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The ETN is extracted using the Cryptonight Working Test algorithm. Other Cryptonight coins include Monero, Bytecoin and Karbo.
The ASIC extraction is a big problem in the Cryptonight community, since initially the coins were designed to use ASIC-resistant CPU extraction. While Monero has moved away from the ASIC extraction platforms by adapting the Cryptonight algorithm, Electroneum has forked to bring them back. Bytecoin also issued a statement that ASIC mining will continue to be supported until 2018.
ETN can also be virtually extracted using a mobile phone. This system runs a virtual ETN miner on your mobile device and generates ETN Airdrops according to your device specifications. It is not a real mining exploitation, but rather an introduction to mining and a demonstration of the concept of its game idea.
Creating an account with Electroneum automatically creates a mobile wallet that is accessed via the Electroneum Android app. At the time of writing this document, there is no & # 39; app for iOS for iPhone users, although the website will note that it will arrive soon.
Electroneum is choosing a lot of fights
Things seem to go the way of Electroneum, but with his hands in many dishes, he has a lot of competition.
OmiseGo, for example, is building a similar mobile payment blockchain in Southeast Asia. Dash is building a similar payment network in South America.
Pundi X has built a network of POS devices for retail sale throughout Latin America and some parts of Southeast Asia. Indie developers such as MyDream Interactive and Decentraland, along with platforms such as Signal Zero and GameCredit, are working on cryptographic videogames.
And these are just the blockchain and crypto competitors – let's not forget legacy companies you've heard of as PayPal, Facebook, Google, Apple, Samsung, Visa, MasterCard and all others fighting for the mobile payments domain. In fact, PayPal dominates mobile payments in the United States, with a volume of mobile payments of $ 155 billion, representing more than 70% of the market share.
The videogame industry is another $ 138 billion industry that Electroneum hopes to stop. And the main existing developers like Blizzard and Valve are constantly looking for new ways to implement cryptography in their games. World of Warcraft once used Blizzcoin to integrate Bitcoin, but now uses WoWCoin to integrate real money into its current auction market.
KYC and AML compliance achieved Electroneum foot only in the (explicitly exclusive) port. Now he's fighting in big leagues.
Every country and region has players in the space for mobile payments, and ETN will need to spend a lot of marketing dollars to increase the acceptance of consumers and sellers in its two-sided market. It must also draw developers, especially video game developers.
That's why he created the mobile app and the virtual miner. Mobile miners do not process any blockchain transactions. They are simply acting as a viral marketing program to spread the use of cryptocurrency and mining to the masses.
Under the hood of Electroneum
Because it is built on the basis of Monero codes, Electroneum uses the same built-in privacy features. It does not sell as a private currency, but uses public and private keys generated randomly to make the sending and receiving addresses anonymous.
Ring signatures are the key to this end-to-end encryption. Let's find out a little more in the introduction of the Monero coin. Take a look if you need more information on how it works.
Obviously, unlike Monero, Electroneum requires registration under your true identity. This highlights the weakness of the security of private currencies, meaning that your transactions can be tracked by you. So you can be physically forced to access your account in many cases that you do not want to think about involving criminals and order forces.
While ETN transfers are marketed as "instantaneous", it is a bit too long. Technically, transfer reception is instantaneous, but processing and verification of blockchain can be delayed.
This has led some critics to suggest that technology is simply a warranty service, but the website illustrates that this is not the case Exactly the case:
"The seller does not immediately obtain the cryptocurrency, but our system acts as a reliable third party to ensure that the ETN or other cryptocurrencies like Bitcoin are sent (our patent covers ETN, Bitcoin and other encrypted). that the payment has been sent and will be directed to the blockchain, so that it can allow an immediate checkout – and the customer can leave the shop with his cup of coffee or online cashier, etc. Our system "marks-fences" the balance in the wallet, avoiding double spending. Unlike credit card systems where sellers wait days for their money, the immediate notification let them know that a cryptocurrency payment has been made. The cryptocurrency will arrive with the seller in less than an hour in typical circumstances. "
So it's more than a combo: a guarantee deposit service, a cryptographic payment system and a commercial anti-volatility tool. Putting the tools together is the secret sauce that makes Electroneum a serious competitor.
Like Uber and Lyft, transaction fee prices on Electroneum depend on network traffic. When things come on, prices rise, but most transactions cost less than 0.2 ETN on commissions.
The Electroneum team sees ASIC extraction platforms as an aid to network security and verification. ASIC platforms also increase processing speed, making Electroneum an agile network that can afford to do "false" mining on mobile devices.
Summary of Electroneum
Electroneum is a blockchain-based financial platform that aims to be the leading provider of mobile payments. It has a mobile-first direction and partnership that reflects its noble goals of bringing cryptocurrency to underdeveloped markets in Africa and South America. If Electroneum is successful, it will be due to these key features.
- Electroneum is based on the Monco privacycoin code. It is difficult to forge from Monero to separate himself from the war of Monero on the extraction of ASIC.
- ETN is CPU or ASIC extracted using the Cryptonight algorithm. Mobile devices are pretty much mine that use the Electroneum app, which does not process the blockchain and acts like a marketing bubble.
- Electroneum focuses on the mobile gaming and mobile payment markets to allow non-subscribers and underbanked users to earn and spend money through a mobile device.
With these pieces in place, Electroneum has built a viable blockchain network.
Its business model is interesting for institutional investors and venture capital companies. If it can carry ETN in the right hands, Electroneum can become a powerful fintech company.
The author is not currently invested in coins, tokens or assets mentioned in this article.
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