Electroneum ETN
About
What Is Electroneum (ETN)?
Lighting Fast – 5 second finality.
Sustainable – Eco friendly validator system.
Ultra Low Cost – Ludicrously low transaction fees.
Layer 1 – EVM compatible smart contracts.
Electroneum is an eco-friendly Layer 1 EVM-compatible blockchain, catering to 4+ million users worldwide. The network boasts transaction speeds of just 5 seconds with instant finality, and potentially the market’s lowest smart contract fees.
Powered by the Istanbul Byzantine Fault Tolerance (IBFT) consensus mechanism and supported by known validators - targeting universities, foundations and Web3 infrastructure companies - the network is incredibly fast, secure and energy efficient.
As one of the most eco-friendly layer-1 blockchains available it is the perfect choice for brands who are conscious of their sustainability and green credentials.
For several years, ETN has provided the backbone for AnyTask.com (one of the most successful freelancer sites), enabling the world's unbanked to earn from their digital skills.
Who Are the Founders of Electroneum?
Electroneum Ltd. was founded in 2017 by British entrepreneur, Richard Ells. He is also the owner of Retortal, a social media management platform designed for businesses in the direct selling industry, and SiteWizard, a digital agency which he co-founded and still serves as a director to date. In 2019, he founded AnyTask.com - a successful freelance platform in the crypto space.
What Makes Electroneum Unique?
In early 2024, Electroneum initiated its ‘Aurelius’ blockchain update, becoming a Layer 1 EVM-compatible blockchain.
With a unique validator system that is operated by NGOs, foundations and other known entities, it is uniquely efficient in terms of electricity use. This enables it to boast of one of the lowest (perhaps the lowest) transaction cost of any layer 1 blockchain AND be a great choice for brands seeking to ensure they partner with a sustainable and environmentally friendly blockchain.
The network boasts industry-leading speed, security, and efficiency having implemented a unique take on the IBFT consensus mechanism, supported by known validators. Transactions on the blockchain take just five seconds with instant finality, meanwhile, smart contracts can be launched and operated at potentially the lowest cost available on the blockchain market today.
The network has proven to be effective over the years, providing not only the backbone to the ETN-Network, which today caters to more than four million users worldwide but also to AnyTask.com, supporting 20,000+ sellers across 140 countries. AnyTask.com provides a unique take on today’s freelance platforms, allowing freelancers to get paid in ETN - circumventing the need to have a bank account.
The Electroneum blockchain is powered by the IBFT consensus mechanism and supported by a group of known validators. Prior to the latest ‘Aurelius’ update, Electroneum launched its ‘Proof of Responsibility’ update, in which a group of NGOs were introduced to the validator programme.
This unique approach provided the NGOs with a brand new funding stream, supporting new and existing charitable initiatives. This programme continues to this day, and following the introduction of the ‘Aurelius’ update in early 2024, has expanded to universities and Web3 infrastructure companies.
In summary, Electroneum is a Layer 1 EVM-compatible blockchain with a proven history and a solid founder, company, and group of known validators behind it. Boasting industry-leading capabilities in speed, security, energy efficiency, and cost-effectiveness, any developer or organisation seeking to build blockchain solutions should ideally shortlist Electroneum as a preferred platform of choice.
How Many Electroneum (ETN) Coins Are There in Circulation?
Electroneum’s total and circulating supply is limited by Electroneum Ltd. and will never exceed 21,000,000,000 ETN. As of 12 April 2024, there were 17,969,620,855 ETN in circulation, representing 85.5% of all the ETN there will ever be.
How Is the Electroneum Network Secured?
Electroneum uses the IBFT consensus mechanism in conjunction with a group of known validators, which provides a multitude of advantages when compared with other blockchains. First and foremost, it guarantees immediate block finality, completing transactions in just five seconds. This is achieved by presenting only one block proposal per chain height, thus eliminating the complexities associated with forking and the risk of transaction reversals. Block forgery becomes exceedingly challenging as a result, requiring a supermajority of validators to sign off on blocks before insertion into the chain. Moreover, the leadership of the validator group rotates over time, preventing any single faulty node from exerting prolonged influence over the chain. IBFT also offers the benefit of operational flexibility by allowing the modification of validator groups over time, ensuring that only fully trusted nodes are included in the group, thereby maintaining the chain's security and reliability.
AI Analysis
What is the Electroneum (ETN) cryptocurrency good for? What are its main use cases?
