Hello folks,
So for the past few weeks I'm pretty sure we've all heard of the infamous ICO called Electroneum (ETN). This is without a doubt one of the most anticipated ICO's of 2017 and it's about to close earlier than expected. Their goal was to reach a 40 million cap and so far they've reached 38 million! So the window to get yourself some ETN has grown thin, it might even be on the verge of closing as I'm writing this! But let's talk a little about what this coin is all about... other than hype...
So what is electroneum?
Not everyone knows what crypto currencies are, blockchain technology confuses people more than anything and don't get me started with mining! So the project behind Electroneum is aiming to bring crypto currencies to the masses. How will they do this? By being able to mine it with a cell phone. No expensive ASIC miners required or any previous knowledge about mining needed. The process will not cause your phone to overheat or slow down and obviously the better phone the more efficient the mining will be. A clever tactic because as we all know by now, there are over 2.2 billion cellphone users worlwide.
So once you have ETN's in your wallet, what can you do with them?
So far the developers are aiming at 2 areas: the gaming industry and gambling. We all know that the gaming industry is without a doubt ginormous. We're talking between 2.2 to 2.6 billion gamers, and 48% of them are into "social games. Imagine being able to use your electroneum to buy mobile games while mining it at the same time. Although this may not seem very lucrative for gaming companies, this could bring them a new stream of revenue as new holders of the tokens will be looking for markets to spend their electroneum. So far it is not known if the tokens will eventually be used by lets say, PS, XBOX multiplayer gamers. Same scenario will go for online gambling.
The way I see it, the developers have one thing in mind, bringing a digital currency to the unbanked. It's not the first crypto currency that wants to do this, but the fact that anybody can mine it via an app with their phone, that's what makes this project unique. However, you will see several digital currencies in the market claiming that it's better, faster and more efficient than bitcoin yet bitcoin is still the king. So what exactly makes Electroneum stand out?
I personally think that the mere fact that it will be easily mined will make this coin spread like wildfire, more than it has already. Sure, already the way this coin has been marketed is simply genius, using social media giants such as facebook, twitter and steemit!
Not what are the downsides?
Well the total supply is gigantic. A 21 million total supply is considered taboo to some investors as it would take an enormous amount of volume for it to increase in value. However, as it is specified in the whitepaper Electroneum will only have 2 decimals places as opposed to bitcoin which uses up to 8 decimals. Remember these guys are aiming for mass adoption, so newbies could understand how to spend ETN. Not everyone understand what satoshis are (I still encounter investors in btc who have no clue what a satoshis is) so it's simpler for someone to understand that you're spending 345.67 electroneums rather than lets say 0.013454 btc.
As for the developers, well I gotta tell you that I couldn't care less who they are, it's what they bring to the table that matters. Hate me or love me for saying this, that's on you. What interests me is what innovation will they bring to this rising market and if it's worth putting your money into. But they're easy to reach out to, they have profiles on Linkdln and are active on several chat room. So far we know they have a blockchain, they have an app, they have the marketing, they have the capital (every time I check the dashboard those numbers grow) and they have the hype. They've had a successful ICO. Any unsold token will be acquired through cell phone and desktop mining.
So should you invest? That's on you folks. I must admit the referral/network marketing approach to it makes it a little lucrative. You refer someone, you get a percentage of extra tokens, simple as that. Never spend money more than you can afford to lose as this is risk reward. If you're interested in purchasing simply visit electroneum.com create an account and type in this referral code A7E67A. There are no more bonus rates but you will still get a 1% sign up bonus. Then we wait and see what happens when it hits the exchanges.
Cheers