TronWeekly

Crypto World News

You are here: Home / Archives for Electroneum (ETN)

Electroneum (ETN)

Electroneum’s Crypto Smartphones Hit the Cambodian Market with a Bang!

by

On 21st February Electroneum announced the massive success of its blockchain-based crypto-friendly product M1 smartphones. As per records, this was the first of its kind sale in the history of crypto that a blockchain startup partnered up directly with a local mobile network operator.

Cellcard, one of the biggest network operators in Cambodia joined hands with Electroneum – the oldest mobile-based cryptocurrency project to work in unison for their M1 crypto smartphone.

Cellcard requested 250 pieces of M1 cell phones from Electroneum dependent on the quantity of cell phones they assessed would be sold in one month. Together, they put the figure of 250 with respect to the size of the business they do with multiple channel partners.

Nigel Pooley, Head of Mobile Development at Electroneum, exclaimed that Cellcard executives were pretty surprised to see the “M1 smartphone fly off the shelves within two hours”. After which the team had to place an immediate order for new M1 pieces to increase their stock of the crypto product.

Cellcard propelled a limited time offer of the M1 Electroneum cell phone with the implicit ETN App that offers up to US$3 per month in ETN. The earned ETNs can be utilized for portable top-ups and to buy regular things in a few nations around the globe.

What’s M1 about? The specifications.

M1 marketed as the “The phone that pays you back” was one of the most awaited phones of the cryptospace. Electroneum’s M1 is best described as an affordable android phone designed for people in “developing regions”. With the features “they REALLY need”. 

As per the information provided by Electroneum, the product is styled in “Electroneum Blue”, it draws upon the design of “leading smartphones yet eliminates certain drawbacks, including the expensive price tag”. This necessarily doesn’t mean that the phone is outdated or rather less updated than the current expensive phone in the market. It comes with 4G connectivity, Dual Sims, 8GB storage, front/rear-facing cameras, and much more. 

Image source: Electroneum

That said, let’s take a quick look at the reviews online. 

Zfxpyro, a Redditor, in a thread said:

“You’re not missing anything, it’s a cheap sightly overpriced rebranded phone with the software pre-installed, which runs no different to any other phone that downloaded it from an app store. I still can’t get over why anyone thought this was a big deal.(sic)”

While media has stated it to be, “one of the worst-specced smartphones we’ve ever” the product has 4 stars on Amazon. 

The online review debate has been very criticizing of M1 which is very contrary to the case offline. Where people are actually buying a crypto-friendly affordable product irrespective of its low features as compared to the high-priced phones.

Additionally, the Electroneum team has also mentioned how the Mobile top-ups have been going very well for them in the seven countries – Cambodia, Nigeria, Tanzania, Brazil, Turkey, South Africa, and Uganda.

CEO at Electroneum, Richard Ells said: “We have registered nearly 60,000 top-ups in those countries so far, which are such great numbers that we are now ready to live in with this service in 140 countries in the coming days.”

 

Electroneum [ETN] Continues To Target Developing Countries By Launching Free and Affordable Services

by

The financial markets across the world are not uniformly distributed: some regions have access to 24 x 7 banking while other regions have millions of unbanked citizens. Electroneum, the popular cryptocurrency organization has decided that the asset will be sued to bring a better financial structure to the poor countries of Africa.

Electroneum has launched its own ‘AnyTask’ feature for developing countries to give the power back to the people. The selected countries include citizens who are not able to conduct basic tasks like paying bills because of the sheer effort required to do so. 

The cryptocurrency company recently stated that ‘AnyTask’ wanted to solve conventional day-to-day problems faced by people. The main aim of ETN is to bring the burgeoning digital economy to those who are less fortunate.

AnyTask works as a freelance platform where people can post their skills which can be used to hire them. The buyer has the option to pay using a debit or credit card while the seller receives the payment in Electroneum. This is a big boon to the unbanked sectors within developing economies across the globe.

Payments are processed by the crypto company itself and converted into Electroneum (ETN) by one of their partners. This makes the entire process simple for both buyer and seller. To make the online process easier, Electroneum has ensured that they have Partnerships with third-party airtime and data providers.

Electroneum had taken significant strides to ensure that citizens in Africa can use their phone to conduct payments and that led its launch in Uganda, Tanzania and Nigeria. During the launch, Electroneum CEO Richard Ells had said:

“We are pleased to announce the launch in these three African nations, where we see a clear opportunity to enable Electroneum users to top-up mobile airtime through a third-party provider of the major mobile network operators.”

