What is Electroneum?

Sep 13, 2022
3 min read

This blog post will cover:

  • What is Electroneum?
  • Where did Electroneum come from?
  • What are the advantages of Electroneum?
  • What are the disadvantages of Electroneum?
  • How to buy Electroneum on SimpleSwap?

What is Electroneum?

The Electroneum blockchain initially appeared as a fork of Monero but it has evolved a lot since then.
Electroneum (ETN) is the cryptocurrency of British origin that is optimized for use on mobile devices.The creators of this cryptocurrency released a smartphone model Electroneum M1 with a pre-installed mobile wallet in Britain. This is not an expensive device, mainly focused on the African market. An Android or iOS mobile wallet is provided to store ETNs.
The goal of the project is to give people from any country a simple and cost-effective way to pay for goods or services and to make sending, receiving and transferring ETN worldwide easy. The fee is practically insignificant and transactions are made almost instantly. The Electroneum network handles all these tasks using ETN cryptocurrency.
It is also important to mention AnyTask, the first online freelance platform with a hybrid fiat-crypto payment system. This platform was created by Electroneum to enable buyers to pay with credit or debit card and sellers (freelancers) to get payment in crypto. Electroneum is also about to introduce in-app food, meds, and construction material purchases.
As of July 2019, Electroneum's Moderated Blockchain is used to confirm transactions. It is powered by Electroneum's Proof of Responsibility (PoR) protocol, which provides an opportunity to select who mines the ETN blockchain network.

Where did Electroneum come from?

Electroneum (ETN) is a cryptocurrency which ICO in 2017 attracted significant interest among investors and raised more than $40 million.
Richard Ells, the founder of the project, has previously implemented several successful IT projects. Nigel Pooley and Nick Cook, who are responsible for running the business, have a rich entrepreneurial experience. The team consists of specialists who are passionate about blockchain technology.

What are the advantages of Electroneum?

  • Adaptation for use on mobile devices.
  • A high rate of acceptance by users.
  • A high level of system security.

What are the disadvantages of Electroneum?

  • The lack of anonymity as Electroneum is KYC/AML compliant.

How to buy Electroneum on SimpleSwap?

We hope that this article has answered the main questions about Electroneum (ETN). Interested in the Electroneum cryptocurrency? You are welcome to go to SimpleSwap to get ETN coins:

  • Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select ETN in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Enter the Recipient's Address. ETN will be sent to this address. Be careful and make sure you use the correct address.
  • Check all the information you have entered. If everything is correct click the Exchange button.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

Thank you for choosing SimpleSwap!

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