Richard Ellis founded Electroneum Ltd. in July 2017 in the UK. The company’s primary focus has been financial inclusion of the unbanked population of the world via the cryptocurrency project.
It has built freelance online portals, partnership with mobile and airline companies in over 140 countries to increase the presence of it’s the payment system. It also offers an Eletroneum branded mobile phone, M1 Mobile, with advanced specifications but with a low price.
Electroneum [ETN] is the cryptocurrency with powers the blockchain-based digital payment project. It was officially launched in November 2017 after a public fundraiser via an ICO. The total supply of ETN is 21 billion. Currently, around half of the total supply is in circulation in the market. The block time of the Electroneum blockchain is 2 minutes. The hashing algorithm for mining Electroneum is CryptoNight.
It raised $40 million in the ICO. The current market capitalization of ETN is $74.6 million. The supply of ETN at the ICO price of 0.01 USD. Out of the initial 6 million pre-mined coins, 4 million ETNs were sold in one of the largest ICOs in crypto markets and the rest 2 million were processed by the firm. The ICO was conducted in September 2017.
The validators on the Electroneum Blockchain are NGOs (Non-Government Organisations) which follow the Proof of Responsibility (PoR) protocol. The responsibility of these NGOs is to promote the welfare of individuals and families and build a prosperous future.
Earlier, it used to follow a PoW (Proof of Work) protocol which enables mining via CPU, mobile and GPU miners. The cloud mining feature of mobile was especially lucrative. Nevertheless, it yielded only meagre rewards for users over the course of three years.
The firm now selects the miners themselves, based on the following criteria, 1) Maintain the integrity of the payment network, and 2) Spend the block rewards in ETN for the welfare of the poor according to Electroneum’s humanitarian agenda. The profitability of the mining operation can be calculated here (Option 1, Option 2). There are other calculators on the web as well. To avoid the 51% attack, the team has designed a fail-safe which shuts down the validator attempting to conduct the attacks.
The roadmap of Electroneum is rather elaborate. To include considerable decentralization, Electroneum had planned a 3 year distribution period which involved giveaways, cloud mining and other ways to earn Electronum [ETN]. With the recent update, the price is now more focused on the demand of ETN. The company has taken partial control over supply ensuring that the distribution during phase one provided ample decentralization.
In May 2020, it ended the 30 months long ‘phase one.’ This period focused on bringing and retaining users via giveaways and reward programs. Apart from the giveaways, the company also formed a partnership with airline and data top-up companies in 140 countries to make ETN economically viable.
Their leading project currently is AnyTask. According to their founder Ellis,
“(With AnyTask) we are trying to attract the unbanked and empower the unbanked to increase their prosperity, it would be unfair to take away their money, their value.”
Currently, phase two is underway and the team is looking for price and adoption growth. Their primary aim is adoption via spending for mobile service (Hong Kong Joy Telecom Co. Ltd, Cellcard), and airline payment modules. They plan financial inclusion in underdeveloped regions, primarily Africa. Currently, they have over 3.8 million registered users.
By Q2 2020, they plan to increase the presence of the merchant program, ETN Everywhere and include integration with electricity payments as well.
The Electroneum App is a crypto wallet developed by the team. Apart from sending, receiving and storing abilities, it also offers access to AnyTask. AnyTask is a freelance platform powered by the ETN blockchain.
The App reached 1 million downloads in September 2018. Currently, it has over 2.4 million registered users, with over 100,000 air-time top-ups.
However, the recent end to the cloud mining feature leaves little incentive for the users to hold on to the app. The average rating of the app fell to 3 stars as a lot of users started to complain. Read the reviews here.
The majority of the Electruneum [ETN] is traded on Kucoin and Huobi Global Exchange. Kucoin, Liquid and Huobi are Hong-Kong and Singapore based exchanges with ample liquidity and reach in the European and Asian markets.
The team is pursuing a listing on Binance and other prominent crypto exchanges including in the US exchange (Coinbase, Kraken, etc.). This will add greater liquidity for an up price trend in Electroneum [ETN]. A listing on Coinbase, due to the Coinbase Effect, can specifically help in accentuating the price.
Addition on a futures market can help supplement the liquidity in ETN. Binance is most likely to begin with the margin trading of ETN, as it supports a variety of altcoins on its futures platform.
Apart from providing liquidity, the futures market also protects the cryptocurrencies against massive moves and cushions the price when volatility increases massively.
