[Electroneum] Weekly News Roundup SPECIAL! Electroneum Uncovered

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Current Price: £0.017 | $0.024

This week we've got a special Weekly News Roundup, as I've managed to get hold of the fabled Electroneum Document that goes over their plans going forward for the British cryptocurrency. There hasn't been much news other than what's held within this document, so it'll be a slightly different format this week focusing on what the team is proposing for the project. We're going to summon the spirit of Philly D, and let's just jump in to it!

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Electroneum Uncovered

On the 23rd March, Electroneum posted about a video on their Facebook page that discusses a document that explains the whole project to current and prospective partners. I hadn't seen this document in question, and even though this was Electroneum endorsing the video and I presume the contents of the video, I prefer to get my information from the source itself, and so I haven't watched the video. Thanks to reddit though, I got my hands on a copy of this document and so we're gonna take the time to comb through it ourselves and see what it says, and hopefully find out exactly what Electroneum's plans are going forward. If you prefer to explore it yourself, you can do so here

Some of the comments on Facebook rightfully asked why they were posting this video, and not releasing the document themselves. I have no answer for that, maybe it's just an oversight on their part, although as I'm writing this they still haven't officially released the document. With that in mind, the authenticity of this file can't be validated by me, but I have no reason to believe that this isn't the same document discussed in the video. This is labeled as a confidential document, however it is now in the public domain and seeing as Electroneum have already endorsed a video discussing this leaked document, so in the interest of news we should be fine to discuss it. It was created on the 23rd March according to the document itself, so this is all fairly fresh news and wasn't used at the world conference early in the month.

Introduction and Mobile Industry Financial Services

This is all fairly self-explanatory, and goes through Electroneum's ambitions of breaking down the barriers of entry to cryptocurrency by focusing on mobile users and enabling them to earn ETN through simulated mining. It does state at the bottom that they now have 11 agreements signed which is good news for sure, as for who those partnerships are with, we don't know right now.

They then ask what is needed to achieve mass adoption and how do you persuade your users to embrace change? This page also discusses the current state of mobile payment services, and says that user adoption has so far been slow to say the least. I agree with this sentiment, as there does seem to be a wide number of mobile-based payment services, and the majority don't appeal to me. There is already PayPal, many UK banks have adopted PayM and then Apple and Google are increasing their market share here too. The question I have is will introducing another one to the mix, especially a cryptocurrency based one, help that situation? Hopefully we'll find out.

Cryptocurrency Simplified For Everyone and Mining Goes Mobile

The next slide discusses what Electroneum has achieved so far, and it's always nice to be reminded of the project's achievements so far. They have delivered a mobile app that offers a fully transactional cryptocurrency platform, that requires no tech knowledge, no investment or running costs and enables users to earn free cryptocurrency passively. It is what they stated they would do back when the ICO was running, and they can feel proud of the fact they have done that. I had my doubts initially, as they seemed to be diving into the deep end with this one, but they did it. The statistic at the bottom of the slide speaks for itself really; Over 1m accounts, 500,000 app downloads and counting.

This slide goes over their mobile mining rewards system and how much both users and distribution partners can expect to earn per month, up to $3 apparently. This'll be on a high end phone, and at current costs (barely over $0.02) so expect that figure to vary.

Mobile Operator Benefits and Partnerships

Next they discuss how the Electroneum ecosystem would benefit mobile operators. This would include opening up two new revenue streams through mining rewards and then through micro-transactions on goods and services. The possibility of passively earning a small income, or even completely offsetting the cost of a mobile device/bill is what will draw new users in, educate them in cryptocurrencies and will enable operators to gauge the loyalty of their user base.

This next slide goes over their partnership model that is already in use and helped gain them 11 new agreements, giving them access to over 130m+ users in more than 30 countries. Again, no word on who these agreements are with and in what capacity, but it certainly seems like encouraging results so far. For me, I'd like to see a partnership between Electroneum and a UK mobile operator called GiffGaff, who I've been a customer of for years. I can see the two companies working together very well indeed.

Banking the Unbanked and The New Ecosystem

This slide discusses one of their key demographics; smartphone users without bank accounts. This might seem like a weird one to some western audiences, but throughout the world access to basic banking facilities is tricky, if not just unobtainable. However, smartphone use is very common amongst less privileged, even if that seems contradictory. Too many people in developing territories just cannot get access to banking facilities, and so Electroneum proposes that their ecosystem could help those less fortunate to offset the operating costs of a mobile device, while enabling them to make P2P transactions at a fraction of the current cost. This could also free up liquidity in the market and help those who need it to save, pay for education or health services and so on. Potentially, this technology could help bring poverty to an end and allow for better wealth redistribution.

Next the document discusses how their ecosystem can benefit not just the mobile industry, but potentially many more areas of business. They discuss two keys partnerships here as well, one that we have already heard about, Quione, but also one with Unified Signal, which was news to me at least. With just these two partners, they can already look to allowing liquidity on demand for operators (and maybe even users down the line), integrate debit cards into the ecosystem and introduce a instant payment solution. Now we're talking. I've long said that one of the biggest problems for the cryptocurrency market, after scalability, is the ability to introduce payment solutions for both vendors and users. I've previously written about Bitcoin Gold and their BTGPay system, and now it looks like Electroneum also have plans to release a similar solution.

Process and Progress

Finally we're going to go over their process and progress made so far. They state that currently mobile operator integration takes between 6 and 9 months, but with future partners targeting a 3 month process. Most importantly here, they tell us some of their new partnerships, including; Effortel, Xius, BMedia KK, FanFare and soon redONE will also be announced. This is exciting news to hear, as these are decent partners to start with, giving the team a combined user reach of over 130 million users in over 30 territories. They also say that in the second quarter, they are looking to develop and deploy vendor deals into their ecosystem, which would give users the ability to purchase goods and services with their earned ETN.

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There's an awful lot of information to digest there, and some key points definitely need elaborating on, for example their proposed instant payments system, but more research is needed first. What do you think about this document and its contents? Are you hopeful for the future of Electroneum? Let me know your thoughts and feelings in the comment section down below, and as always make sure to follow me for the latest Cryptocurrency, Internet and Pop Culture updates. Until we meet again, Peace!

Source:
Electroneum Uncovered (https://drive.google.com/file/d/1-SFMDa27ot_UWhKgBnT8YIcRYxN3XalZ/view)

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