What Is Electroneum?
Electroneum is a mobile-first cryptocurrency aimed toward mass adoption for payments. The Electroneum team makes acquiring cryptocurrency so simple as downloading an app. By breaking down the boundaries around buying it, the Electroneum team believes they can spread their coin far and vast.
There are numerous people that need to purchase various coins, however, aren’t keen to send selfies with their passport to an internet site they know nothing about. There are also issues of linking financial institution accounts and paying shockingly excessive charges. Electroneum feels they have the answer and on this information, we’ll go over how they intend to deliver cryptocurrency to the masses.
How Does Electroneum Work?
Electroneum, also known as ETN, is built off the Monero codebase to allow for transactions on a decentralized blockchain. Like Monero, Electroneum has some built-in privacy features. One of many main criticisms of Bitcoin is that the steadiness of each wallet address is public and simply searchable. This drawback is solved with Electroneum’s stealth address, a one-time public key that “prevents recipient’s funds from being linked with their wallet. That address can be audited by a 3rd party to prove the transaction occurred (with the sender sharing their public view key).
The recipient will get their funds through their wallets’ private view key which scans the blockchain. As soon as it is detected and retrieved by the wallet, a single-use private key is created (corresponding with senders public key).
Coin Supply and Sustainability
The team reserved 4.4 billion ETN for investors in the ICO. Those who shared the ICO and translated relevant data received a combined 20 million ETN. The core 12 person team also reserved 20 million ETN for funding purposes. There’s a circulating supply almost 9.3 billion ETN that will eventually reach a maximum supply of 21 billion ETN through rewards to the miners.
21 billion coins were chosen over Bitcoin’s 21 million for psychological reasons. They felt users could be extra glad earning full coins as rewards and would prefer making purchases in integer values. After the entire coins are mined, miners will nonetheless be capable to revenue by collecting the transaction charges.
But is the coin supply a real issue? Check out this video and let us know your thoughts