Electroneum price has been in a major bullish run since May. The rise can be attributed to the ending of the giveaway and rewards program which reduced the selling pressure on the market. Moreover, news of enabling electricity top-ups with ETN strengthened the positive outlook.
Electroneum price skyrocketed 335% in less than a month in April-May 2020, w.r.t. Bitcoin [BTC]. Due to appreciation in Bitcoin’s price during the same time, the total peak to trough gain was over 500%.
Nevertheless, electroneum price is down 96.55% from it's All Time-High attained during the crypto market bubble. The bear market after the ICO bubble in ETN began in March 2018. The electroneum price dropped in Q2 2019 with the introduction of the PoR algorithm and reduction in block rewards to 75%. Nevertheless, in the long-run, the electroneum forecast is positive because of reduced inflation; As the rate of supply has been reduced by 25%.
The pivotal point for Store of Value (SoV) characteristics with respect to BTC is around 0.00000250 BTC. Currently, the chart is resembling decay which reflects negatively on a payment focused cryptocurrency. A good store of value must oscillate between bear and bull cycles on this scale.
In the shorter term, it will look to build support above 0.00000077 BTC. The parallel price channel between the support and resistance is where the price will look to consolidate.
The electroneum price with respect to US Dollar (FIAT) seems to be forming a double top pattern. The support to the pattern is around $0.0057. A breakdown below this support could lead the price back to $0.0032-0.0045 range.
The MACD on the weekly scale is topping from a bullish view signalling a bearish reversal, while negative on a daily scale. The CMF (Chaikin Money Flow) ratio is bearish both on the weekly and daily timelines.
The electroneum price could reach 0.00000160 BTC by the end of 2020 which is the midline of the channel between resistance and support on a long-term scale. Electroneum price right now could turn support into resistance, and the price could shoot up to 0.00000380-400 BTC.
The price in USD/Dollar is currently testing the 50-Day EMA (Exponential Moving Average) for support at 0.006. If support is established here, upside towards ATH (All-Time High) at $0.207854 is possible. Nevertheless, that would imply a 3300% rise in price which will occur at the backdrop of a Bitcoin bull run. Hence, there are many conditions that need to be before the price can reach ATH.
As far as the $1 valuation is concerned, at a price of $1/ETN, the total market capitalization in the future will be around $21 billion. Currently, this is around 10% of the total crypto market and slightly less than Ethereum’s market capitalization. Hence, it is not entirely a far fetched dream. However, the highest valued payment currency on the list is Tether and XRP with a total Mcap of around 8 to 9 million. Hence, according to those levels, the price of ETN can reach up to $0.42.
This, however, will entirely rely on the success of electroneum [ETN] as a payment network beginning in Africa and Europe. Presently, the position of ETN with respect to total market capitalization is over 90.
Electroneum [ETN] has the backing of UNICEF veterans and is one of the first cryptocurrencies to enable adoption by mobile service, airline and electricity payments. Moreover, it’s economic model reaches out to the unbanked population of the world with a potential liquidity flow of over $350 billion.
The size of the global remittance market is over $600 billion US Dollars and is growing at a rate of 3.9%. The remittance to middle and east Africa is close to $70 billion. Moreover, not only in Africa, the biggest remittance markets are in India, China, Mexico, Philippines and so on which can benefit from the ETN ecosystem as well. The cryptocurrency has gotten rid of scalability issues by enabling a huge supply.
The 2025 prediction of electroneum [ETN] based on the growth of the remittance market even if it is able to capture 5% of the markets is around $2. Nevertheless, currently, the adoption is below 0.005%.
Nevertheless, the supply of electroneum [ETN] is 1000 times greater than Bitcoin, and still, about 50% of the electroneum [ETN] is left to mine. Moreover, since miners (or NGOs) are required to spend the electroneum [ETN] for NGO activities, there is constant selling pressure in the market for the next few years.
With a total scheduled supply of 21 billion, comparing with XRP and USDT market capitalization the electroneum price can reach up to $0.42 in the near future. Nevertheless, if electroneum [ETN] gains successful portion of the remittance market $1 valuation could be achieved. However, that would imply a 500 times rise which is astronomical and occurs rarely.
You can buy electroneum [ETN] Tokens at HitBTC, Kucoin, Huobi etc.
The immutability of Blockchain and mining incentive provides reason to believe the Electroneum Project is likely to last longer. A token usually dies because of lack of liquidity. Hence, transactions on the blockchain are important as well.
Electroneum price in ETN/USD is exchanging hands at 0.0063 at the time of writing. The token has a market cap of $244 million and features a 24-hour trading volume of $1.033 million.
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