Electroneum is one of those ideas that sound really simple and obvious when you think about it. A cryptocurrency that is not based on rich people who can afford to spend excess time, money, and effort on a hobby. A cryptocurrency that is made for people who do not have ready access to desktop computers and blazingly fast internet speeds. A cryptocurrency that does everything Bitcoin said it would do – but for the people who really need it.
Electroneum has been slowly growing under the radar. While Ethereum is in the news and Bitcoin is on everyone’s lips, this cryptocurrency has been gaining more and more adherents. While everyone with a finger in the crypto pie has been churning articles about Facebook’s Libra faux-cryptocurrency and either proclaiming it as “the thing to watch,” Electroneum has been quietly signing up more and more people.
Decentralization is critical – and for that you need numbers
One key aspect of any cryptocurrency is the number of people that are mining it. The more people mining, the better the security of the coin. If there are too few people mining, it can be straightforward for a well-funded outfit to hire enough horsepower to take over the network.
This is one of the reasons for the increasing centralization of specific blockchain networks – most notably Binance Chain and the Tron Network. Justin Sun, the erstwhile CEO of the Tron Foundation, said recently that there is no one better to guide the initial stages of his blockchain than… him. This did not sit right with many of the proponents of Tron and TRX and in a period of unprecedented growth, TRX has been flat.
Yesterday, Electroneum hit a landmark number of miners – 125,000. That means there are 125,000 different people, institutions, and companies that are putting their money on the little horse in the race to a crypto future. No one is saying that Bitcoin is not worth the effort – Bakkt, Nasdaq and other institutional investors have all shown a willingness to take part in the future of cryptocurrencies. However, Bitcoin is a coin from another time.
A time before smartphones became an ever-present in the lives of so many people. When smartphones could still cost hundreds of dollars and time before Xiaomi, and a swathe of other Chinese manufacturers opened up mobile banking to a massive market of people who had no contact with the internet or computers before.
Electroneum is a cryptocurrency that is banking (quite literally) on these millions of people who do not have access to real bank accounts to bring their blockchain to the front of the line. They have seen the need – much like Xiaomi, Huawei, and many other smartphone makers had a few years ago.
The mobile revolution has changed peoples’ lives for the better – better access to loved ones, and education were the first wave. Now, the world of finance and banking is opening up to these people whom the higher echelons of society have forgotten – and they will reward Electroneum with market dominance.
The 125 thousand miners? That is just the beginning of a revolution that is taking place quietly in the background while the bigger boys duke it out – much like how Facebook rose in prominence despite Hi5, Friendster, and MySpace making all the headlines. Probably, this is the time to get into the Electroneum ecosystem – just like these 125 thousand miners doing so right now.
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.
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