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Electroneum Stock

Electroneum

ETN

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Electroneum Whitepaper

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Electroneum FAQ

What is Electroneum (ETN)?

Electroneum is a Layer 1 EVM-compatible blockchain, serving over 4 million users globally. The network offers transaction speeds of just 5 seconds with instant finality and potentially the market's lowest smart contract fees. Utilizing the Istanbul Byzantine Fault Tolerance (IBFT) consensus mechanism and supported by recognized validators targeting universities and Web3 infrastructure companies, the network is notably fast, secure, and energy-efficient. For several years, ETN has formed the backbone of AnyTask.com, enabling the platform to leverage blockchain technology to provide a fairer and more efficient experience for freelancers worldwide.

Who Founded Electroneum?

Electroneum Ltd. was established in 2017 by British entrepreneur Richard Ells. Ells is also the proprietor of Retortal, a social media management platform tailored for businesses within the direct selling industry, and he co-founded SiteWizard, a digital agency where he continues to serve as a director. Additionally, in 2019, he launched AnyTask.com, a thriving freelance platform in the cryptocurrency sector.

What Distinguishes Electroneum? Electroneum is particularly notable for its user-friendly mobile mining experience, designed to be accessible to individuals without specialized hardware or extensive technical knowledge. Its team pioneered a streamlined and efficient mobile application, enabling users to mine ETN, the native cryptocurrency of Electroneum, directly from their smartphones. Furthermore, Electroneum emphasizes creating an ecosystem conducive to facilitating microtransactions, especially in regions where traditional banking infrastructure is limited. By offering a practical alternative to conventional financial systems, Electroneum aims to provide an inclusive solution for unbanked populations. The network's focus on instant payments and low transaction fees enhances its utility for everyday use. For an in-depth analysis of Electroneum's market performance and other relevant metrics, consult Eulerpool for the most current data.

In early 2024, Electroneum launched its ‘Aurelius’ blockchain update, transforming into a Layer 1 EVM-compatible blockchain. The network features industry-leading speed, security, and efficiency, utilizing a unique approach to the IBFT consensus mechanism, supported by known validators. Transactions on this blockchain are completed in just five seconds with instant finality, while smart contracts can be deployed and executed at potentially the lowest cost available in the current blockchain market. The network has demonstrated its effectiveness over the years by serving as the backbone for the ETN-Network, which now supports over four million users globally, as well as AnyTask.com, which assists more than 15,000 professionals in over 140 countries. AnyTask.com offers a distinct approach to contemporary freelance platforms by enabling freelancers to receive payments in ETN, thus bypassing the need for a bank account—an issue affecting 1.4 billion people (World Bank, 2021). The Electroneum blockchain is powered by the IBFT consensus mechanism and maintained by a group of known validators. Before the recent ‘Aurelius’ update, Electroneum introduced its ‘Proof of Responsibility’ update, which involved integrating a group of NGOs into the validator program. This innovative strategy provided NGOs with a new funding channel to support both new and ongoing charitable initiatives. This program remains active and, with the introduction of the ‘Aurelius’ update in early 2024, has expanded to include universities and Web3 infrastructure companies. In conclusion, Electroneum is a Layer 1 EVM-compatible blockchain with a proven history, supported by a solid founder, company, and a network of known validators. With industry-leading capabilities in speed, security, energy efficiency, and cost-effectiveness, Electroneum is an ideal choice for any developer or organization seeking to create blockchain solutions. For the latest information, refer to Eulerpool.

What is the Circulating Supply of Electroneum (ETN) Coins?

Electroneum's total and circulating supply is capped by Electroneum Ltd. and will never surpass 21,000,000,000 ETN. As of April 12, 2024, there were 17,969,620,855 ETN in circulation, accounting for 85.5% of the total supply.

### How is the Electroneum Network Secured? Electroneum employs a robust security model to protect its network. By leveraging a combination of blockchain technology and security protocols, Electroneum ensures the integrity and safety of its transactions. To understand the specifics of Electroneum's security measures, you can explore detailed information provided by Eulerpool.

Electroneum employs the IBFT consensus mechanism alongside a group of identified validators, providing numerous benefits when compared to other blockchains. Primarily, it ensures immediate block finality, allowing transactions to be completed in just five seconds. This is accomplished by submitting only a single block proposal per chain height, eliminating the complexities of forking and the risk of transaction reversals. Consequently, block forgery becomes extremely difficult, as it necessitates a supermajority of validators to approve blocks before they are added to the chain. Additionally, the leadership of the validator group rotates over time, preventing any single faulty node from having prolonged influence over the chain. IBFT also offers operational flexibility by permitting changes to the validator groups over time, ensuring that only fully trusted nodes are included in the group, thereby maintaining the chain's security and reliability.

