Electroneum (ETN) - a cryptocurrency with its own smartphones

You do not need to know programming, buy specialized excavators, spend a lot of money and count electricity consumption. Thanks to Electroneum, anyone can become a cryptocurrency miner. Just buy a dedicated smartphone for $ 80 and have access to the internet.

We continue to Forex Club portal cycle, in which we describe the largest, most valuable, as well as the most popular and most controversial cryptocurrency projects in the world. Today it's time for Electroneum, which may be a breakthrough in the field of cryptocurrency mining.

How Electroneum (ETN) works

It is both a cryptocurrency and a network based on blockchain technology with the same name. The assumption of its creators is to be intended for people who do not need to be familiar with cryptocurrencies. For those who don't even know much about technology. You don't need a bank account to use it. All you need is internet access.

In order to make a payment, however, you must have an electronic device with access to the network. And here Electroneum found a simple solution. It is… a dedicated M1 smartphone, sold by Electroneum. It has been on sale since the end of February 2019 and is quickly finding new buyers. It runs on a lightweight version of Android Go (8.1), has a 4,5-inch liquid crystal touch screen and costs just $ 80. Thanks to it, you can make mobile payments via the ETN cryptocurrency.

The ETN itself is written in the source code Monero and Bytecoin, which have been merged and strongly modified. Thanks to this, ETN is sometimes called a private-coin, because it uses the technology of ring signatures, which may not guarantee, but still significantly increases the privacy of transactions by encrypting most of the data. It is not a classic anonymous cryptocurrency, but it is undoubtedly much more secure than the average tokens.

Electroneum has only been around since November 01.11.2017, 14.09.2017, but the project created in Great Britain is growing rapidly. That this would happen was known practically from the very beginning, and even before its creation. During the ICO, from 20.10.2017/40/XNUMX to XNUMX/XNUMX/XNUMX, USD XNUMX million was quickly collected for the development of ETN, thanks to which the network and cryptocurrency could move quickly and are constantly being developed.

Digging ETN

More ETN units are added by miners who also confirm transactions. This can be done using dedicated miners based on GPUs (graphics cards). However, it is much easier to do this with a smartphone. At Electroneum. M1 you can install the application itself MinerGate and automatically become a miner of this cryptocurrency. The application works in the background, which does not drain the battery significantly, but requires a constant connection to the Internet. However, in this case, you cannot count on huge profits, because the speed of extraction depends on the computing power of the phone's processor, and this - as you know - is not great.

Electroneum (ETN)

On June 12.06.2020, 24, Electroneum can already be traded on 0,006 cryptocurrency exchanges from around the world. The current ETN rate is $ 10,1. There are 21 billion units in circulation, out of the target 70 billion, which gives a capitalization of over $ 02.11.2017 million. The peak of trading took place shortly after the network's debut, on November 0,23, 1, when each unit had to be paid $ XNUMX. This translated into a capitalization of more than $ XNUMX billion.