(ETN) —Electroneum-Beginners Guide | Cyber Lion Weekly
What is ETN?
Electroneum markets itself as “The Mobile Cryptocurrency” and it was developed with the idea to allow anyone easy access to cryptocurrency whether they are technically adept or not. That is the purpose of the Electroneum mobile mining app. Any user who uses this app will see (ETN) filling their wallet through a unique mobile mining experience. Because Electroneum presents such a low technical barrier for every user regardless of cryptocurrency knowledge, they have the potential to see adoption on a very large scale. It is clear the team is very committed to their project. They have done very well adhering to and accomplishing the deadlines they set for themselves. They have already expanded their user reach to a whopping 130 million!
Why are there so many (ETN) tokens?
Most Cryptocurrencies today have a large value with a low supply. Due to this transactions are done with small decimals. Whether or not you are new to crypto you will remember when you first began entering the cryptocurrency space it was an odd concept to say the least. For this reason, Electroneum has chosen to have a higher supply of coins with a lower value. Imagine going into a convenience store with your cryptocurrency debit card, you check your balance and see you have 2,573,862 satoshi or, 0.002573862. Well, your purchase comes out to 11,363 satoshi. You can see how this could become aggravating to most anyone, and especially your average consumer. With (ETN) instead of paying in fractions of a hundred-millionth, customers will be able to make whole number transactions.
Also, Electroneum conducted studies of non-crypto-literate users and their results showed that people prefer to see a whole number in their wallet rather than fractions of a coin. Never underestimate the psychology of marketing. Their control groups showed that when users saw they were obtaining whole coins in their wallet by leaving an app running, they rated the user experience higher as opposed to receiving fractions of a coin. Furthermore, mobile phone CPUs are not very good candidates for solving the sha-256 algorithms and, other algos that are behind cryptocurrency mining.
Long-term business strategy
Electroneum plans to encourage the adoption of everyday online cryptocurrency usage by targeting large companies for partnerships. Additionally, Electroneum plans to target large voucher applications such as Groupon, Wowcher, Travelzoo, as well as, e-commerce sites such as Amazon, Ali-Baba, and Ebay. Electroneum even has plans to directly target Joint Ventures with the likes of Google and Facebook. Last but not least, the team is strategically focusing on building brand equity. In the same way PayPal has. PayPal is a vehicle for transactions, millions of people choose to use it even though their banks or other entities could provide the same service. This is due to brand equity, services offered, and the convenience of service provided.
The team behind Electroneum has developed well-thought-out business strategies on how they plan to use their funds when developing Electroneum moving forward. Because ELectroneum also aims to attain global outreach through viral marketing, it is entirely possible that Electroneum could one day be used by 10s of millions of users including, people who currently do not have a bank account, but have a smartphone.
- Develop the Electroneum app more, making it easy to send (ETN) just by knowing a users mobile number. This new app feature will function similar to WhatsApp, Telegram etc. Verify your own number via SMS and then send/receive (ETN) with a name or contact number.
- Partner with leaders in the game industry to incorporate The Electroneum Virtual Currency Exchange. As well as develop viral marketing campaigns to on-board gamers.
- Engage with thought leaders and stakeholders within the gaming industry and develop relationships.
- Electroneum even plans to reach out to Xbox and Playstation developers to create the world’s first game console mining software. Allowing the ~620 million game consoles worldwide to leave their console mining for (ETN) when they are not being used.
- Develop GUI (Graphical User Interface) based wallets and miners for Windows and Mac.
- Reach out to influencers in the gaming industry to leverage their celebrity status to market Electroneum to the hordes of fans who pay them to follow their gameplay. This way influencers can literally showcase the product and how it works to their key market of gamers.
- Hire developers, designers, and engineers with experience of integrating with the largest brands.
The Electroneum partnerships and patent approval
In January, Electroneum partnered with XIUS a mobile & payments technology provider. XIUS has an active subscriber base of over 65 million users, they are the owners of the telecom operating brand Megasoft, which is a market leader in the mobile payments space. With over 230 deployments for customers, spanning 6 continents, and an average of $1 billion USD worth of payment transactions processed every month. Moreover, Electroneum followed up their previous partnership by taking it one step further. Electroneum is the first cryptocurrency to have been invited into partnership with the GSMA. The GSMA represents the interests of mobile operators around the world. They are responsible for uniting nearly 800 operators with more than 300 companies in the mobile ecosystem. This includes handset and device makers, software companies, equipment providers, internet companies, as well as companies in adjacent industries.
With all that being said let’s talk about the patent that Electroneum recently secured. It was filed as a patent for instant cryptocurrency payment technology. Their patent states that they have a hybrid model consisting of a centralized app and decentralized blockchain enabling them to instantly confirm to a vendor whether or not an Electroneum user has the funds available in their wallet before checkout. What this means is you will be able to pay at a shop and instantly spend your (ETN). Currently, vendors are used to an instant success or failure message when a customer uses a credit card. This is a huge step forward for cryptocurrencies especially, Electroneum. In previous discussions with retailers, Electroneum had been informed that instantaneous settlement was needed by vendors before they would consider accepting the technology.
The patent also covers subscriptions in cryptocurrencies relative to the value of any fiat currency. This patent covers any and all other cryptocurrencies meaning that Electroneum can provide instant payments or, subscriptions in the form of ANY other cryptocurrency via their system. Electroneum is out to solve the problems stopping cryptocurrency mass adoption. By patenting the Electroneum payment protocol, intellectual property rights have been established. Thus, enabling them to protect the process they’ve formulated, or even earn royalties from other cryptos that want to use it. Lastly taking the action of filing a patent will open up avenues for Electroneum to be publicly endorsed by massive corporations because they have chosen to take the corporate path.
It is quite clear that although they are new and lesser known, Electroneum will be a large player in the cryptocurrency space that we believe will be around for a long time. As long as they are able to continue ambitiously pursuing and tackling their goals with the momentum they have been able to achieve thus far.
Interested in mining Electroneum? Check out our guide on how to get started earning your (ETN) for free!
Investing in cryptocurrencies and Initial Coin Offerings or ICO’s is a highly risky as well as speculative financial maneuver. This article is not a recommendation by Cyber Lion Weekly or the author to invest in cryptocurrencies or ICO’s. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Cyber Lion Weekly makes no representations or warranties as to the accuracy or timelines of the information contained herein.
This article was originally published on Cyber Lion Weekly