Electroneum- Complete Coin Guide

/Electroneum- Complete Coin Guide

Electroneum- Complete Coin Guide 2018-02-22T14:51:02+00:00

In January 2018, there are more than 1300 cryptocurrencies. Of course, it is hard to keep up with all of them no matter how great they are. However, there are surely some cryptocurrencies that managed to become so big that have gained international recognition and advantages in the market. Today we will be discussing one of the many digital currencies known as Electroneum and will try to explore all the details of it.

What is Electroneum?

Just like Bitcoin, Electroneum (ETN) is a digital currency that has recently entered the world of cryptocurrencies and is expected to get really popular in a couple of years due to its sheer uniqueness and accessibility. The Electroneum coin is specifically designed for mobile users, keeping in view the accessibility of mobile phones nowadays. Hence, the Electroneum coin could potentially be very appealing to billions of smartphone users all over the globe.

The official launch date of ETN was 1st November 2017 when its blockchain went live and the coin was placed into circulation, while the application’s wallet game into the scenes on 13th December 2017.

Behind the creation and development of the Electroneum coin, there is a team of highly skilled professionals and researchers that is based in the United Kingdom and is led by CEO Richard Ells.

The Electroneum cryptocurrency is decentralized. This means that there is no single company, person, or an entity controlling the Electroneum coin. Instead, it is regulated by a system of computers spread throughout the globe that have no professional relation to each other.

One of the positive aspects of this cryptocurrency is that it offers its own official wallet, using which you can send or receive funds to/from all over the world (more information related to ETN wallets is provided below). Furthermore, since Electroneum coin is a cryptocurrency, it is not regulated by any bank. Hence, there is virtually no waiting time required to send or receive funds. Typically, a transaction time is less than 10 minutes which is the time required for a transaction to get validated via the blockchain framework.

Since this cryptocurrency is focused on mobile users, it has its own app that can be used to manage the account, send/receive funds, and it can even be used to mine ETN (An upcoming killer feature).

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.

Electroneum ICO

Quite surprisingly, Electroneum ICO managed to raise a huge amount of $40 million which is indeed a pretty high level of achievement for an ICO. It managed to set such a high benchmark due to the fact that it shows reflects very profitable investment opportunities. The ETN has brought a relatively new concept of mobile mining to the world of cryptocurrencies, which could change the entire face of the market for better or worse. Nevertheless, the future of Electroneum cryptocurrency looks promising enough due to which it has gained quite a lot of attention.

Investors seem to be reassured by the fact that the Electroneum coin is developed by a single-minded group of developers in Britain, due to which there is a very low chance of internal issues and tampering.

Electroneum coin supply and market

Electroneum has a total average consumer cap of total coins 21 billion, whereas Bitcoin has a total consumer cap of only 21 million. This allows Electroneum to be exchanged in real figures rather than in decimal points, making it much easier and practical to be spent in real life.

Currently, the Electroneum coin is priced at $0.08 while the price is expected to reach $40 by the end of the year. Whereas the net hash is 322.42 MH/s and a total market cap of $528,751,569.

Electroneum mining

You might be wondering, “Can Electroneum be mined?”
The answer is yes! In fact, one of the biggest advantages that the ETN coin carries is that it can be mined using the mobile phone. This is quite a surprising feature that this cryptocurrency offers, considering the fact that previously mining was only possible using a traditional CPU or GPU. The Electroneum’s algorithm, however, allows one to use the mobile phone very efficiently without slowing it down or draining it of its battery power. Although this feature is still under development and not yet available, mining Electroneum coin will soon be possible through the app.

Until the mobile mining feature of ETN arrives, one can stick to the traditional method of mining using the windows direct miner. The reward for each block is currently set at around 7000 Electroneum coin, which will certainly decrease with time however at a slower rate due to its huge overall supply.

Here is how you can carry out Electroneum mining through your Windows:

  • Download this tool: xmr-stak-cpu on your Windows (x64).
  • After you are done downloading this tool, unzip it and run xmr-stak-cpu.exe
  • Put the sections titled as wallet_address and pool_address.
  • Add the pool address that you are interested in mining Electroneum coin through under the section titled Pool_address.
  • You can add the coin wallet address under the section titled as wallet_address.
  • Run xmr-stak-cpu.exe. Upon running it for the first time, it will show you some text to copy and to paste it in the config.txt. Just for reference purposes, the text might look something like this:
    “cpu_threads_conf” :[ { “low_power_mode” : false, “no_prefetch” : true, “affine_to_cpu” : 0 }, { “low_power_mode” : false, “no_prefetch” : true, “affine_to_cpu” : 1 }, { “low_power_mode” : false, “no_prefetch” : true, “affine_to_cpu” : 2 },],
  • Now restart xmr-stak-cpu.exe and your mining process will begin. Your hash rate can be checked as you press on H.

