What is Electroneum?\r\nThe Electroneum team makes acquiring cryptocurrency as\u00a0simple as downloading an app. By breaking down the barriers around acquiring cryptocurrency, Electroneum believes they can spread their coin far and wide. There are countless people that want to buy various coins but aren\u2019t willing to send awkward selfies with their passport to a website they know nothing about. There are also the issues of linking bank accounts and paying shockingly high fees. Electroneum feels they have the solution and in this guide, we\u2019ll go over how they aim to bring cryptocurrency to the masses.\r\nHow does Electroneum work?\r\nElectroneum, also referred to as ETN, is built off the\u00a0Monero\u00a0codebase to allow for transactions on a decentralized blockchain. Like Monero, Electroneum has some built-in privacy features. One of the main criticisms of Bitcoin is that the balance of every wallet address is public and easily searchable. \u00a0This problem is solved with Electroneum\u2019s stealth address, a one-time public key that \u201cprevents recipient\u2019s funds from being linked with their wallet. That address can be audited by a 3rd party to prove the transaction occurred. (With the sender sharing their public view key).\r\n\r\nThe recipient gets their funds through their wallet\u2019s private view key which scans the blockchain. Once detected and retrieved by the wallet, a single-use private key is created (corresponding with senders public key).\r\n\r\nThe recipient can now spend those funds using their private spend key. This occurs without the sender, recipient, nor the amount transacted publicly linked.\u201d\r\n\r\nIf you\u2019d like to read more about the privacy technology behind Monero and Electroneum, we suggest our Monero guide\u00a0here.\r\n\r\nTransactions are relatively fast with dynamic fees based on the level of traffic on the network. You can check out the recent blocks\u00a0here.\u00a0The vast majority of the blocks have\u00a0less than 0.2 ETN in total feesand new blocks are added around every minute.\r\n\r\nThe Electroneum codebase tries to avoid powerful ASICs having a huge advantage over CPU miners. The mining utilizes a memory bound algorithm to try and encourage CPU mining, giving average users easy access to ETN.\u00a0The ability to give everyone access to this coin will be a recurring theme throughout this guide.\r\nMobile App\r\nElectroneum\u2019s greatest differentiator is using a mobile app to bring in new users. It is already available on Android and is coming to iOS in 2018.\r\n\r\n\r\n\r\nThe app provides access to a digital wallet and the ability to send and receive ETN. For extra security, you also have the option to create offline paper wallets. It\u2019s recommended you spread your coins out across several paper wallets in case you lose one.\r\n\r\n\r\n\r\nThe app incentivizes you to share your knowledge of Electroneum with the world. Anyone who invites 5 friends to join the app is entered into a contest to win 5000 ETN. The new users you invited are also eligible to win.\r\n\r\n\r\nMobile Mining\r\nThe most interesting feature, currently in beta testing, is the ability to perform\u00a0mobile mining.\u00a0The app will allow your phone\u2019s CPU to engage in simulated mining. This won\u2019t cause your phone to heat up or lose significant battery life. The mining will also use a negligible amount of your internet data.\u00a0Though your mobile mining won\u2019t actually help confirm new blocks on the blockchain, you\u2019ll still receive rewards.\u00a0The app still requires the use of your CPU to teach people about the connection between the power of your computer and the ability to mine. Eventually, they hope to convert some of the mobile miners to full miners on a computer. Using the phone\u2019s CPU also prevents people from simulating thousands of iterations of the app on a computer to receive free coins.\r\n\r\n\r\n\r\nBut why pay people to do virtual mining? \u201cThe mobile miners bring the utility of viral marketing\u00a0to Electroneum. It\u2019s important to remember they aren\u2019t bringing blockchain utility, they\u2019re bringing a different utility \u2013 they\u2019re bringing on users at a ridiculously low CPA and allowing Electroneum to have viral growth.\u201d\r\n\r\nThere are over 400,000 downloads so far, and that\u2019s without the iPhone users.\r\nHistory of Electroneum\r\nThe Electroneum ICO reached their hard cap of 40 million dollars during fundraising. Their Github release was November 1st. However, before the launch of the mobile app, they were hit by a distributed denial of service (DDoS) attack. The team had to shut down their servers and\u00a0work over 26 hours straight\u00a0to deal with the attack. Eventually, after some delay, ICO investors were distributed their coins and Electroneum continued working towards their goal of spreading ETN to the masses. Over 690 million ETN were transferring during the first 24 hours, requiring only 430 ETN in fees.