Out of the 25 million mobile subscribers in Uganda, 99 percent of them can top-up their phone using ETN now. This mobile reach allows them to access services such as TaskSchool. This service provided by Electroneum aims to educate people on various skills that they might need. Due to the steps taken by Electroneum and cell providers such as Africell and Airtel, millions of people are able to access such services.

Financial inclusion is the need of the hour and cryptocurrencies such as ETN are right in the thick of it. Electroneum officials are out to prove that the asset can provide real-time solutions and is not just a whitepaper. According to reports, companies such as Electroneum target large unbanked populations because they also tend to have the fastest-growing economies.

The untapped markets in developing regions are not just a social issue but also an economic one. Electroneum’s early entry into the African market is expected to earn them massive dividends soon because of projected growth rates.  According to some estimates, the addition of developing countries into the digital fold will open up another $3.7 trillion in terms of Gross Domestic Product [GDP].

Electroneum price forecast: ETN is down, but remains in a range-bound

by

  • The ETN/USD pair is weak, but the price may rise back if the bulls show interest.
  • Electroneum (ETN) may break the $0.0042 support should the bear step further

The Electroneum’s price movement has ensued in a range-bound following the reaction of Bitcoin’s wave over the past weeks. So far, the second half of the year has brought the ETN market in a channel boundary. On a long-term, Electroneum is maintained in a neutral trend.

Meanwhile, the ETN/USD pair is bearish on both the medium-term and the short-term outlook.  While facing technical support at $0.0040 over the past few weeks, we can expect the market to climb back.

Electroneum (ETN)’s Current Statistics

Trading Price: $0.0045

Market Capitalization: $41,349,282

Trading Volume: $193,812

Key Resistance Levels: $0.0053, $0.0060, $0.0070

Key Support Levels: $0.00422, $0.0035, $0.0033

Electroneum Price Forcast for August 14, 2019

From a long-term perspective, Electroneum (ETN) is trending on a side-way since the massive sell-off in late May. Now, the price has waved to $0.0045 after a five weeks decline. Over the past few hours, the $0.0042 has held as support for the market. If it breaks, we may see a price drop to $0.0035 and $0.0033. Meanwhile, the bears are in play at the moment.

Electroneum ETN technical price analysis

A bullish control may bring the price back to the critical resistance at $0.0053. If the buyers can overcome this level, the $0.0060 and $0.0070 resistances may come into play on a short-term. Another side of this scenario is the market’s volume, which appeared substantially low on the daily chart. A surge in volatility lurks around the corner.

Conclusively:

Considering the subdued volume in this trade, Electroneum (ETN) is expected to remain in a range-bound until a price break occurs. Should that happen now, a bearish breakout is most likely to come into play.

Technical Indicator Reading

After retesting the overbought level in July, the RSI for Electroneum has remained in a downward trend, but currently indecisive.

Stochastic RSI is now testing the oversold level after a five days fall from the $0.0053 price levels, currently compounds for a buy signal.

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.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Electroneum Price Forecast: ETN holds a strong demand base, what’s next?

by

Key Highlights

  • The market is currently at the major critical demand zone at 0.00000047BTC, the investors are already coming into the Electroneum market, and the demand would be higher than the supply.
  • The Token should begin slowly to show some bullish swing as expected; the price is unable to break to the downside because the buyers seem more hopeful that the market will go up considering the “Head and Shoulder” trading setup already formed.

Electroneum Current Statistics

Current Market Price: 0.00000047BTC

Market Capitalization: $43,900,155

Trading Volume: $1$132,535

Major supply zones: 0.00000075BTC, 0.00000097BTC, 0.00000150BTC

Major demand zones: 0.0000003BTC, 0.0000002BTC, 0.0000001BTC

Latest News around Electroneum

The news summary concludes that the new radical Electroneum upgrade has brought in some limelight for nonprofit miners. The announcement was also made that the UK based Electroneum platform has made all its local miners redundant and turned them all to charities and nonprofits.

Electroneum Price Analysis

Based on the price action of this cryptocurrency, the market is currently forming a unique trading setup known as “Shoulder Head Shoulder.” And if this setup finally plays out as expected, then the bulls will surely dominate the whole market for the next trading days ahead.

