With more and more cryptocurrency-related projects and companies popping up every day – it’s getting harder to stand out. However, Electroneum (ETN) doesn’t have that problem. It certainly has satisfied investors, as the coin has gained an astonishing 400% within the last month. This is not that surprising when one considers the immense potential of the project.
While cryptocurrency mining occurs across the world, it is most associated with those with a certain level of technical knowledge. However, ETN seeks to change that. While there are many cryptocurrency projects that claim to further mass adoption, ETN – built on its own blockchain – brings mining to a user-friendly mobile app. This allows them to target the significant global population – over 2 billion – with a smartphone, that might not otherwise be interested or aware of cryptocurrency mining.
The mobile mining will also utilize the phone’s CPU, to prevent any safety issues such as overheating. The fact that the project is built off of the Monero codebase will satisfy those who value privacy, and the fact that the currency is so easily mineable also opens a new sector: mobile payments. Since the coin is specifically designed for mobile phones, money can be sent to friends and family worldwide through mobile phones, with minimal transaction fees.
Although no one can tell what the future holds, Electroneum has been vocal about the fact that it is implementing KYC on Twitter. This opens up Electroneum for all sorts of potential partnerships with larger corporations, who can now work with the project as it will adhere much more to global regulations as a result of KYC implementation. The level 2 and level 3 KYC procedures are expected to be completed by November. ETN currently maintains a market capitalization of around $160 million.