Electroneum is a cryptocurrency that is designed to be easy to use, easy to mine, and designed for fast transaction speeds. It’s also designed with two billion mobile users in mind.
Electroneum is so easy to use, you just sign up on the website and within minutes you have a personal Electroneum wallet without having to give up your personal I.D. or other personal details (other than your email address).
You can easily start mining with a normal PC too – just install the miner app from their website, enter your wallet address, and click ‘Start Mining’. Your PC will instantly start to mine Electroneum without having to setup mining pools, pay pool fees, or do a variety of other things you need to do when mining other cryptocurrencies like bitcoin.
Electroneum uses the CryptoNight algorithm which is different from Bitcoin’s SHA-256 and Ethereum’s Ethash algorithms. While Bitcoin needs to be mined using a specialized computer called an ASIC, and Ethereum needs powerful GPUs (graphics cards), Electroneum’s CryptoNight can be mined using only a CPU. In fact, CryptoNight can be mined using a mobile phone’s CPU, so you can generate Electroneum with something most people have with them all day! Mining with your phone is easy – just download the Electroneum app, log in, and start mining – it runs as a background task.
Unlike Bitcoin whose blockchain is open to anyone to examine (you can see a sender’s address, receiver’s address, and amount transferred), Electroneum is secure – the details of all transactions are hidden. Despite that, the Electroneum network is secure because it uses special algorithms to ensure transactions are secure against fraud and other negative activities.
Electroneum started trading on exchanges on November 1, 2017 and the price has fluctuated. It started trading at US$0.18, falling to a low of US$0.02 about twelve days into trading, and ended at about US$0.06 at the time this article was published. The trading chart lately has had significant ups and downs.
Since Electroneum is so new, it is only traded on one exchange. Getting started with this exchange is easy: just register using your email address and provide a PIN for extra security. When you’re ready to exchange for Electroneum, select the Deposit option and then select your source cryptocurrency – many are supported. Cryptopia generates an address for you to make the transfer. Once completed, you can then exchange your cryptocurrency for Electroneum at the current rate; you can also transfer out to your Electroneum wallet.
A couple of the exciting developments to come in the future are game console mining and ease of transfer between phones. Electroneum will be able to be mined by 620 million game console (Xbox and PlayStation) owners when their console is not in use. In addition, Electroneum will be easy to transfer between users knowing only their mobile phone number – no more long, complicated wallet IDs.
This article has described how you can get Electroneum by mining it with your PC or phone. We have also highlighted some of the differences between Electroneum and Bitcoin and Ethereum, and provided some insights into the trading activity of Electroneum.