ETN price has finally rested at the oversold base level at 0.00000047BTC; the bears appeared to have taken out their long term investment profits at this level. And if this level holds firmly without being compromised, there would be a massive long term bullish bias.

Electroneum chart analysis

Chart Indicators Reading

The Moving Average indicator is already supporting that the bullish momentum should begin. On the other hand, all technical market tools are also pointing that the bullish rally should commence, considering the importance of Head and Shoulder trading setup we currently have.

General Outlook for ETN/BTC pair

The trend of the ETN/BTC pair is currently showing an uptrend, considering the powerful trading setup we are having at the current 4hour market analysis.

It is advisable to strictly follow the market structure and setup before making any investment decision on Electroneum or any other cryptocurrency.

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.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Electroneum price forecast: A serious rally on the way for ETN/BTC

by

Key Highlights

  • ETN is expected to have one more downswing before a bullish recovery.
  • The market is currently undergoing a bearish pressure and this downtrend is likely to meet an obstacle at a major demand zone of $0.00000018.
  • In this zone, it is possible for bulls to step into the market and struggle with bears.

Electroneum Current Statistics

Market Capitalization: $55,349,642

Trading Volume: $357,273

Major supply zones: 0.000000120, 0.000000150, 0.000000180

Major demand zones: 0.00000018, 0.00000010, 0.00000005

Latest News on Electroneum

It was said in the news that Electroneum has recently gotten approval from Apple to introduce the new update in its iOS, and since ETN has a large base of iOS users, this update should get the user registration process faster.

This is a good signal for the ETN market as the user base will be increasing with increased ease of access in the app.

ETN/BTC Price Analysis

ETN is currently trading in a downward price movement and this bearish swing seems to continue. However, a great significant demand zone is spotted at 0.00000018 and this zone may likely hold the price or limit the downside movement, and buyers may decide to come in and negotiate the market with sellers at the demand zone mentioned.

BTNBTC Daily Chart

Chart Indicators Reading

All chart Indicators are signaling that the price may have one more downswing towards a major demand zone at 0.00000018. The buyers tend to dominate the market because a good bullish momentum is possible to be seen in the upcoming trading days from the aforementioned zone.

General Outlook for Electroneum/BTC

The future outlook for ETN/BTC is bullish as price may go upwards to supply zones listed above. And this is a good signal for the market recovery, and the bulls may take a cognizance lookout for a rally towards the supply zone at 0.000000150 BTC.

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.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Electroneum price analysis July 10, 2019: Intraday downward trend hurts ETN

by

In the recent past, Electroneum (ETN) has been working on its global visibility status, reaching out to different corners of the world. From Thailand to Uganda, the bits and pieces of Electroneum

ETN can be seen everywhere. However, despite the positive efforts of the management to make the crypto asset more visible around the world, the crypto-coin is fetching unfavorable prices. Electroneum’s current market prices are scaring investors from diving in the pool, but if the management continues with their great marketing strategies, ETN’s fortunes might change soon.

ETN Price Analysis for 10th July 2019

At the time of writing, ETN is trading at $0.005909 on crypto exchange platforms that include Cryptohub, Liquid, Kucoin, and Bitbns. Electroneum is trading 4.6% lower against the USD during the 24 hours.

Electroneum technical price analysis
Source: CoinMarketCap.com

Following last week’s price movements, Electroneum managed to trade 39 percent higher against the USD. Today’s price movement marks a 40+ percent decline for the number 110 ranked cryptocurrency in the market. At the time of writing, Electroneum has a total market cap of about 57 million USD.

Electroneum’s Brief Profile

Launched on 3rd November 2017, ETN is a proof-of-work digital asset that uses Cryptonight hashing algorithm. The number 110 ranked cryptocurrency has a total supply of over 9 billion coins and is showing signs of going mainstream following its aggressive global marketing strategies.

People can follow Electroneum’s Reddit community at /r/Electroneum, and the virtual currency’s official Twitter handle that is @electroneum. ETN’s official message board and website are electroneum.com/blog and electroneum.com, respectively.

ETN Trading

For crypto enthusiasts who wish to trade Electroneum, they can buy and sell the cryptocurrency in the following exchange platforms: TradeOgre, Cryptomate, Liquid, Cryptopia, Bitbns, Kucoin, Cryptohub, and CoinBene.

