Thank you so very much. You have helped me so many ways this evening. Makes me feel a heck of a lot better.
From what i understand, they “adjusted” the mining difficulty for the phones due to complaints ive seen on reddit.
It was on reddit so take that with a grain of salt.
I still am not sold on ETN.
ETN now has a BETA available for woocommerce on Wordpress.
This can only be a good thing, the number of woocommerce sites out there is huge and if e-commerce sites start accepting ETN as payment via a standard checkout site using a Mobile device…
Edit: The Apple IOS phone app is ready, waiting on Apple to list on their App Store
I am mining this on my phone but can’t help but think that this coin is a bust. It feels like all the other coins out there with “promises” that wont be delivered.
Unless I’m missing something I haven’t been able to find a whitepaper on Electroneum and feel like this coin at the price it is is useless in terms of buying things with it.
Obviously we need more people to adopt it to have it gain value but I haven’t seen anything to attract people to it.
I guess I’m mining it in hopes it jumps in price and adoption.
Really good post, and presumably if you are posting this there are myriads others thinking this. I’ll shed light where I can:
Firstly, here is the official Electroneum Overview and Whitepaper , you had mentioned not being able to find it. You’ll find it is an easy read and worth reviewing.
So far Electroneum has successfully executed on all of their Q1 Goals. These goals were laid out back in 2017:
• 1 million live users
• Secure a user reach of 100 million users
• List on major exchanges
• Grow Electroneum Team
• Launch Mobile Miner
Someone made this comparison:
During Electroneum’s first quarter it has received over 1 million users; when the iPhone first came out it received 350,000 users.
This 1 million ETN users is purely from the ICO marketing and word of mouth. Electroneum has not even fired up their mobile mining marketing yet…and marketing is their bread and butter.
So marketing is slated to fire up later in Q2. The last time we got a taste of ETN’s marketing was during their record breaking ICO with over 120,000 contributors.
Most recently Electroneum has developed 2 new partnership (in addition to their other 11 agreements already signed and in place): redOne and Unified Signal. This brings Electroneum’s total reach to 130 million users. (These 130 million have not yet been introduced to Electroneum!).
Unified Signal has mobile wallets, debit cards and so on. Between Electroneum’s partnership with Unified Signal and Quoine they’ll be able to turn cash directly into ETN, and ETN into cash for immediate use on a debit card. A fiat liquidity platform. That’s what’s in the works right now.
Electroneum has recently stated that mobile operator integration typically takes 6-9 months. Their initial integrations aim to go live within 6 months, with future partners targeting a 3 month process.
• New on-boarding, user attribution referral staged testing rollout
• Post approvals partner roll out marketing & onboarding
• Introduce additional partners into process
• Develop and deploy vendors deals to be added to ecosystem
• Integrate financial partnerships with Xius, Quoine, Unified Signal and more
Electroneum is paving the runway soon required for take off. Later in Q2 Electroneum will market to and onboard the mobile customer bases. Even if say 1 in 20 adopt, and I believe many more will, this project will be rather enormous.
Yes, the algo for mobile miner is fully adjustable by Electroneum. Can throttle it up/down, but basically you’ll be pulling in $3/month regardless of coin price because that is the model. Three dollars…I know. You and I and the rest of the cryptosphere are not ETN’s target, the other 99% are – especially those in 3rd world countries where $3 is more than a day’s wage.
Nice write up
The two things that I liked about ETN were: (not financial advise, be fishy your own way)
Richard Ells - he is someone that gets on a mission and doesn’t give up, he has excellent contacts and has thought out and planed exactly where he wants ETN to go and how to get there. At the same time, he runs a very successful Digital Agency in the UK for more than 10 years and has a great track record. This alone far exceeds track records of any of the selfie taking, pimple faced noobs launching some ALT Coin with wishy-washy plans (sorry, got a bit salty there, but some of these other projects makes me wonder if these people have ever been in business before).
Mobile first approach. Almost 1/5 of the world population is in places where small sums of money have a huge impact. Many of these people have phones, but do not have bank accounts. ETN provides a means where people can transact without needing a bank account in a more secure manner than using cash, plus with the mobile miner (when it moves from simulated to real mining) supports the network together with (small) earnings back to the community.
