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ETN is a proof-of-work cryptographic currency based on the CryptoNight hash algorithm. It was bifurcated by Monero and aims for mass adoption as a "rating currency" through mobile applications and instant payment technology, particularly in developing countries.
Typically, cryptocurrencies are extracted with specialized equipment. However, Electroneum allows users to "extrapolate" the currency with the mobile app, which should lead to an increase in the adoption and use of ETNs. The app allows the phone's CPU to perform simulated mining activities, which do not overheat the phone or run out of battery. Mobile mining will not actually help to confirm new blockages on the blockchain: it is Electroneum's smarter marketing to promote interaction with Electroneum and engage people. Even if you're not really mining, you will still receive prizes. Another thing worth noting is that mining will also use a negligible amount of Internet data.
The announcement made by Electroneum to increase the payment threshold from 10 ETN to 100 ETN has been received with disappointment and discontent towards its community. A barrage of negative comments about the decision can be seen on their subreddit (expects it to be removed as soon as one of their mods sees it as known for censoring their communities):
Most users have "threatened" to uninstall the "mining" app from their phones.
"He first uploaded the app and said that payment will be made after extracting 10 ETNs.
So I extracted 10 ETNs and checked the payment amount again: "I'm sorry, you have to extract 100 ETNs".
What kind of shit is this?
"How much less pay slimming something? What's the real reason?"
"How is it helpful to simplify the onboarding of users? How is this helping with mass adoption? Are they just fancy words to make us think we know what you're doing?" They invest in ETN they said, it will be great they said. "
All these comments indicate that ETN owners are finally coming to their senses and seeing Electroneum as it actually is: a vaporware project led by a non-technical team that is good at penguin ice sales. The mining prizes are already peanuts, with an average of less than 5 ETN per day (3 cents a day), with some users doing much less than this (0.5 ETN).
The trade volume for ETN is almost non-existent: $ 250,000 in the last 24 hours.
The team behind the project is working only on one thing: creating an illusion of progress and activity, throwing extravagant words and heavy jargon (which they do not even understand) to confuse their owners and lead them to believe they are working on something revolutionary.
We have already covered the gloomy future of Electroneum in the eyes of the respectable crypto-analysts with one of them saying:
"Like most ICOs, it is first absurdity, but enjoyed a brief moment in the sun as the development team (whose main competence is online marketing) managed to give a strong slogan, bringing the assets to reach a market peak of 900 million dollars. In fact, one of my enduring memories of late mania was sitting on a plane next to a serious young man who informed me that his favorite cryptocurrency was Electroneum because he could get it out on the phone. Obviously, this was not really a data mining process, but rather a blank time trial concept for which ETN units were allocated just to have the app open.
It does not take much to understand that ETN is empty. It is a generic ICOed fork by Monero without distinctive characteristics from a team without technical experience. Some minimal developments are ongoing, albeit at a very slow pace.
Notable event: the highlight of 2018 was the ETN team which forced every ICO investor to participate in a KYC process.
Verdict: Electroneum is in a purgatory, where it is obviously a failed project, but continues to count until the SEC comes down on the list and returns all the money to the team. "
In our other article, we dug deeper to learn more about ETN's initial "success" and what caused it (suggestion: clever but misleading marketing). Here is an excerpt of this article, you can read the complete piece here:
Here is a nice introduction to the ETN:
"It's because they're all paid to get people swarming about any profitable thread that puts them in a bad light … Take a look at their subreddit, that's how it looks like a shill-infested subreddit. debate, no substantial information, just a praise of the brain.
Electroneum is a project created by a marketing company. They know shit about coding. They only have fork any code is out there. The team was forced several times to persuade strangers to program for them because they did not know how to fix their mess. They tried to implement ASIC resistance in their code, they did not have enough miners to support the GPU project, so the team was forced to pay for cloud mining to finish the fork lol, and then suddenly flopped 180 and said , ASIC is the future and gave a big FU to the remaining GPU miners who supported this shitcoin.
Electroneum is a headless chicken, trying to do what many other projects have already done, with an army of excuses for a fee, and a blockchain is much slower than many other projects that do the same, only much better. "
Ok, so a project run by very experienced professionals who used one of the most revolutionary marketing techniques introduced with the advent of the Internet: affiliate marketing. Affiliate marketing refers to an advertising model in which advertisers pay commission to publishers and third-party content providers for the traffic or sales generated by the latter.
The concept has been around for a long time, but it is gaining importance only now that the Internet becomes more widely available and its ecosystem is better understood. The Electroneum guys executed it perfectly.
Marketers rarely know the code. Apparently Electroneum did not have a competent developer in its team, but promised to hire "the best developers, they know the best developers". Check it:
"Electroneum's methodology is" fork and forget. "A classic example of how it is possible to find what is moral right here.
Basically they did not even look at the base code they forked, and as a hilarious result, they included an unnecessary patch for a first attack on Monero. This patch would have completely broken Electroneum if it had actually arrived at that point (block 202612).
As a side note, I received some death threats from people in their community for exposing that bug. : /
– u / KnifeOfPi2 "
Below is a small part of the pest atmosphere created by ETN before their ICO:
"All the marketing surrounding him, all the hype and all the excesses were driven by FALSE CLAIMS.
"If you messed up bitcoins, you can get this"
"If you want to make a lot of money, but you do not know how, enter this"
"If you want to become a millionaire from Crypto, this is your ticket"
The truth is on Facebook and on Google, they are all pushing this narrative.
For this reason, the support is false, it is not real.
All 80% of these people have no idea, they understand the point of the coin and they will not know what to do when and if it hits the exchanges ".
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The writers and authors of CapitanAltcoin may or may not have a personal interest in any of the projects and activities mentioned. None of the contents on CaptainAltcoin is an investment advice, nor does it replace the advice of a certified financial planner.
The opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com
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