Electroneum mining pool

In the domain of cryptocurrencies, mining pools allow miners to contribute their computer’s processing power over a shared network so as to mine a block. Upon a successful transaction, the reward gets shared among the users based on the amount of processing power that they have contributed.

Many people, especially those who do not have an industrial grade mining setup, are only able to put in the limited amount of processing power. For such people, joining a mining pool could prove to be more beneficial and profitable.

However, you must take a look at some critical factors before joining a mining pool. These include:

  • Mining pools carry their own server costs, which is more like a fee that is charged for the maintenance of the server.
  • Transparency in case of mining pools is limited, hence one must have a good level of trust in the pool operator since the pool operates is responsible for operating reward distribution based on contribution.

We have compiled together an Electroneum mining pool list you to consider. Still, we recommend you to do some research on your own before joining a pool. These include:

  1. https://eupool.electroneum.com
  2. https://electromine.fr
  3. https://uspool.electroneum.com
  4. https://asiapool.electroneum.com
  5. http://uk-etn-stats.hashparty.io
  6. http://pool.electroneum.space
  7. http://us-etn-stats.hashparty.io US
  8. https://electroneum.hashvault.pro

Buy Electroneum

The only way through which one can buy Electroneum coin is to make an exchange for ETN using Bitcoins, Ethereum coins, and other major altcoins through an exchange such as Cryptopia or HitBTC.

Note: You cannot buy Electroneum via fiat currency.

A bit about Cryptopia and HitBTC

HITBTC >>: The HitBTC exchange is yet another cryptocurrency exchange which is quite popular. However, users often report glitches due to which the reputation of this exchange could be a little questionable. It has a trading fee of 0.1% for immediate execution, with no fee for deposit.

Cryptopia >>: The cryptopia exchange offers a quick method of converting any cryptocurrency into Electroneum coin. It has a trading fee of 0.2% whereas it charges nothing for a deposit.

We’ve compiled together a detailed set of instruction for you to purchase Electroneum using the Cryptopia exchange. I recommend you to make use of a computer to carry out these steps for ease of operation.

Buying Electroneum through Cryptopia:

  • Go to the Cryptopia website and get registered for a free account.
  • Verify your email address.
  • Click on the wallet icon in the top right corner, next to the username and select deposit.
  • Choose the currency that you are depositing. You can buy Bitcoin and Ethereum coins through CEX.IO or others, use our bitcoin exchanges guide.
  • You will be given a wallet address and a QR code to which you have to transfer your Bitcoin or any other cryptocurrency that you want to deposit for exchange.
  • You can check the progress of your deposit transfer by clicking on ‘View Deposit History’. Usually, it takes around 10 to 15 minutes to deposit. However, Cryptopia requires to block-chain confirmations so you may have to wait for around 30 minutes.
  • Upon a successful deposit, reach out to the top left corner of the screen and click ‘Exchange > Markets’.
  • Make sure that your currency of deposit is selected from the top, and then enter ETN in the search markets box. Then click on the listings to view the details.
  • A graph reflecting ETN’s performance will be shown, with the options labeled as ‘Buy ETN’ and ‘Sell ETN’.
  • Click on the box titled as Buy ETN and enter the number of Bitcoins you want to exchange for ETN.
  • A breakdown of the fee and a total amount payable will appear.
  • Then click on Buy ETN to carry out the exchange.

Electroneum Wallet

A cryptocurrency wallet is used to store the funds, to send them, and to receive them using a private key which is only accessible to the owner of the funds. Many cryptocurrencies have their own dedicated wallets, while others have official recommendations for third-party wallets.

For the management of your Electroneum coin, you can use three different types of Electroneum wallet. They are all listed below:

Electroneum – Wallet Manager

The Electroneum wallet manager is an official ETN wallet that which you can access from their website. This wallet will also be accessible to you through the Electroneum mobile application. It is an internet-based wallet, which is easy to use and quite secure.

Electroneum Android wallet

The Electroneum android wallet comes with the Electroneum Android application for smartphones. It has a very interactive interface, which is simple to use and provides users a high level of security. However, since it is developed in Android, it is quite prone to glitches.

Electroneum paper wallet

A paper wallet is a cold storage wallet which could be generated in a pdf format and can be kept as a printed piece of paper. You can generate your own paper wallet from Electroneum’s website. While it can offer a very high level of security since your private key is not stored on any server, one downside of the paper wallet would be that if you lose it, you won’t have any access to your Electroneum coin.

To Sum it Up

The Electroneum cryptocurrency is certainly a big leap towards a whole new concept of a mobile engaged cryptocurrency, which carries the potential of changing the face of the crypto world. This is because mobile phones are extremely accessible and hence, everyone could have an easy time managing their crypto funds on the go. As it develops further and further, the expectations of it reaching a price of around $40 by the end of 2018 seem to be more and more likely.

Thank you for reading this article. Feel free to explore our website and learn a lot more about the crypto world.