[Crypto projects](https://revain.org/projects/) › Electroneum

# Electroneum (ETN): how it works, supply and reviews

## In short

- **Type**: Layer-1, EVM-compatible smart-contract chain (Solidity and Ethereum tooling)
- **Maximum supply**: 21 billion ETN (stated for the legacy chain's emission schedule in 2020)
- **Risks and caveats**: The validator set is small and permissioned: Electroneum picks and KYC-checks the validators rather than letting anyone join.
- **Checked**: 31 October 2026

## Key facts

- **Ticker**: ETN
- **Official site**: [electroneum.com](https://electroneum.com/)

Key facts checked on 31 October 2026 against official sources.

## What is Electroneum

Electroneum (ETN) is a layer-1 blockchain run by Electroneum Ltd, a UK company founded in 2017. Since March 2024 it runs as the Electroneum Smart Chain, an EVM-compatible chain based on Geth with IBFT consensus, a set of known validators and 5-second finality. ETN pays transaction fees on the network.

## Network and consensus

| Parameter | Details |
|---|---|
| Type | Layer-1, EVM-compatible smart-contract chain (Solidity and Ethereum tooling) |
| Consensus | Istanbul Byzantine Fault Tolerance (IBFT) with a super-majority (about 66%) of validators signing each block |
| Block time | 5 seconds, with single-block finality |
| Validators | 32 known validators, KYC-checked, run by NGOs and universities (as of October 2025) |
| Launched | Smart Chain launched in March 2024; legacy chain balances moved over a bridge after a hard fork |
| Runs on | Own chain; mainnet chain ID 52014 (testnet 5201420) |

## Supply and issuance

| Parameter | Details |
|---|---|
| Maximum supply | 21 billion ETN (stated for the legacy chain's emission schedule in 2020) |
| Fee burn | The base fee of every transaction is burned; validators receive the priority fee (tip) |
| Issuance | After the migration hard fork, legacy-chain coinbase emissions go to a burn address to keep the maximum supply |
| Initial distribution | Public token sale (ICO) in September 2017 selling over $40 million of ETN to more than 115,000 participants, per Electroneum |

## What ETN is used for

- ETN is the only means of paying transaction (gas) fees on the Electroneum network.
- ETN is used in DeFi, NFT marketplaces and payments built on the chain.

## Who develops and governs Electroneum

- **Company**: Electroneum Ltd, registered in England No. 10845797, active, incorporated 3 July 2017
- **Headquarters**: Registered office in Aylesford, Kent, United Kingdom
- **Founders**: Richard Ells (founder and CEO)
- **Governance**: Validators are known and KYC-checked by Electroneum; a contract owned by Electroneum Ltd grants priority (including zero-fee) transaction rights
- **Open source**: Smart Chain client (electroneum-sc) on GitHub under LGPL-3.0

## History

| Date | Event |
|---|---|
| 3 July 2017 | Electroneum Ltd is incorporated in England. |
| September 2017 | Electroneum holds its public token sale (ICO), selling over $40 million of ETN. |
| 1 November 2017 | Electroneum marks 1 November 2017 as the day of its inception. |
| 22 July 2020 | The V9 fork cuts ETN block rewards by 75% at block 862866. |
| 2021 | Proof of Responsibility goes live, replacing mining with a validator network of NGOs and universities. |
| March 2024 | The Electroneum Smart Chain (Aurelius) launches and users migrate over a bridge. |
| 12 July 2026 | The legacy Electroneum App and my.electroneum.com wallet close permanently. |

## Security and audits

- Validators are a small, known, KYC-checked set; Electroneum says it can shut a validator down if it misbehaves.
- IBFT needs a super-majority of validators to sign each block, and blocks are final once added.
- The Smart Chain client is open source on GitHub.

## Security incidents

Incidents are reported by third parties (press, incident databases) but are not confirmed in the company’s own channels, so none is listed here.

## Risks and caveats

- The validator set is small and permissioned: Electroneum picks and KYC-checks the validators rather than letting anyone join.
- Electroneum Ltd controls a contract that lets listed entities send priority and zero-fee transactions.
- Electroneum's own consensus docs say IBFT suits consortium or private chains more than public ones.
- ETN left in the legacy Electroneum App or my.electroneum.com had to be moved out by 12 July 2026, when those services closed.

## Official links

- Website: [electroneum.com](https://electroneum.com/)
- Docs: [developer.electroneum.com](https://developer.electroneum.com/)
- Whitepaper: [electroneum.com/overview-white-paper.pdf](https://electroneum.com/overview-white-paper.pdf)
- Source code: [github.com/electroneum/electroneum-sc](https://github.com/electroneum/electroneum-sc)
- Block explorer: [blockexplorer.electroneum.com](https://blockexplorer.electroneum.com/)
- Blog: [blog.electroneum.com](https://blog.electroneum.com/)

## Questions and answers

**What is Electroneum?**

Electroneum is a UK-based layer-1 blockchain whose coin, ETN, pays fees on the EVM-compatible Electroneum Smart Chain launched in March 2024.

**Who created Electroneum?**

Richard Ells founded Electroneum; it is run by Electroneum Ltd, registered in England (No. 10845797) on 3 July 2017.

**What is the maximum supply of ETN?**

Electroneum stated a maximum supply of 21 billion ETN in 2020; base fees on the Smart Chain are burned.

**How does Electroneum reach consensus?**

It uses IBFT with a set of 32 known, KYC-checked validators, giving 5-second finality.

**Is the old Electroneum app still working?**

No. The legacy Electroneum App and my.electroneum.com wallet closed on 12 July 2026; users had to export their private keys before then.

## Sources

- [Electroneum - Home](https://electroneum.com/)
- [Electroneum - About](https://electroneum.com/about/)
- [Electroneum - Green Credentials](https://electroneum.com/green-credentials/)
- [Electroneum Developer Resources - Intro to the Electroneum Smart Chain](https://developer.electroneum.com/foundational-topics/intro-to-the-electroneum-smart-chain)
- [Electroneum Developer Resources - Intro to ETN](https://developer.electroneum.com/foundational-topics/intro-to-etn)
- [Electroneum Developer Resources - IBFT](https://developer.electroneum.com/foundational-topics/consensus-mechanisms/ibft)
- [Electroneum Developer Resources - Migration overview](https://developer.electroneum.com/migration-to-smart-chain/overview)
- [Electroneum Developer Resources - Gas and Fees](https://developer.electroneum.com/foundational-topics/gas-and-fees)
- [Electroneum Developer Resources - MetaMask network settings](https://developer.electroneum.com/electroneum-stack/metamask)
- [Electroneum Blog - Aurelius fork live updates (March-April 2024)](https://blog.electroneum.com/electroneum-aurelius-blockchain-fork-live-updates/)
- [Electroneum Blog - 3rd anniversary (2 November 2020)](https://blog.electroneum.com/electroneum-3rd-anniversary-user-growth-anytask-milestones/)
- [Electroneum Blog - V9 fork (16 July 2020)](https://blog.electroneum.com/electroneum-v9-fork-etn-halving-2020/)
- [Electroneum Blog - The Great Migration (9 June 2026)](https://blog.electroneum.com/the-great-migration-why-electroneum-2-0-aurelius-means-taking-complete-control-of-your-keys/)
- [Companies House - ELECTRONEUM LTD (10845797)](https://find-and-update.company-information.service.gov.uk/company/10845797)
- [GitHub - electroneum-sc repository](https://github.com/electroneum/electroneum-sc)

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Page updated: 2026-11-01

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Source: https://revain.org/projects/electroneum/