To me, this is like Litecoin for mobiles, with very small transaction fees. Everyone running the app with the wallet built in, can also provide the hashing power to maintain the network from their mobile devices. Plus the App is very simple, though I still consider it in “beta test phase” as it needs a bit more work.
I think its an outside wildcard that could become popular, time will tell.
They do have contenders to deal with, but I think Richard Ells has better contacts, clearer plans and displays passion about the project and where he wants it to be.
Is there a way to improve your hashrate to mine faster on mobile?
The Electroneum mobile miner App mines based on the CPU capacity of your specific phone – although it won’t actually use any CPU power to perform mining.
The team has developed an algorithm that assigns your phone a mining rate based on its available CPU power.
The App continually reads the available CPU power on the phone and adjusts the mining rate accordingly. Therefore, playing a CPU-intensive game will consume more CPU capacity on your device. This will result in less CPU power being available, and therefore the app will assign a lower mining rate to your phone.
It will, therefore, be best to terminate any unnecessary apps that may run in the background.
So i mined 10 ETN, counter reset to 0, and no ETN showed up in my wallet.
Anybody else have this issue?
The balance update is really quite slow, patience, coffee, more real mining power to get those transactions happening faster.
Anybody have any advice or know an app that can up your hashrate?
You weren’t kidding on slow, 12 hours later the coins appeared in my wallet finally.
Well now that i know they will appear back to mining
In case anyone is curious I found this site which helps you through the process of getting your phone to run faster. I improved my hashrate by 10H/s by doing these steps.
Excerpt highlight taken from this article:
Instant cryptocurrency payments & crypto subscriptions – Patent Pending
We are completely confident we will be the largest cryptocurrency by user numbers within a year.
We are also confident that we will be the most widely USED cryptocurrency, with developments in instant EPOS (electronic point of sale – or tills as we call them in England!) and ecommerce.
Our instant cryptocurrency payment technology patent is now officially “patent pending” so we can now discuss some exciting details about it.
I’ve made hints about this for weeks, I really thought we’d have it submitted sooner, but it’s an exceptionally detailed patent that enables us to do some VERY exciting things!
Instantaneous Cryptocurrency Payments
We have a hybrid model, with a centralised app and decentralised blockchain it enables us to INSTANTLY confirm to a vendor (shop or online store) that an Electroneum user HAS the funds available in their wallet and therefore they can checkout of an ecommerce system or pay at a shop till and take the goods or service, instantly. We then (internally) ring-fence the funds to prevent them double spending (just like the blockchain does) – and move the transaction to the blockchain in good time.
The vendor and the user are happy because they got to buy something in a shop or online with zero fuss, bother or delay, and the vendor trusts us to ensure the payment is on its way. Vendors are used to waiting after an instant SUCCESS or FAILURE message – as that’s what a credit card machine does. The money from a credit card sale is only deposited into the vendors bank after a couple of days or more.
Some of the retailers we’ve been speaking to right back from last year, absolutely needed instantaneous payments before they would ever consider accepting cryptocurrency – which is why we’ve spent so much time and effort on this patent and the back-end technology that allows it (not a small amount of money either!). A lot of large vendors have been waiting for this patent to be filed, as it changes the entire way a cryptocurrency can be used and takes it out from being just a relatively small technical user group, to being a genuinely useful way to make real world transactions.
If the user is using the Electroneum App or web wallet system, and the vendor has an account with us, the instant payment system will be available to them. Instant payments can even happen between our users – allowing anyone to instantly transfer funds.
The back–end system is not quite ready to roll out, but we’ve already been writing the code in advance of the patent going live. We will have it to MVP (minimum viable proposition) within the next couple of months (sooner if we can), which will allow vendors to get an instant notification of a payment, which they can hook in to their existing payment processing facility. We are working with integration with a couple of mobile network operators first, as we are commercially further ahead with them than anyone else. We are keen to work with any large brands as they can leverage being “first in their industry” to accept cryptocurrency and gain the benefit of free publicity.
Cryptocurrency Subscription Payments
So, if instant cryptocurrency payments wasn’t exciting enough, the technology and the patent covers something else that is a first in cryptocurrencies too, subscription payments in crypto!
Our hybrid model ALSO allows us to prompt a user for permission and then set up a subscription to make a regular payment to a vendor! Who do we know who likes subscriptions? Well, just about everybody in business is the answer – starting with the mobile operators.
