What is Electroneum (ETN)?
Electroneum (ETN), found online at Electroneum.com, is a brand new British cryptocurrency that was developed to be used in the mobile gaming and online gambling markets. The name of the company and the currency is derived from “the electron which all cryptocurrencies rely on.” Electroneum is built on its own bitcoin-derived blockchain and claims to be “the world’s first common cryptocurrency.” Buy Electroneum (ETN) India – BuyBitcoin.
Electroneum is the first British-developed cryptocurrency and represents a huge change of pace in the market. It’s built on its own unique blockchain (a blockchain is the underlying technology infrastructure beneath any cryptocurrency) and has been designed to dominate the mobile market.
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Unique aspects and features of Electroneum
- Electroneum’s ICO launched on 14th Sep 2017 and has raised about $40 million which is a pretty high revenue for any cryptocurrency’s ICO.
- It is developed by a team of highly skilled researchers, and it is the first ever cryptocurrency that is based in the United Kingdom.
- A total number of the Electroneum coin supply is 21 Billion. There will be 21 billion Electroneum coins in total.
- Currently, the Electroneum coin is priced at about $0.08. Now that this coin has started joining major exchanges such as Cryptopia and HitBTC, the price is expected to raise up to $40 by the end of the year 2018.
- ETN is one of the first cryptocurrencies that is developed for mobile users. This suggests that all you need to do to manage your ETN is a smartphone and the Electroneum application. Due to the fact that there are more than 2.5 billion smartphone users in the world, Electroneum coin could have an unmatchable level of accessibility.
- Due to its accessibility, Electroneum coin could even be used for online purchases on the go and for online betting/gambling games.
How does Electroneum work?
Electroneum, also referred to as ETN, is built off the Monero codebase to allow for transactions on a decentralized blockchain. Like Monero, Electroneum has some built-in privacy features. One of the main criticisms of Bitcoin is that the balance of every wallet address is public and easily searchable. This problem is solved with Electroneum’s stealth address, a one-time public key that “prevents recipient’s funds from being linked with their wallet. That address can be audited by a 3rd party to prove the transaction occurred. (With the sender sharing their public view key).
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The recipient gets their funds through their wallet’s private view key which scans the blockchain. Once detected and retrieved by the wallet, a single-use private key is created (corresponding with senders public key).
The recipient can now spend those funds using their private spend key. This occurs without the sender, recipient, nor the amount transacted publicly linked.”
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Transactions are relatively fast with dynamic fees based on the level of traffic on the network. The vast majority of the blocks have less than 0.2 ETN in total fees and new blocks are added around every minute.
Electroneum has big plans for the future, but there is still a lot of work to be done in order for it to become a major cryptocurrency. It has plans to completely dominate the market by combining ease-of-use, accessibility, and building it into a currency that can be used not only for gambling but also online gaming, which has become a major leisure time activity and has gained millions of users around the globe. This could possibly bring Electroneum an audience of millions. One more thing worth noting is that major players are also taking ETN seriously.
Buy Electroneum (ETN) in India
BuyBitcoin will soon add Electroneum (ETN) cryptocurrency to the platform. Keep visiting for updates.
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