What is Electroneum (ETN)? Your ultimate guide

All you need is a smartphone to access the Electroneum system and use its ETN currency

Electroneum logo                                 
The ETN coin helps power cryptocurrency exchanges for the billion people without a bank account – Photo: Shutterstock
                                

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The Electroneum (ETN) network, founded in July 2017 by the British entrepreneur Richard Ells, provides access to a variety of financial services and products to users globally. Anyone with a smartphone can utilise ETN’s fast and efficient payment system as well as benefit from a host of other features. 

What is Electroneum (ETN)?

With more than a billion people still without a bank account across the world, the ETN project’s goal is to create global access to financial services via crypto. Using Electroneum, people anywhere can pay with and transfer cryptocurrencies cross border at virtually zero cost. The objective of the Electroneum cryptocurrency is to become a banking system with a similar reach to PayPal, but using only cryptos.

Already, more than three million users have downloaded the app and you can spend ETN in over 190 countries. Electroneum has also recently developed several projects to expand its offering.

How does Electroneum work?

AnyTask.com is one of the major features of the ETN network. With the online digital economy growing, Electroneum (ETN) has developed the first freelance platform that allows individuals globally access to this economy without the need to have a traditional bank account.

What is the Electroneum coin used for? Basically, sellers can earn ETN, the native coin of the Electroneum network, through performing tasks for buyers. Sellers are then compensated for their work with payment via the blockchain onto their smartphone.

Buyers gain access to low-cost quality digital services, but also increase opportunities to reach skilled digital sellers who may not have access otherwise.

TaskSchool.com is another project in the wings. It is a free online educational resource, allowing people to learn foundational digital skills. Users can learn everything from designing social media posts to using software like graphics editor Inkscape.

Like AnyTask.com, people can access this resource from anywhere in the world and learn a range of digital skills in their own language.

In addition to these features, ETN Network has a philanthropic dimension. Individuals can give to ETN Donate to support charities and NGOs including Ubuntu Pathways, WONDER Foundation and Project Child Indonesia.

Lastly, ETN Everywhere is a project seeking to accelerate the adoption of ETN by merchants across the world. It supports businesses that accept ETC as a form of payment to add their listing to the merchant map, thus allowing customers who hold ETN to know where they can spend it.

There are currently 2,246 merchants listed in 175 different countries.

What is the Electroneum coin used for?

ETN is the native coin of the network. Users can buy, earn, store and transfer ETN. There is a maximum supply of 21 billion ETN coins and a current circulating supply of 17.9 billion, or 89.5% of the total.

The Electroneum cryptocurrency was based on the Monero blockchain but migrated to its own blockchain in 2019, one that uses a less energy intensive mining process called Proof of Responsibility. Miners are handpicked on the network. They are expected to spend their block rewards in ways which align with the principles and philanthropic objectives of the network.

The ETN coin, available on exchanges such as KuCoin, BiKi and HitBTC, peaked after its launch at the tail end of 2017, and has failed to recover these heights. On 6 January 2019, the ETC coin price hit $0.1953. However the price had fallen by March of that year. It plateaued at dismal prices throughout 2019 and 2020. The coin has performed better throughout 2021, more than doubling over the past year. All the same, the current price of ETN is still just $0.01.

ETN has a current market cap of $180.14m (£135.89m).

There is a maximum supply of 21 billion ETN coins and a current circulating supply of 17.9 billion.

Richard Ells, a British entrepreneur, created Electroneum (ETN).

The network aims to bring access to over a billion unbanked individuals across the world. With a smartphone, everyone can download the ETN app and earn, store, transfer and pay with ETN, the native token.

It also has a philanthropic dimension, unlike many other cryptos.

Further reading

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