Where Can Electroneum (ETN) Be Purchased?

Leading exchanges where Electroneum (ETN) is currently available for trading include: * HTX * Gate.io * CoinEx For beginners, a simplified guide for purchasing cryptocurrencies and additional exchanges for trading can be found here.

Investors interested in Electroneum are also interested in these Cryptos

This list presents a carefully selected selection of Cryptos that might be of interest to investors. We have our own crypto analyses for all listed Cryptos on Eulerpool.

Beginnings and the Rise of Cryptocurrencies

The history of cryptocurrencies began in 2008 when an individual or group using the pseudonym Satoshi Nakamoto published the whitepaper "Bitcoin: A Peer-to-Peer Electronic Cash System." This document laid the foundation for the first cryptocurrency, Bitcoin. Bitcoin utilized a decentralized technology known as blockchain to enable transactions without the need for a central authority.

In January 2009, the Bitcoin network commenced with the mining of the Genesis Block. Initially, Bitcoin was more of an experimental project for a small group of enthusiasts. The first known commercial purchase using Bitcoins occurred in 2010, when someone spent 10,000 Bitcoins on two pizzas. At that time, the value of one Bitcoin was just fractions of a cent.

The development of other cryptocurrencies

Following the success of Bitcoin, other cryptocurrencies soon emerged. These new digital currencies, often referred to as "Altcoins," sought to use and improve blockchain technology in various ways. Some of the most well-known early Altcoins include Litecoin (LTC), Ripple (XRP), and Ethereum (ETH). Ethereum, founded by Vitalik Buterin, was particularly distinct from Bitcoin, as it enabled the creation of smart contracts and decentralized applications (DApps).

Market Growth and Volatility

The cryptocurrency market grew rapidly, and with it public attention. The value of Bitcoin and other cryptocurrencies experienced extreme fluctuations. Highlights such as the end of 2017, when the Bitcoin price nearly reached 20,000 US dollars, alternated with sharp market crashes. This volatility attracted both investors and speculators.

Regulatory Challenges and Acceptance

As the popularity of cryptocurrencies rose, governments around the world began to grapple with the regulation of this new asset class. Some countries adopted a friendly stance and encouraged the development of crypto technologies, while others introduced strict regulations or outright banned cryptocurrencies. Despite these challenges, the acceptance of cryptocurrencies in the mainstream has steadily increased, with companies and financial institutions starting to adopt them.

Recent Developments and the Future

In recent years, developments such as DeFi (Decentralized Finance) and NFTs (Non-Fungible Tokens) have broadened the range of possibilities offered by blockchain technology. DeFi enables complex financial transactions without traditional financial institutions, while NFTs allow for the tokenization of artwork and other unique items.

The future of cryptocurrencies remains exciting and uncertain. Questions about scalability, regulation, and market penetration remain open. Nevertheless, interest in cryptocurrencies and the underlying blockchain technology is stronger than ever, and their role in the global economy is expected to continue growing.

Advantages of Investing in Cryptocurrencies

1. High Return Potential

Cryptocurrencies are known for their high potential returns. Investors who got in early on projects like Bitcoin or Ethereum have made substantial gains. This high return makes cryptocurrencies an attractive investment opportunity for risk-seeking investors.

2. Independence from Traditional Financial Systems

Cryptocurrencies offer an alternative to the traditional financial system. They are not bound to the policies of a central bank, making them an attractive hedge against inflation and economic instability.

3. Innovation and Technological Development

Investing in cryptocurrencies also means investing in new technologies. Blockchain, the technology behind many cryptocurrencies, has the potential to revolutionize numerous industries, from financial services to supply chain management.

4. Liquidity

Cryptocurrency markets operate around the clock, which means high liquidity. Investors can buy and sell their assets at any time, which is a clear advantage compared to traditional markets that are tied to opening hours.

Disadvantages of Investing in Cryptocurrencies

1. High Volatility

Cryptocurrencies are known for their extreme volatility. The value of cryptocurrencies can rise or fall quickly and unpredictably, posing a high risk to investors.

2. Regulatory Uncertainty

The regulatory landscape for cryptocurrencies is still emerging and varies greatly from country to country. This uncertainty can lead to risks, especially when new laws and regulations are introduced.

3. Security Risks

While blockchain technology is considered very secure, there are risks associated with the storage and exchange of cryptocurrencies. Hacks and fraud are not uncommon in the crypto world, which requires additional precautions.

4. Lack of Understanding and Acceptance

Many people do not fully understand cryptocurrencies and the underlying technology. This lack of understanding can lead to misguided investments. Additionally, the acceptance of cryptocurrencies as a means of payment is still limited.