The Electroneum ICO is well under way with their site presently showing sales of over 569 bitcoins. Seeing this trend is so new we wanted to start looking into this trending business model which is popping up everywhere it seems.
They’re aiming to target the worlds 2.2 billion mobile phone users with their brand-new coin that can easily be mined on mobile phones. It’s been built on its own blockchain and has actually now launched its ICO to get funds for the job.
They’re aiming to make cryptocurrency easier to comprehend for the typical person. They feel that its far too complicated for the typical person to get involved with crypto and intend to make crypto accessible to all. Users will have the ability to control all aspects of the new currency from their mobile phone.
The new platform will use the CryptoNote algorithm, used by popular currencies such as Monero and ByteCoin.
The brand-new crypto currency will be offered to mine with a simple app. Rather than the user being presented with an option of either purchasing an expensive mining rig or sending their ID to a random exchange to purchase coins all you’ll have to do to obtain started with Electroneum is download a complimentary app.
Installing the app (from Apple or Android) indicates that the user can start mining the currency quickly, even when the app is running in the background you’ll still be acquiring coins. They declare that the app will use little bandwidth so will be cheap for the user to mine and won’t require any technical capability.
They’re going to have a total supply of 21 billion coins, they declare this is so that transactions will be based upon simply 2 decimals, so that deals will have a comparable feel to FIAT deals. Instead of with bitcoin you typically see deals such as: 0.000472 which can look strange to users with little knowledge of crypto currency.
One of their main selling points appears to be that the new currency will be much easier to comprehend with the basic 2 decimal place payment system and the easy to use app for mining.
The team claim that they have 2 main targets for their marketing:
Video gaming (computer system gamers).
The retention rate of multiplayer online video games after the very first One Month is simply 20%. They’ll be targeting this market so that gamers can use the brand-new virtual currency to move some of their profits to brand-new video games by monetizing their in game currency. The brand-new platform will target game business owners by using them a commission on any exchanges they create when gamers leave their game.
Lots of gaming business now accept bitcoin as a form of payment. The issue is many people discover bitcoin complicated and hard to buy.
Over 2 billion individuals on the planet still do not have a bank account, this is a market that video gaming companies are desperate to target.
Electroneum state that their new currency will assist to solve this issue by enabling users to mine coins from their cellphone which could then be utilized for video gaming. Payouts can then be repaid to the users wallet.
They have a team of experienced designers lead by Richard Ells. Richard Ells founded a successful digital agency Twenty Years ago.
He likewise more recently, in 2013, founded Retortal.com. Retortal has a group of 40 developers and developed a social media management platform that’s usage by fortune 500 companies. Retortal is presently valued at over $50 million.
Electroneum state that their new currency will be a lot easier to utilize than those currently on the marketplace and objective to appeal more to the mass market.
The group behind the currency have a history of founding effective business and are currently a properly signed up British company.
Duncan Logal, he CEO of Rocketspace who helped huge companies such as Uber and Spotify has actually also publicly tweeted that this will be the very first ICO that he’s investing in.
ebook Reviews Conclusion
They have a solid group behind them with an excellent track record. The high token supply might be an issue for some but their point on making crypto payments much like FIAT with a 2 decimal point system does make good sense.
Update 8th of October: The site now shows a big overall of over 45,000 registered users with total sales of over 14,000 ETH and 1100 Bitcoin. This looks set to be among the most significant ICO’s of the year.