Electroneum(ETN)

Launched in 2017, Electroneum (ETN) cryptocurrency is designed with the aim of making cross-border payments cheap and simple. However, unlike most cryptocurrencies, and much like Ripple (XRP), Electroneum is a more centralized blockchain. Electroneum Pty Ltd, the company responsible for the development of the cryptocurrency, holds considerable sway over who can become a validator in the network, in order to protect the integrity of the blockchain. 

Electroneum sets itself apart by being mobile-first — ETN, the native coin of the Electroneum blockchain, can be used for payments, can be traded, and mined using a smartphone. This is done through the Electroneum app which claims to enable payments in over 190 countries. 

The interesting part about Electroneum is that they already claim to have an integrated use-case for cross-border payments through their network. Electroneum also powers AnyTask, a blockchain-based version of Fiverr or Freelancer.com that connects freelancers with digital task providers.

ETN price

ETN price saw a major rally within the first few months of its launch. From around $0.04 in late November 2017, the price of ETN coin surged to around $0.20 by early January 2018, growing 500% in less than two months, according to our ETN live price chart. At the height of the price rally, Electroneum's (ETN) fully diluted valuation stood at around $4.2 billion. 

In the following months, however, ETN price nose-dived, reaching $0.005 by mid-September 2018. In the latter half of September 2018, the price of ETN started rising again, touching $0.027 on September 28. But the gains from the brief price rally were quickly lost, as ETN closed 2018 at around $0.007. 

Throughout 2019, ETN price in USD continued to fall, barring brief spikes, closing the year at a dismal $0.003. It continued its descent in 2020, stooping to an all-time low of $0.001 in March 2020. Despite the wider crypto market rally in late 2020, ETN could close the year at only around $0.005. 

ETN coin registered another noteworthy uptrend starting February of 2021. The token rallied and breached the $0.04 resistance — after almost three years — in late March 2021. But by the end of June 2021, the price of ETN dropped to around $0.005. It climbed back again to cross $0.025 in September 2021, only to continue falling thereafter, reaching around $0.008 by the end of the year. 

Amid the wider bear market in early 2022, ETN’s price nosedived below $0.005 in March, while its market cap slipped under $100 million. 

How ETN works

The Electroneum network uses a unique Proof-of-Responsibility (PoR) consensus mechanism to secure its network. This requires the network’s node operators to prove that they use block rewards for philanthropic purposes.

A consensus mechanism is used by any blockchain network to ensure that no fraudulent transactions are recorded on the blockchain. Proof-of-Responsibility, does not, in reality, serve this purpose, since the selection of validators is controlled by Electroneum Pty Ltd. 

The ETN network also has an added level of moderation, whereby a layer of blockchain that remains dormant during normal functioning is activated in case of a possible attack. The layer then identifies the source of the attack and removes the malicious validators. 

ETN news, updates, and highlights

The ETN ICO was highly successful and raised $40 million worth of BTC and ETH in September 2017. In July 2019, Electroneum became a ‘Moderated Blockchain,’ which is a type of permissioned blockchain. The network claimed that the transition made it immune to attacks, making it one of the most secure blockchains. The upgrade also reduced mining emissions to nearly zero, increasing the network’s sustainability. Post the upgrade, the network began onboarding transparent non-governmental organizations (NGOs) as miners. 

Electroneum partnered with four major mobile operators in Brazil that serviced 95% of the users in the country in September 2019. This enabled Brazilian ETN users to top up their phones with airtime and data using ETN coins. Later the same month, Electroneum also By February 2020, the list of countries where users could top up their mobiles through the ETN app had ballooned to over 140. Electroneum also introduced in-app electricity top-ups in nine countries by December 2020. Amazon, Walmart, and eBay, the world’s largest retailers, got added to the list of businesses where users could purchase goods and services with ETN in March 2021. 

The ETN network took steps to enable smart contracts and explore the world of decentralized finance in September 2021. 

Frequently asked questions about ETN

• Can you mine ETN?

Yes. ETN mining does not require any specialized equipment and can be carried out using your smartphone. Usually, ETN miners get around $3 worth of ETN in rewards per month. 

• How to store and transfer ETN?

Electroneum has its own native ETN App, which acts as a crypto wallet for storing and transferring ETN coins. You can also store ETN in exchange wallets, on platforms where ETN trading is enabled, and transfer to an external wallet from there. 

• How to use ETN?

The ETN App provides a host of ways in which you can earn and spend ETN. You can use the token to send and receive payments across the globe, to top-up phone or electricity in select countries, or buy goods and services from Amazon, eBay, and other merchants. 

• How to buy ETN?

You can buy ETN coins through the native ETN App, or on exchanges like KuCoin, Huobi, and Changelly. Lookout for appropriate trading pairs such as ETN/BTC, ETN/XRP, ETN/USDT, ETN/ETH and others, for the latter.