The Blockchain, if you know, works as a digital public ledger system; meaning cryptocurrencies like Bitcoin rely on “miners” who initiate the very first transaction or to say, circulate Bitcoin for public use. But mining is not an easy task, it requires powerful computers that can run day and night, so as to keep the cryptocurrency up and running. For doing so, the miners are rewarded, however, the reward cannot be guaranteed.
To change the scenario of cryptocurrency by making it much easier to use and mine, Electroneum, a new player in the market with focus on making mining easily accessible on a smartphone. The fact that more people own smartphone compared to actual tower “PCs” will only allow Electroneum to fuel the growth of cryptocurrency.
The company expects its own cryptocurrency called ETN to create a 3 trillion dollar market with an expected 350 million smartphone users to join in the foreseeable future. Electroneum is eyeing the developing markets that are expected to enter the digital market. It has tied up with a huge pool of network providers, a deal which will benefit both the parties.
Electroneum already has 1.6 million registered users, making it the fastest growing service when compared to Twitter and Facebook (over a specific period). The mining app is already available in 20 different languages and one specific novelty of Electroneum that makes it stand out from the rest is a patented “instant payments” feature.
The mining company says, to the people who will be accessing the internet for the very first time – “mine Electroneum off your phone, mine Electroneum on Android, mine Electroneum on iPhone” with ease. As people are likely to invest in an Android or an iOS phone; however, it’s also possible to “mine Electroneum on Mac, mine Electroneum on Linux, mine Electroneum on PC”.