Our patent covers subscriptions in cryptocurrencies and it covers subscriptions in cryptocurrencies to the value of any fiat currency, allowing a subscription to be either XX ETN per month (or week etc) or YY US Dollars’ worth of ETN per month. Users can control their subscriptions and permissions via a web interface (to be released).
Our patent covers all cryptocurrencies and even allows us to provide instant payments or subscriptions in any OTHER cryptocurrency via our system. The patent is over 100 pages of text and flowcharts, so it’s extremely robust and covers a number of other cryptocurrency innovations too, but I think that’s enough for now!
That’s right – we now have a protected patent that allows us to add Bitcoin, Ethereum, Monero or virtually any other cryptocurrency to our app and allow users to make instant crypto payments to any vendor who wants to have the convenience of instant check-out. This won’t be happening this year, as we want to get Electroneum (ETN) out there first into the market, but it gives us the ABILITY to provide this if the market demands it. We could therefore work with a large multinational vendor who had chosen a different cryptocurrency, but still leverage the Electroneum brand, as part of our strategy for brand dominance and growth.
There’s bound to be a ton of questions and there’s bound to be a lot of people trying to claim that this can’t happen or it doesn’t exist – but I assure you that the patent is filed (patent app. Number 1805708.3) and Dentons are confident of our claims, and we are going to deliver everything we’ve said we will. This single jurisdiction patent application protects the idea we apply for global patents.
It covers a number of other things too, that we’ve discovered by being the first people to ever handle this volume of cryptocurrency users in a hybrid app. Since we’ve found solutions for a lot of the problems, we’ve patented the techniques to give Electroneum the intellectual property rights, enabling us to protect the process, or even earn royalties from their use elsewhere.
One of the phrases we heard last year speaking to one of the large vendors we are in discussion with was “Where is your moat?”. What they meant by this is what is to stop someone else coming along and offering the same thing. What protects the Electroneum business model (other than our massive first mover advantage)? This patent is exactly what they were after. If gives them a reason to publicly endorse us as a fintech partner, because we are following the corporate path.
We are now protected. No new ICO can think “great idea” and take it, as it’s protected by global patent laws.
Faster growth than Twitter & Facebook – a positive thought to finish on.
In amongst some of the negativity recently I thought – “hey! There’s another thing I’d like to point out to detractors and those with only negative comments for ETN”. We are already up there with some of the greats. Think about it, we’ve already shown that we can grow faster than Twitter, Facebook and Dropbox (we hit 1m users after 5 months of being live – Twitter took 2 years, Facebook 10 months and Dropbox 7 months).
Now think what we can do with a global patent that enables us to transact any cryptocurrency instantly into any shop or ecommerce system, coupled with a method to introduce new users to cryptocurrency in their millions.
I hope you are as excited about the future as I am.
Don’t worry about the future of Electroneum, we are building strong foundations to ensure we deliver what we’ve always promised. Cryptocurrency mass adoption. It’s coming…
As always, I wish you all health, happiness and a wonderful weekend
Key Points of interest from the recent Q&A with Richard Ells:
- Electroneum will look to follow Monero’s lead in dealing with ASIC.
- A new BETA ecommerce integration for accepting ETN via wordpress and woocommerce has been released.
- Referral system being introduced soon, this will reward users with a percentage of the amount mined by their referrals in the app.
- Incentive program in place for Partnerships so that they will encourage their users to use the Electroneum app
- Gaming industry still a focus for the ETN.
- Team are focusing on Mobile and will not be looking at developing a desktop wallet at this time.
- IOS version is working and ready. Waiting on Apple to list.
- Mobile miner release rate is calculated using 100million users over 10 years. Team are continuing to monitor and adjust.
- HackerOne program is ongoing to continue keeping the Electroneum network safe.
- Richard travelling worldwide (including Dubai, Singapore and Malaysia) working on new partnerships. No details can be released at this time.
This is really exciting!
I hold a small amount of ETN and think this might be a silent sleeping giant
Get in now at 0.023 it’s a bargain as I think it will reach $1 easily by the end of the year
It was listed the othr week as 1 of 7 worst cryptos to invest in
$1 would mean $21 billion market cap…
another dogecoin dark in disguise? lol…this monero copycat get hyped out by ponzi groups i am not sure why…they keep saying it can reach $1 easily…lol