Review on Electroneum by Gabriel Medina
Cryptocurrency oriented to mobile operations
Digital payments are becoming more and more common, but a niche that is growing very strongly is that of payment gateways through mobile devices. Electroneum is a cryptocurrency that takes advantage of this market niche and presents a digital payment solution through your mobile phone.
This cryptocurrency was presented in 2017, it was born with the aim of being a cryptocurrency of mass adoption, light, secure and private. The novelty that it incorporates is mining through the mobile phone, which gives the possibility to more people so that they can mine from the palm of their hand. The idea of providing everything from the mobile is extremely attractive and interesting. This has made it popular and a resounding success.
Electroneum has launched its own blockchain to support its mobile ecosystem. In principle, it is a typical digital currency with the same function as Bitcoin and Litecoin. It is based on a philosophy of decentralization via blockchain, which is the pillar of its operation. A wallet is used to store the ETN coins, available in the same mobile application where everything happens. You can trade digitally and pay for products and services. Everything, including mining, happens from a mobile phone.
Electroneum is an interesting project that caused a little euphoria during its launch. However, it has become more common over time. Its approach to mining through mobile devices has migrated to "cloud mining". But in reality, it is a proof of stake for those who download the corresponding app or purchase the Electroneum M1 mobile phone. This caused the "flame" to go out and the project lost its presence in the crypto sphere.
Pros
- Mobile mining (which is nothing more than a simulation), promoted the project to greater audiences.
- The network is very well designed and the cryptocurrency is easy to mine.
- Fairly consistent team based in a country with strict regulations.
- It has its own product: the Electroneum M1 mobile phone with a low cost of $80.
Cons
- The project was stagnant, therefore it lost relevance in the market.
- It has not brought anything new that other digital currencies are no longer offering.
- The price of your cryptocurrency is very volatile.
- Control of a corporate entity has taken away credibility within pro-decentralization communities.
- It suffered a DDoS attack during its launch.
- Little support on exchange platforms.
