Electroneum - cellphone "mining"

in #electroneum3 years ago (edited)

Investing in cryptocurrencies reflects investors’ opinion that in the future, cryptocurrency will be a functional means of payment. It's that simple. How can the future of cryptocurrencies be predicted? Let's have a look at it.

Today I have the honor of introducing the cryptocurrency with a market cap of around 140 million (30/3/18), making it #77 in the crypto world according to market cap.


Source: https://pbs.twimg.com/profile_images

According to the whitepaper: „Electroneum, built on its own blockchain, has been developed with the explicit intention of gaining mass adoption via the 2.2 billion smartphone users. It launches via a token sale on 14/09/18 and represents a unique opportunity. Electroneum is a complementary currency that has been developed to allow anyone, regardless of technical ability, easy access to a cryptocurrency. Within a few minutes of installing the mobile app any user can see Electroneum being added to their wallet via the unique mobile mining experience. Nearly all cryptocurrencies are „mined“ with specialist equipment. Electroneum can be obtained via the mobile mining experience on the app.“

Sorry for quoting quite a long part of whitepaper but it has its own purpose. In my opinion, the whitepaper could be short like this one paragraph and it would say (almost) everything about this cryptocurrency.

All right, the main goal of Electroneum is to achieve a mass adoption of cryptocurrencies and that’s great. It’s a reasonable goal, especially when you take into account countries where people spend the equivalent of 2 or 5USD per one day. Then it makes a sense mobile „mining“ as you’ll probably „mine“ around 1.25 ETN over the night (6 hours), about 5 ETN within 24 hours if your hashrate is 25H/s like on my Honor 7 lite. You can "mine" almost without electricity costs, but you must be connected to the Internet. Today’s price of ETN is about 0.02USD/ETN so you can mine 0.1USD per day.

I must say that mobile „mining“ is extremely easy. It takes about 3 minutes (depending on you internet connection) to download and install mining app and after some easy steps you’re ready to „mine“. Worth mentioning is that you’re not really mining anything, just running app which simulates a mining.

I‘ve tried it out for you. Notice the time in upper right corner and amount of ETN "mined":

And you can compare it with the screenshot almost 9 hours later:

To be continued...

Best platform for trading cryptocurrencies is Binance:

https://www.binance.com/?ref=25352291

Disclaimer: Never invest more than what you can afford to lose. This post is my personal opinion, do your own research before making any investment decisions. If you make any trades after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.

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It is a very interesting concept. I still don't know how I would feel doing CPU or GPU mining on this if they are basically just giving it away to get adoption. Yet if they do get mass adoption it should drive the price up. They also seem to wan to peg it to cheap phone plans in developing countries which would keep the price low minus any speculation around the coin. I will keep my eye on this one. Thanks for posting.

You're welcome, thanks for the comment!

Yes, mass adoption together with many payment possibilities - I mean the possibilities to pay in common (online) shop with ETN - this would drive the price up. But mass adoption in terms that everybody is "mining" via phone wouldn't drive the price up...

They also seem to want to peg it to cheap phone plans in developing countries? How did you mean that?

One of the use cases is paying for cell phone bills with the currency. I think that this will artificially set the price relative the the cost of the phone bill so that people would be able to pay down there bill in a set number of ETN. I guess we will see if they quickly release other vendors to spend with.

So is it possible to pay for cell phone bills with ETN or not yet?

Great post. Need to keep mining to get that money hahaha.

Yeah, you must "mine" for ages! And maybe you'll be able to buy something :-))

I've been mining since early April 18, at first it was great the transfer from the mobile mining to the Electroneum wallet. I don't think the team was ready for the success it has now. The miners using the app triple since I started to 109,000. Payouts are slow. Hope the team can fix this promptly.
Still have about 240 ETN on my mobile wallet.

Wow, 240 ETN is very good!

Yeah, mobile miner used to work properly, sending every 10 ETN to the wallet. Since the beginning of May I'm still waiting for transfer from miner to my wallet. Yeah, I hope the team will fix it ASAP!

The concept is great but you will end the life cycle of your smartphone more rapidly.

Nah you won't as it's not real mining. It's only simulated.

Exactly, this is simulated mining and it barely has any influence on your phone (RAM, CPU, battery,...). I would compare it to running some very simple app on the background like a calendar or calculator.

the concept behind mobile miner is not about mining but to evaluate the supporters. it barely uses your ram, battery and even data.

I just got started on this. I like the idea but don't understand if it is not real mining how am I helping. If anyone else wants to try please use this code and you get 1% bonce BE3B36