At the moment, it is not possible to buy alternative virtual currencies such as ETN directly using the USD. Traders intending to exchange ETN should first buy Ethereum or Bitcoin using a crypto exchange that accepts the USD such as GDAX, Changelly, and Gemini. After the purchase, traders can use their newly -purchased ETH or BTC coins to buy Electroneum ETN using one of the crypto exchanges mentioned above.

Electroneum’s Major Upgrade to Make ETN Stand Out in the World

In the crypto world, any change introduced to the market is usually scrutinized, looked over, debated. In the case of ETN, some noticeable changes that will leave the crypto community somewhat divided are expected to be introduced.

Going by the unwritten law of cryptocurrency and blockchain technology of being open sourced and decentralized, Electroneum is working on an update that is going to get people talking. After the update, Electroneum’s new Moderated Blockchain will be at par with Facebook’s Libra platform and IBM’s Hyperledger. This will make the crypto asset become one of the most secure and eco-friendly virtual assets in the world.

What the new Electroneum Moderate Blockchain will do for the digital asset is to increase its scalability and enhance its corporate partnership status while making the network immune to over 50 percent attacks.

This is especially important considering Electroneum and cryptocurrency as a whole is increasingly becoming a mode of transaction for individuals, businesses as well as governments. By complying to AML and KYC standards, ETN opens the doors for corporate partnerships that will see the digital asset spur mass adoption, helping improve the lives of many around the world.

Also, through the upgrade, Electroneum will manage to reduce its carbon footprint significantly by reducing its hash rate a million times from previous hashes to under a kilo hash. By doing this, ETN will become one of the eco-friendliest cryptocurrency in the world.

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.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Electroneum (ETN) hits an epic partnership with Paycent Appycent App

by

Yesterday, on July 08, 2019, the Reddit thread of Electroneum cryptocurrency revealed that ETN crypto has been added to Paycent app upon the completion of integration.

Paycent Adds Electroneum

It was first revealed when the media (bedcredit.org) shared a post of Paycent’s new update, entitling “Paycent Allows Users to Convert Digital Assets to Local Currencies, Transfer Funds, and Withdraw Cash From ATMs.”

As per the reports, Paycent is a financial platform, powered by Texcent, which is a Singapore fintech company. With Paycent service, users can connect their debit cards to the crypto wallet and start using digital cost almost anywhere fiat currency is accepted. It comes in the form of hybrid app, wallet, and crypt fiat cards.

In a detailed post where Paycent explained how its app and wallet work together, it mentioned that; “Paycent, a mobile wallet enables users to exchange among multiple digital assets seamlessly,” – it holds multiple digital assets including Bitcoin, Litecoin, Ethereum, Dash, Binance Coin, and CHE Token.

Nevertheless, the announcement states that ‘Paycent is partnering with Electroneum later this summer.’ According to the company’s director of card program and partnership, Alex Agarwaal;

“They (Electroneum) have a massive community of 3 million people globally, and they are aligned with what we do because they served the unbanked.”

On a continuous note, he wrote; “We’re seeing a lot of positive movement,”

“It’s definitely going to catch on. Irrespective of the prices — it doesn’t matter if crypto goes up or down — it’s all about the adoption of the system itself.”

Paycent’s connection with Electorneum is a big hit for Electroneum – and it seems that the ETN has already been added to the PayCent app according to company’s Reddit post and a twitter post:

It is worth adding that the Electroneum cryptocurrency is currently standing at the 111th spot on the graph of coinmarketcap. As of writing this post, the partnership has no positive impact on the price of the cryptocurrency yet. The coin is currently sided down by 1.02 percent over the past 24 hours and trading at the value $0.006199 against the US Dollar. Notably, the market cap of ETN coin counts at $60,301,407.

ETN

Ahead of partnership with Electroneum, the firm had earlier joined hands with privacy-focused cryptocurrency, Verge which streamlined the process of booking flights and hotels using Verge coins. Moreover, the company further adds;

“With Paycent, we are helping to push the unbanked to the forefront of currency freedom with the ease of exchanging fiat money into digital assets with a singular app and vice versa to spend it on daily essentials,”

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.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Electroneum (ETN) price analysis June 28, 2019: Dodged market’s bears

by

Electroneum is an ambitious blockchain project which aims to turn every mobile device into a cryptocurrency-based micropayments system. It started life as a Monero (XMR) fork, but it’s now a 100% independent project. One of the attractive features in ETN is the mining process, which is done on a cloud server through a mobile app at no cost (energetic or monetary) for users. You just install the app, and your app will get you a few ETN tokens every hour.

