Electroneum is it really worth investing in?
This ICO has been getting quite a bit of interest lately. Is it just hype? Or is there something there that can be a real game changer?
Electroneum is unique in terms of it's ability, to be mined on a cell phone. It is hoped by it's developers that this can bring in the massive amount of cell phones out there that are held by crypto newbies. This is also being done on their own blockchain.
The whitepaper states the following:
Electroneum, built on its own blockchain, has been developed with the explicit intention of
gaining mass adoption via smart phone users.
It seems to me for this ICO to really be successful they will really need to have quite a large amount of adoption by those not yet in the crypto space.
Below are the points that they state make their ICO unique.
WHITEPAPER DATA
Maximum coin volume of 21 billion, which will mean transactions have only two decimal places and have a ‘real money’ feel that Bitcoin lacks.
Electroneum wallets can easily be managed on a smartphone, and the coins can be generated by the unique mobile miner running as a background activity
It enables very fast microtransactions and currency can be transferred between different apps, games and users.
It relies on its own purpose-built blockchain, unlike many other currencies launched in 2017 so far.
It has a single-minded development team behind it, with the clear goal to break into and dominate the mobile currency.
It's "real money" feel and it's cell phone mining are in my mind it's really strong points. I don't think that having their own blockchain is something that most people really care about.
DEVELOPMENT TEAM
Electroneum has quite a large development team and their leader Richard Ells. Below is what the whitepaper states about him.
Richard Ells has a history of building successful digital businesses. He founded and grew a successful digital agency, which is still running today, over 20 years later. More recently, he founded Retortal.com in 2013. As the CEO, Richard Ells has assembled a team of over 40 developers and created a social media management platform, used by global fortune 500 companies such as Herbalife and Avon. The Retortal software is used daily by hundreds of thousands of people. Retortal Ltd is valued at over $50m USD.
It would seem by that data above that Richard has the know how to really get this to be a successful venture. One would think that by having such a large team, that one could get quite a bit done with their platform, and you would be right in that assumption. They are ready to go as soon as they go live on November 1st.
DEVELOPMENT OF PLATFORM
Below is what they say that they have ready to go.
• Blockchain (the underlying technology behind all cryptocurrencies)
• App based wallet (allows access to Electroneum with zero tech knowledge)
• App based mining (allows non technical people to gain some Electroneum easily)
• Offline Wallet (allows a completely secure, unhackable, offline wallet to be created)
• Windows wallet
• Windows miner (leave your PC mining for more coins at home or the office)
• Mining pool software (we run this to make mining easier. Open source to allow others
to develop their own pools)
• Blockchain explorer (used to verify payments and examine the blockchain – open
source)
• Third party payment API (used to allow third parties to accept Electroneum or pay out
Electroneum – this is critical to implementation with the Gaming Industry)
In my opinion I feel that Electronium does have some really strong ideas that if adopted that can really make this a successful cryptocurrency.
The real money feel that this token gives as opposed to Bitcoin is needed in the space for real world adoption. The general public does not understand Bitcoin, and the general masses never will. This is something that will be brought over from standard Fiat currency, that will need to be implemented in future cryprocurrencies for adoption in the future. Since they are doing this early in the game this gives them a large head start.
The other plus is being able to mine from your cell phone. This might take further adoption from future ICO's who wish to appeal to the masses. There may come a day when the technology changes, or frustration over the problems with mining that this may also be the way of the future.
It's hard to say for sure where this will go. I would suggest that if this intrigues you enough that you go and look at the whitepaper. You can find it at the link below. That is where I got the data for my analysis of this new and interesting ICO.
http://electroneum.com/overview-white-paper.pdf
Thanks for your time in reading my post. I'd like to hear your interest of feedback.
Jason