The Electroneum (ETN) project started out as a Monero fork. Electroneum’s aim wasn’t (still isn’t) privacy and anonymity as it is in XMR, but building a mobile-based micropayment ecosystem useful for the millions of people in the world who remain outside the banking system for whatever reason. Electroneum is a blockchain project in which fintech meets crypto.
The ETN environment starts with the mining process, which is more of an airdrop. New tokens are mined in a cloud system, and you can participate in it by installing an app on your phone. Once your app is installed, you’ll start to receive a few coins if you keep the process going. Mining doesn’t take any energy or resources from your phone because, as we said earlier, you’re not really mining anything. The cloud is doing all the mining, and you’re just getting tokens in an elaborated airdrop.
Once you have ETN in your app (which includes a wallet), then you have to find a way to use them, of course. Use cases for ETN are not overly abundant for now. The main one is to top up your mobile phone service to get some minutes or data. But that’s still not available worldwide; you have to be in the right geographic area so you can take advantage of your ETN for that purpose.
So ETN is not that useful yet which begs the question, what’s the point, then?
The future is the point
The project’s leadership is working hard to get strategic partners in several countries around the world (South Africa, for instance). These partners will be brick and mortar businesses that will accept payments in ETN issued from your mobile application. The list is small but growing steadily.
Another more compelling use case for the future will be like a freelancing system. In this system, ETN users will be able to apply to do some straightforward digital jobs such as taking a picture with their mobile phone or completing a simple task.
They will then be rewarded with ETN tokens by the user who requested that particular task. It’s expected for this system to become an economy of its own that will link a competitive workforce with a relatively wealthy group of employers. It will all be powered by Electroneum’s blockchain and the ETN token, so this will create demand and trade volume for the project’s native currency. In this way, ETN’s market performance will be driven by real-life usefulness instead of sheer market speculation and sentiment.
The most essential idea in Electroneum’s agenda is to use the power of the blockchain to empower users that have traditionally been left behind by the traditional banking system. In Africa, for instance, most people don’t have a bank account at all, so they lack access to financial services. But they do have a mobile phone, and that should be enough for Electroneum to help them.
ETN is trading at USD 0,004148 as we write this and it’s the world’s 130th digital asset by market capitalization.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.