The coin is trading at $0.004979 as we write this. Its market capitalization of $48,196,271 is enough to give it the 128th spot by market cap in the world’s cryptocurrency market.

While the cryptocurrency market had a fantastic weekend last week, it struggled afterward. But as the market has spiked again, Electroneum is doing very well today too. It seems that the new crypto-bonanza is passing Electroneum by, unfortunately. Today it seemed to be in the hands of the market’s bears, but that has changed already. Let’s see what we can find out from the daily and the monthly technical analysis.

24-hour technical analysis

The coin is trading beneath the pivot point but above the first support level $0.004580). The problem with the token’s trade is that it’s almost non-existent for now. The few times we’ve seen relatively high trading volumes during the last few hours they’ve been bullish, which is a good thing, but there is no trend. Not even a sideways pattern. ETN is just losing and gaining value in a seemingly random way.

Electroneum technical price analysis
Credit: Pixabay

That ambiguous behavior apparently justifies why the technical analysis for 24 hours is neutral. Half of the moving averages are bullish, while the other half are bearish, and the technical indicators are also divided among parties.

This kind of irregular trading pattern is the rule for ETN because, unfortunately, it’s supported by relatively few exchange platforms.

Monthly technical analysis.

The bears are in charge according to the monthly technical numbers. Even after going up by more than 9% in the last 24-hours, Electroneum is still down by 1.45% over the previous seven days.

The price is between the first resistance level and the pivot point. But there is no trading flow. This is also the rule for ETN.

Charts are not very helpful in this market because they give you almost no information at all.

Every technical indicator is voting for the bears, and only three moving averages are for the bulls.

Outlook

While Electroneum is a project we like very much and that still holds a lot of potentials, the reality is that this might not be a coin for traders for a while now. Even if every technical signal were green right now, we would still not chose it for trading. This is a cryptocurrency that has not achieved any liquidity at all, and that always spells bad news for investors. The volatility is enormous, and trading on it is tough, indeed because of the lack of support it has from the market.

If you like this project, you’d be much better off installing the Electroneum app in your phone than trying to trade it for a profit.

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.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Thailand’s dental clinic now accepts Electroneum (ETN) for payments

by

Despite blockchain and cryptocurrency technology being praised for pioneering in the next generation of the virtual revolution, license and government concerns continue to hinder the widespread adoption of virtual currencies and its supporting technology. Electroneum is changing that.

So, while some lawmakers across the world such as those in the US, China, and India retort with preemptive bans and injunction, other countries are assuming a more progressive stance towards balancing legislation with consumers and investors safety.

At present, countries in the Southeast Asia region are leading the way in exploiting the potentials of virtual currency in their respective jurisdictions by issuing favorable legislation and regulations to open their doors to maximize the sizeable business and technological opportunities blockchain offers.

Blockchain and Cryptocurrency Regulatory Evolution in Thailand

Among the countries in the Southeast Asia region, Thailand is among the first countries that are opening its doors to crypto-related businesses, passing crypto laws to regulate the offering of virtual assets.

Since January 2018, Thailand continues to show strides in adopting a more liberal and progressive stance towards blockchain and cryptocurrency, having legalized the exchanging of 7 legitimate virtual currencies. Initially, these guidelines and regulations were meant to address issues surrounding security and fraud in this emerging technology while guiding initial Coin Offerings (ICOs) after a series of bad publicity that had rocked the industry.

With the emergence of new offerings in the virtual currency sphere, regulations continue to evolve, putting in place better-placed structures.

Thailand’s financial regulator, the Security, and Exchange Commission (SEC) consistently plays an active role in the development of country’s blockchain technology by adopting the latest innovations while also imposing stable guidelines.

Recently, Thailand made significant strides forward in the crypto market when SEC approved the licenses of 4-crypto exchange companies that permitted them to operate in the country. SEC also rejected the applications of two exchanges, on valid grounds of insufficient Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.

Thailand continues to lead the way for many other nations in the Southeast, and the greater Asia region on matters cryptocurrency and blockchain.

Traditional and Emerging Markets Embracing Blockchain and Cryptocurrency

As more and more markets, both traditional and emerging look towards blockchain and crypto as possible solutions to their socio-economic problems, it is becoming evident to many the benefits of the technology.

