Review on Electroneum by Fabrizio Zampieri
Like Bitcoin and other traditional cryptocurrencies, the Electroneum…
Like Bitcoin and other traditional cryptocurrencies, the Electroneum blockchain uses a Proof-of-Work consensus algorithm where miners validate transactions in blocks and are compensated for their machine's work with $ETN tokens.
Electroneum aims to solve problems of many cryptos with a globally-accessible mobile app that works simultaneously as a wallet, payment platform and miner. In theory, anybody can download the mobile app and use it to mine $ETN, make and receive payments, and even track the currency's fiat value.
Through its website (which is also accessible via mobile), the company also offers an offline wallet generator and a relatively simple “import from offline wallet” feature to make cold storage user-friendly.
Electroneum is based on the Monero (XMR) codebase, so its stock features are essentially the same as Monero.
Pros
- Electroneum ($ETN) is a cryptocurrency, and at a basic level it functions like one: you can mine it, trade it, send or receive payments with it, and that's pretty much it. First, Electroneum uses a CPU-friendly mining algorithm, meaning it can be mined in browsers and on regular PCs, Macs, and even smartphones. Electroneum's security obfuscates users' wallet contents and transaction histories, so while transactions themselves are publicly validated, nobody can look at your wallet and see how much Electroneum you have. Electronuem boasts faster transactions and lower transaction fees than Bitcoin. There's a maximum supply of 21 billion ETN, which should help ensure the price for a single ETN stays low compared to other cryptocurrencies like Bitcoin or Monero, which are available in much smaller numbers. ETN is also only divisible to two decimal places, just like most fiat currencies. That makes dealing with ETN easier for people who can be put off or confused by other cryptocurrencies' long chains of decimals.
Cons
- It's considered a Bitcoin's copy. Its Android app is live, for example, but an iOS app is still “coming soon,” and the mobile mining feature is still in closed beta. Its website and signup process move slowly, and some users (including your humble author) have encountered bugs with the PIN verification system it uses. Similarly, there are reports of issues with the mobile wallet, issues with sends not going through, etc.
