yet to be tested and our opinions all might not count until it finally hit the market and faced with market realities. It will definitely take time to pick up to the expectation of majority of investors.

Will i be Investing?

Well, if i have some spare money, i will definitely be investing and speculating on the short, mid and even long term level because i personally think it worth taking the risk.

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Conclusion

I'm no where near a cryptocurrency expert and this is just my opinion of the project and i will advice you don't take it as a professional investment advice. Do your research and follow your gut and also never forget to strife catching up with reality.

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If this post inspired, motivate, or educate you, why not resteem so others can experience same? If you upvote as well I will be glad and your comment will make me believe you did both.

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