Cryptocurrency alternatives to fiat currencies are quickly becoming popular thanks to the many opportunities the emerging markets are offering, predominantly the capability to disrupt a widely cash-based economy to allow greater participation in the emerging virtual economy.

Considering Thailand and Southeast Asia has one of the highest rates of smartphone penetration internet accessibility, this region is primed to lead in the ongoing global digitalization transformation.

For instance, in early 2018, South East Asia reported having over 370 million internet users with an internet penetration rate of about 60 percent of the entire population. The average South East Asia internet consumer consumes more internet bundles on smartphones compared to any other region. Thailand’s mobile internet consumer leads the pack with over 4 hours of internet usage per day.

Thailand’s Dental Clinic to Accept Electroneum as a mode of Payment

The little-known cryptocurrency, Electroneum (ETN), is a complementary virtual currency that was developed to allow anyone, regardless of their technical know-how, the access to the structures of virtual currency.

The Electroneum technology strives to bring the entire combination of mining, buying and selling processes of its digital coin, all into the reach of a smartphone through a user-friendly app that is straightforward to use.

Earlier today, a Thai national became the first person ever to use cryptocurrency, Electroneum, for paying his dental bill after the dental clinic became the first clinic to accept the virtual currency.

Although crypto still has a long way to prove itself in the dentistry industry, this latest move is undoubtedly a good step in the right direction. Patients can now mine or buy their Electroneum coins and use them to pay for their dental bills, at least in Thailand. Consequently, this is another reason to smile for crypto enthusiasts.

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.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

The problem with Electroneum (ETN)

by

Electroneum

Electroneum (ETN) is a project that looks very innovative and exciting on the surface. It’s a blockchain network which seeks to link every mobile phone in the world into a micropayments network that you can use to pay for anything you’d like.

Because it came to life as a Monero (XMR) fork, Electroneum’s privacy features are superior to most other blockchains in the crypto verse.

Another attractive feature in Electroneum (ETN) is the mining process. It really doesn’t exist. Mining for new tokens is done on the project’s cloud server. If you want to join the process, you just need to install an app to your mobile and tap the screen a few times. This will get you a few ETN tokens daily without draining your phone’s battery or costing you anything.

It’s promising, it looks great, but it’s not succeeding. Why? In this article, we’ll try to point out a few flaws present in the ETN project that you should probably take into account before you decide to go for it.

Volatility

The first problem with ETN is its market behavior. ETN trades at USD 0.005608 as we write this. It’s capitalized at about USD 54 million, which is not exactly a high number. It’s ranked 121 by market cap. The reason this is a problem is market mechanics.

The low capitalization, along with the low price, means that manipulating the price is relatively easy. It also means that liquidity is very low. And inferior liquidity means volatility. So while the price is low, it’s not a good investment because it fluctuates all the time wildly.

It often happens that ETN’s trading volumes are so small (nearly unexistent) that no chart can show you what’s happening. The cryptosphere is already infamous because of its volatility, and ETN is one of the worse offenders in that regard.

The use case

Another problem is the project’s use case. Yes, a micropayments network sounds very cool. But that’s the very same thing that Bitcoin, Litecoin, Monero, and many other more successful tokens are trying to achieve. The only original point in Electroneum is the emphasis on mobile technology. But there are already plenty of mobile wallets which allow you to use other tokens. And that kind of defeats ETN’s selling point.

And since we’ve touched on micropayments networks. It’s no secret that Facebook is working on a proprietary blockchain project. The company remained very secretive, but now they’ve come forward and announced that it would include a cryptocurrency called Libra. In the company’s own words, Libra is “A simple global currency and financial infrastructure that empowers billions of people.” In other words: Facebook’s Libra will be yet another crypto-based micropayments system.

Which creates yet another problem. The success of any cryptocurrency depends almost solely on adoption. ETN has 3 million users so far. Facebook has more than 2 billion. So adoption of Libra is bound to be way faster than ETN’s (or almost any other cryptocurrency) just because of the sheer size of its user base.

So what to make of Electroneum? It’s interesting, it’s exciting, it looks great on paper. But it’s never going to work out unless it corrects its fundamentals so that it stops competing directly with almost every primary cryptocurrency in the market or, even worse, with Libra in the future.

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.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.