Review on Electroneum by Moshe Bal

Name: Electroneum
Item: Electroneum
Rating: 4

June 17, 2019

Review of Electroneum coin

In the face of the Electroneum coin, we see a unique and amazing blockchain with a max supply of 21,000,000,000 ETN coins, allowing its users to simulate mining through their mobile phone. Yes, you understood that correctly, all you need is an app, which is available for Android only. 
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The application will allow you to simulate mining in the background, while your phone is on of course. The truth is that you don’t need any technical skills or knowledge to do it.
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 In a manner of fact, Electroneum uses two decimal places which makes everything way more comprehensive and easier for quick calculations.
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Electroneum ICO started on the 14th of September 2017 and ended on the 23rd of October 2017. For that period, it successfully raised over 40 million USD. Officially the platform was launched on 31st of October 2017 and it is working ever-since.
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The team is hoping that in some time we will observe mass integration of cryptocurrencies in the modern world and then their platform will be used for merchandise.
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ETN’s blockchain is semi-centralized, but what does that mean? The miners are still in charge of creating blocks and validating them but the wallets, which must be downloaded from the Android Appstore, are connected to a web of full nodes which are owned by the development team, not by random users. 
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Also, the wallet creation requires registration in their database which is not the exact definition of decentralization. The hashing algorithm is CryptoNight with Proof-of-Work (POW) consensus mechanism.
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Pros

The main idea of Electroneum is to permit users with zero knowledge to participate and understand the new world of crypto.
The ETN was designed to serve as fiat money for an everyday use.
Electroneum Transaction speed is very fast and transaction fees is comperetively very low.

Cons

Despite the great concept behind Electroneum, there is a lack of development and future improvement implementations.
The roadmap of electroneum is not showing any real goals in front of the development team, which leads to the conclusion that they are looking only to increase the number of people using their technology.