Electoneum the next big thing?
What is it?
Electroneum is a cryptocurrency designed for adoption in the mobile currency market globally, with very fast micro-transactions between apps, games and users. It has a maximum coin volume of 21 billion which according to them means that transactions will have only 2 decimal spaces and sort of a real money feel that lacks when using Bitcoin in santoshis. For more information, check out their white paper. It looks quite interesting to me!
Why it looks interesting?
- It can be mined via mobile app installed on the smartphone; they even have a free apple and android app in place
- Utilizes the same blockchain model as Monero & Bytecoin but claims to be far more accessible and simple to use (2 decimal based cryptocurrency)
- Focus on gaming and gambling markets - the potential is definitely big here!
- Backed by Rocketspace CEO, Duncan Logan - who claims this to be the first ICO he is investing in
I think the concept looks promising considering the focus on smartphone users and 2 decimal points. For a digital currency to be mainstream, it does need to do away with a lot of these decimals that we cannot easily comprehend. Would love to hear your thoughts on this!
Lack of decimals is not issue when the value is low, but when the value goes up, network fees rise proportionally, because network fee can't go below 0.01 ETN. The issue with Bitcoin is that minimum network fee is already several USD or EUR and that makes small payments impossible.