Electroneum ETN Price

What is Electroneum (ETN)?

Electroneum (ETN) is a cryptocurrency that was launched in 2017 with the primary goal of enabling easy and accessible digital payments through mobile devices. It is designed to facilitate microtransactions and has gained popularity, particularly in developing countries, due to its user-friendly mobile app and focus on the unbanked population. As of 2024, Electroneum operates on a unique blockchain that allows for fast transactions, with an average block time of 60 seconds. The platform aims to provide a seamless experience for users, making it simple to send, receive, and manage cryptocurrency through their smartphones.

Who are the Founders of Electroneum?

Electroneum was founded by Richard Ells, who is also the CEO of the project. Ells is an entrepreneur with a background in technology and business, having previously worked in various sectors including web development and mobile technology. Alongside him, the Electroneum team comprises experienced professionals and advisors from the blockchain and finance sectors, contributing to its development and strategic direction. The project has garnered attention for its focus on social impact and financial inclusion.

How does Electroneum Work?

Electroneum operates on its own blockchain, which is a fork of Monero, allowing for secure and private transactions. The platform utilizes a unique mining process known as "mobile mining," which enables users to mine ETN coins on their mobile devices, though this is not traditional mining but rather a simulation that provides rewards. Electroneum employs a proof-of-work consensus mechanism, ensuring security and transaction verification on its network. Users can create an account via the Electroneum app, where they can easily manage their ETN, conduct transactions, and even purchase mobile top-ups or vouchers. The use of instant payment technology allows for near-instant transactions, making it appealing for everyday use.

Top Use Cases of Electroneum

Electroneum has several notable use cases that highlight its versatility:

• Mobile Payments: Electroneum allows users to make fast and secure payments for goods and services directly from their mobile devices, making it ideal for everyday transactions.
• Remittances: The platform is particularly useful for transferring money across borders, as it offers a low-cost alternative to traditional remittance services.
• Microtransactions: ETN enables users to conduct microtransactions, which are often too costly with traditional payment methods, catering to the needs of the gig economy and online services.
• Mobile Top-Ups: Users can purchase mobile top-ups and vouchers directly through the Electroneum app, further integrating cryptocurrency into daily life.
• Charity and Donations: The platform supports various charitable initiatives, allowing users to donate ETN to causes they care about, thus promoting social good.

How to Keep your Electroneum Safe?

Keeping your Electroneum safe involves several best practices:

• Use a Secure Wallet: Store your ETN in a secure wallet, preferably a hardware wallet or a reputable software wallet that supports two-factor authentication.
• Enable Two-Factor Authentication (2FA): Always enable 2FA for your Electroneum account and any associated wallets to add an extra layer of security.
• Keep Software Updated: Regularly update your wallet and mobile app to ensure you have the latest security features and patches.
• Be Wary of Phishing Scams: Avoid clicking on suspicious links and always verify the authenticity of websites before entering your credentials.
• Backup Your Wallet: Make sure to back up your wallet's recovery phrases and private keys in a secure location to recover your funds in case of loss or theft.