Altcoins News, Top Cryptocurrencies

Electroneum 101: brief background, price history, developments, and price forecast

Electroneum (ETN) is a standard digital coin with no particular features other than that you can transfer it between addresses, hold it in wallets and use it in Lieu of cryptocurrency wherever it’s accepted.

The Electroneum platform itself is what makes it different. It’s a mobile-only coin, and anyone with a phone can quickly download the app, create a secure wallet and simulate mining their own coins to get started.

This Electroneum 101 guide contains everything you need to know about Electroneum before you decide to dive into the coin.

 Electroneum 101

Like any other digital coin, Electroneum doesn’t have any features other than the ability to be held, sent, received and spent. However, unlike most other digital coins, Electroneum is entirely based on a mobile app. Mining takes place through the mobile app or through the download desktop program, and it includes a built-in offline market.

To always keep the mobile mining effective, it’s specially designed for CPU mining rather than ASIC mining. Unfortunately, you’re not actually able to make a lot of ETN by simply mining with your phone.as such, Electroneum also offers a kind of promotional mining experience to let new users quickly get some coins.

The platform is specifically geared towards simplicity, with the goal of driving quick user uptake. Think of it as a mobile game that can be downloaded from the app store. It’s designed to get people hooked, and it lets you purchase in-game tokens that you can redeem for real money or spend on other mobile games.

History of Electroneum (ETN)

The Electroneum ICO reached their market cap of 40 million dollars during fundraising. Their GitHub release was November 1st. However, before the launch of the mobile app, they were hit by a distributed denial of service (DDoS) attack. The team had to shut down their servers and work over 26 hours straight to deal with the attack.

Eventually, after some delay, ICO investors distributed their coins and Electroneum continued working towards their goal of spreading ETN to the masses. Over 690 million ETN were transferring during the first24 hours, requiring only 430 ETN in fees.

Additionally, the coin’s price after investors saw it’s potential. Electroneum grew from$0.06 in November 2017 back up to $0.22 in January 2018, recording a growth of 122% in less than 3 months.

ETN price history

As is evident by the historical price trend of Electroneum in the chart above, the prices declined since January 2018 and it is currently trading at $0.017810.

current ETN price

The coin has performed rather averagely in the past compared with other cryptocurrencies. In fact, there are a large number of cryptocurrencies that have paid their investors much better returns that Electroneum has. With that said, it has been able to generate interest from investors because of its unique features like mobile mining.

 Electroneum exchange list

Below is a list of all current Electroneum exchanges:

ETN exchange list

Keep in mind that most of these exchanges are cryptocurrency exchanges, meaning that you will need some other cryptocurrency like Bitcoin or Ethereum to buy Electroneum—they don’t accept fiat currencies such as USD.

Below is a list of exchanges that may list ETN, or to which the team plans to apply for listing:

  • Exmo
  • Livecoin
  • Poloniex
  • Bitfinex
  • Liqui
  • HitBTC (confirmed)
  • Bittrex

Electroneum price prediction

The Electroneum token is one of those altcoins, which significantly decreased in price during the summer of 2018. The altcoin dropped by 30 times. We believe that this is due to the fact that the project platform hadn’t had full functionality. Some traders think that this is the cryptocurrency of the future, due to its mobile miner and instant payment technology.

The coin’s team has plans to launch the platform in full operation until the end of 2018. This should help the cryptocurrency become more stable.

The coin has been the talk of the industry lately in many crypto forums. For instance in the last week of September when its price skyrocketed from satoshis all the way up to 405 satoshis (so far) in a downtrend market.

At the beginning of the month, the coin was trading at less than half of a penny ($0.005) but surged to about 3 cents ($0.03) at the end.

As such, the coin is very likely to hit $1 in the next coming years. Currently, the coin has a circulating supply of around 8 billion. In order for Electroneum to hit $1, this means that its market cap would need to be at $8 billion.

At the current market cap of the crypto market as a whole (around $207 billion), this would put ETN in the top 10 list of all cryptocurrencies. Electroneum might achieve this by the end of 2019.

Some major factors that may propel the coin’s price to such heights include:

First, it’s a mobile app designed for the average user. For beginners and the non-technical-Who form about 90% of the population today. Most cryptocurrencies’ use cases meant for the highly specialized corporation in the much defined specific niches. But ETN is for the people.

The coin allows users to store their cryptocurrency in a mobile app, buy cryptocurrency and mine the same all from their mobile app.

 

Electroneum developments

Recently, Electroneum partnered with XIUS, a telecommunication payment giant. Electroneum wishes to use this partnership to promote the use of their mobile mining app as a way to offset the costs of owning a smartphone.

Additionally, BMedia, a Japanese based social media, and e-commerce firm partnered with Electroneum.  The firm’s 500,000 Facebook followers and monthly reach of 10 million users will play a key role in ETN’s marketing plan.

Further, the company fanfare gives out prizes and rewards to users that upload their own videos about the products they love. Electroneum has also partnered with them to hopefully one day reward their users with ETN.

Moreover, Electroneum recently introduced KYC technology into its app, starting to create accounts and demanding transparency. As of November 12, Electroneum will follow the greater regulatory compliance trend after introducing this procedure for all app users. Also, this will mark the third time Electroneum has broken new ground in the crypto world.

Final thought

Electroneum is a coin with great potential given its progress thus far as proven by this Electroneum 101. The platform managed to get back up from a heavy blow after it was attacked by a DDoS attack and traders immediately started trading the coin. As such, Electroneum might reach $1 By the end of 2019 following the recently increased adoption and ease of use.

coinmag

Having contributed to many leading financial blogs, Ken's love for cryptocurrencies and the blockchain technology has him on high alert on all price developments within the cryptocurrency sphere.

Leave a Comment

Your email address will not be published. Required fields are marked *