\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n \r\nElectroneum Team and Progress\r\nElectroneum calls itself the first British based cryptocurrency. The team of 12, based in Kent, is led by Richard Ells, the co-founder of SiteWizard and Retortal.com. James Atkinson is the head of the Electroneum Development Team with over 10 years of experience in development. He\u2019s leading the charge on the Electroneum App. Great respect is given to Dean Cole, the \u201cmember of the team with the least sleep\u2026 consuming giant quantities of caffeine.\u201d He maintains and develops the servers required for mining and transacting in Electroneum.\r\n\r\n\r\nPartnerships\r\nThe Electroneum team actively seeks out partnerships to further spread ETN. They recently partnered with XIUS, a telecommunication payment giant. Electroneum wishes to use this partnership to promote the use of their mobile mining app as a way to offset the costs of owning a smartphone.\r\n\r\nBMedia, a Japanese based social media and e-commerce company, has also partnered up with Electroneum. BMedia\u2019s 500,000 Facebook followers and monthly reach of 10 million users will play a key role in ETN\u2019s marketing plan.\r\n\r\nThe company Fanfare gives out prizes and rewards to users that upload their own videos about the products they love. Electroneum has partnered with them to hopefully one day reward their users with ETN.\r\nOnline Gaming\r\nThe Electroneum team hopes to replace in-game currencies, such as World of Warcraft gold, with ETN. Imagine all of the completed quests and sold items paying out in a currency that can easily be converted to other cryptocurrencies or fiat. This would not only encourage players to play more, but the gaming company could charge fees on depositing and withdrawing ETN from their ecosystem. Creating a game that advertises ETN as an in-game currency could also prove to be an effective marketing tool. One mobile game currently in beta testing involves trying to fly a rocketship to the moon while collecting ETN. When the player dies, they have to watch a video advertisement to help fund the ETN rewarded to the users.\r\nGambling\r\nThere are several gambling websites already accepting Bitcoin, but the problem is that it\u2019s hard for most people to obtain it. The majority of online gambling takes place outside of America, where it\u2019s especially hard to acquire Bitcoin. Most countries do not have access to Coinbase or Gemini and their local exchanges often have 7% fees or higher. Electroneum once again hopes to reduce friction and encouraging gambling sites to accept the currency.\r\nElectroneum Mining\r\nAs mentioned previously, due to the ASIC resistant nature of the Electroneum mining algorithm, it\u2019s still feasible to mine coins with just your CPU. You can complete a quick download and join a mining pool right away\u00a0here.\u00a0The average block reward is about 7000 ETN.\r\nCoin Supply and Sustainability\r\nThe team reserved 4.4 billion ETN for investors in the ICO. Those who shared the ICO and translated relevant information received a combined 20 million ETN.\u00a0The core 12 person team also reserved 20 million ETN for funding purposes. There\u2019s a circulating supply of\u00a05,967,959,479 ETN that will eventually reach a maximum supply of 21,000,000,000 ETN through rewards to the miners. 21 billion coins were chosen over Bitcoin\u2019s 21 million for\u00a0psychological reasons. They felt users would be more satisfied earning full coins as rewards and would prefer making purchases in integer values.\u00a0After all of the coins are mined, miners will still be able to profit by collecting the transaction fees.\r\nTrading History\r\nETN\u2019s ICO price was 1 cent, making people a 10x return on their investment. However, with the coin still in its infancy and the mobile mining still in beta testing, it\u2019s too early to fully comment on the price. It\u2019ll be interesting however to keep an eye on the release of the iOS version of the mobile app and if that has any effect on the price.\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\nWhere can you buy Electroneum?\r\nYou can currently purchase ETN on the Cryptopia exchange. ETN has not made it to any other exchanges yet but is in the process of applying to Bittrex, Binance, and many others.\r\nWhere can you store Electroneum?\r\nThe Electroneum Wallet Manager can be found\u00a0here.\r\n\r\n \r\n\r\n\r\n\r\nThrough the wallet manager, you can set up online or offline wallets. The online wallet registered is accessible through the app using your same login details.\r\nConclusion\r\nIf you are new to cryptocurrency and having trouble joining exchanges, downloading the Electroneum app and trying to win free coins could be your entry into the crypto world. If loud expensive ASICs intimidate you, then check out the Electroneum CPU mining.\u00a0Even though Electroneum is named after the electron, it\u2019s hard to be negative about its future.