Electroneum is a brand new British cryptocurrency launching via an Initial Coin Offering (ICO) on September 14th. Developed to be used in the mobile gaming and online gambling markets, it will be the most user-friendly cryptocurrency in the world with wallet management and coin mining all possible on a mobile app.
It wasn’t so long ago that cryptocurrencies were something that only a few tech-obsessed people understood or even knew about. But in the last two years, things have changed – Bitcoin’s sudden increase in value meant every tech-savvy entrepreneur and currency speculator wanted a piece of the action.
Since then, the cryptocurrency market has become one of the most exciting – and often lucrative – investment avenues in the world. Bitcoin has remained incredibly valuable but has seen its market share shrink as new alternatives have sprung up. What hasn’t changed, though, is how difficult these currencies are to get hold of and trade in, let alone spend anywhere.
Electroneum is the first British-developed cryptocurrency and represents a huge change of pace in the market. It’s built on its own unique blockchain (a blockchain is the underlying technology infrastructure beneath any cryptocurrency) and has been designed to dominate the mobile market.
Firstly, it is incredibly easy to manage and even mine on a mobile app. That means it’s capable of becoming the new, easy, secure way of making instant transactions from your phone – from buying mobile games, to sending money to friends, to betting on live sports. That sets it apart from any other cryptocurrencies that are near-impossible to spend or buy.
Electroneum has also increased its palatability to the average consumer by capping the total number of coins at 21 billion, moving the decimal point two places to the right when compared to Bitcoin, which is capped at 21 million. Whereas a pizza in Bitcoin might cost 0.005 BTC, with Electroneum it would be a much more ‘real money’ figure.
Richard Ells, the founder of Electroneum and experienced tech entrepreneur, said: “I don’t know if you’ve ever tried buying any Bitcoin, but it’s really hard to do! I realized that what the world needs is a cryptocurrency that is genuinely easy to access and use. We’ve developed Electroneum with the ordinary mobile user in mind.”
The currency also represents an intriguing investment opportunity for speculators. Cryptocurrency is well known to be a volatile, but lucrative market for investors – in the first half of 2016, the average return on investment for of 100 new coins launched was 357% – and Electroneum represents such a technological change that it’s already attracting a lot of attention in advance of the ICO in September.
Re-assuring investors are the fact that the currency was developed and is managed by a tight-knit, single-minded group of British developers and is therefore not likely to be subject to the internal wrangling and volatility that has plagued other currencies.
Electroneum has produced an overview white paper of the technology behind it. The company is currently raising funds to complete the launch of the currency, and the coin itself will be available for purchase from September 14th.