Electroneum is a brand new British cryptocurrency launching via an Initial Coin Offering (ICO) started on September 14th. Developed to be used in the mobile gaming and online gambling markets, it will be the most user-friendly cryptocurrency in the world with wallet management and coin mining all possible on a mobile app.
Cryptocurrencies were something that wasn’t familiar to most of us. But in the last two years things have changed due to Bitcoin’s sudden increase in value and its popularity. Now everyone is talking about cryptocurrencies!
Those who have invested in Bitcoin’s in its early stages are making a lot of profit. Today one Bitcoin is worth 4162.15 US Dollars. Bitcoin has remained incredibly valuable, but has seen its market share shrink as new alternatives have sprung up. What hasn’t changed, though, is how difficult these currencies are to get hold of and trade in, let alone spend anywhere.
Electroneum is the first British-developed cryptocurrency and represents a huge change of pace in the market. It’s built on its own unique blockchain (a blockchain is the underlying technology infrastructure beneath any cryptocurrency) and has been designed to dominate the mobile market.
Firstly, it is incredibly easy to manage and even mine on a mobile app. That means it’s capable of becoming the new, easy, secure way of making instant transactions from your phone – from buying mobile games, to sending money to friends, to betting on live sports. That sets it apart from any other cryptocurrencies that are near-impossible to spend or buy.
Electroneum has also increased its palatability to the average consumer by capping the total number of coins at 21 billion, moving the decimal point two places to the right when compared to Bitcoin, which is capped at 21 million. Whereas a pizza in Bitcoin might cost 0.005 BTC, with Electroneum it would be a much more ‘real money’ figure.
Richard Ells, founder of Electroneum and experienced tech entrepreneur, said: “I don’t know if you’ve ever tried buying any Bitcoin, but it’s really hard to do! I realized that what the world needs is a cryptocurrency that is genuinely easy to access and use. We’ve developed Electroneum with the ordinary mobile user in mind.”
The currency also represents an intriguing investment opportunity for speculators. Cryptocurrency is well known to be a volatile, but lucrative market for investors – in the first half of 2016, the average return on investment for of 100 new coins launched was 357% – and Electroneum represents such a technological change that it’s already attracting a lot of attention now.
Electroneum has produced an overview white paper of the technology behind it. The company is currently raising funds to complete it’s launch, and the coin itself will be available for purchase now here.
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