Electroneum (ETN) is a cryptocurrency that was designed with a focus on usability and accessibility, particularly in emerging markets and for mobile users. Here are some of the main use cases and features for which Electroneum is recognized:
Mobile Payments: Electroneum has a mobile app that allows users to easily send and receive ETN. The app is designed to make cryptocurrency payments simple and user-friendly, even for those who may not be very familiar with digital currencies.
Microtransactions: ETN is suitable for microtransactions, which are small-value transactions that traditional payment systems might not handle effectively due to high fees. This makes it a practical choice for tipping, in-app purchases, or low-cost goods and services.
Mining from Mobile Devices: Electroneum introduced a unique feature that allows users to mine ETN using their mobile devices. While it is not mining in the traditional sense (as it uses a cloud mining model), it enables users to earn ETN passively through an easy-to-use mobile app.
Remittances: Electroneum aims to facilitate cross-border payments and remittances, particularly for users in developing countries where traditional banking infrastructure is limited and transaction fees can be prohibitively high.
Merchant Adoption: Electroneum has actively pursued partnerships with online merchants and service providers to encourage them to accept ETN as a payment method. This can help broaden the usability of ETN in real-world transactions.
Financial Inclusion: The project focuses on providing access to cryptocurrency for unbanked and underbanked populations, aiming to empower individuals without access to traditional banking services by giving them a way to manage, save, and transact with ETN.
Ecosystem Development: Electroneum has plans for developing an ecosystem around its cryptocurrency, including services like an in-app store and collaborative projects that enhance the utility of ETN.
Rewards Programs: The company has explored launching incentive programs where users can earn ETN through participation or promotional activities, further enhancing its adoption and use.
Overall, Electroneum’s main aim is to simplify cryptocurrency usage and make it accessible to a wider audience, particularly focusing on the needs of users in regions where financial services are less developed.
What blockchain does Electroneum use? Is it its own blockchain or built on top of another?
Electroneum (ETN) uses its own blockchain, which is a fork of the Monero blockchain. The Electroneum blockchain is designed to be fast, secure, and user-friendly, with a focus on mobile payments and remittances.
Electroneum's blockchain is not built on top of another blockchain like Ethereum, but rather is a standalone blockchain that utilizes a modified version of the Cryptonote protocol, which is also used by Monero. This allows Electroneum to have its own unique features, such as instant transactions and a mobile-friendly interface.
By having its own blockchain, Electroneum is able to control its own destiny and make changes to the protocol as needed, which is important for a project that is focused on mobile payments and financial inclusion.
Is Electroneum programmable? Does it support smart contracts or decentralized applications?
Electroneum is primarily designed as a cryptocurrency with a focus on mobile payments and blockchain-based solutions for unbanked populations. It was created to facilitate easy transactions and to enable users to earn cryptocurrency through mining on mobile devices.
As of my last update in October 2023, Electroneum does not natively support programmable features such as smart contracts or decentralized applications (dApps) like some other platforms, such as Ethereum or Binance Smart Chain. Instead, its primary functionality revolves around simple transactions and user-friendly payment solutions.
There may have been developments or changes after my last update, so it's always good to check the official Electroneum website or community updates for the most current information.
How fast are Electroneum transactions? What is the typical confirmation time and throughput (transactions per second)?
Electroneum (ETN) has a block time of approximately 60 seconds, meaning that transactions are typically confirmed within that time frame. However, depending on network congestion and other factors, confirmation times can vary.
In terms of throughput, Electroneum can handle around 1000 transactions per second (TPS) on its blockchain. This makes it relatively competitive compared to other cryptocurrencies, particularly when considering its focus on mobile and lightweight transactions.
As with any blockchain, actual speeds and throughput may fluctuate based on network load and other factors, but these figures provide a general idea of how Electroneum operates.
How much data can I store on the Electroneum blockchain? Does it support on-chain data storage?
As of my last knowledge update in October 2023, the Electroneum blockchain primarily functions as a digital currency platform and does not offer extensive on-chain data storage capabilities like some other blockchains that are designed specifically for smart contracts or decentralized applications (dApps).
Electroneum is focused on mobile payments and cryptocurrency transactions, and while it allows for some metadata to be associated with transactions, it is not optimized for storing large amounts of data. Unlike platforms like Ethereum or Filecoin, which are more suited for on-chain data storage through smart contracts and decentralized file storage, Electroneum is primarily designed for efficient payment processing and may not support large-scale data storage.
If you are interested in using Electroneum for specific applications that require data handling, it would be best to check their official documentation or community resources for any updates or recent developments. Additionally, if you need significant data storage, you might want to consider other platforms that are built with that capability in mind.
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