For Electroneum—the world’s first enablement cryptocurrency— the ambition of becoming a mass adopted long-term cryptocurrency seems more and more achievable as it broke the million-download mark just nine months after it was launched and has been downloaded by people in 200 countries across the world.
The mobile-based Electroneum miner was launched by Electroneum on March 5, 2018. After Electroneum launched a new app which allows users of smartphones to mine cryptocurrencies on their phones or tablets, the results indicated that the process has been simplified. New miners, who are not in essence cryptoenthusiasts, can also be enticed to use the app.
According to Global Coin Report, Electroneum is the first cryptocurrency that allows users to mine coins with a mobile phone. The process is simple as all you have to do is download the app. No other cryptocurrency has a mining system that lets users to mine coins with so much ease. Due to the astute Cryptonote protocol, incorporated by the Electroneum cryptocurrency, effective mining decentralization is achieved as they can be mined on any normal CPU or GPU effortlessly.
The launch of the mobile miner is equally thrilling for mobile operators as well. For the mobile operators, Electroneum represents an opportunity to build stronger relationships with customers. Currently, in developing countries, smartphone users switch providers far more regularly than users in Western countries. If these users can pay or offset their mobile costs with a currency they have earned for free with the mobile miner, they are likely to be more loyal to that brand. Mobile operators, as a result, see Electroneum as a medium for increasing customer tenure as well as ARPU (average revenue per user).
“One of the key reasons that our app is so popular is that it makes cryptocurrency accessible. Anyone with a smartphone can download it and start mining and transferring ETN straightaway – giving people the chance to engage with cryptocurrency quickly and simply,” explained Electroneum’s CEO, Richard Ellis while talking to The Fintech Times.
Electroneum says that by giving access to the ‘gig economy’ for the first time to over 350 million unbanked smartphone users in the developing world they are giving them access to the vast resources of the Western economies. They are not providing banking facilities but making digital earnings accessible for these users as they embrace the digital payment sector.
“Providing instant electronic payments, via a smartphone app, allows people without bank accounts – who are known as the unbanked – to access the digital world and improve their lives,” explained Richard Ellis.
“With a hybrid model of fintech and blockchain cryptocurrency, the Electroneum team is building a suite of products to help the unbanked. One of these products is a website which will allow people to earn money through their digital skills, for example creating content and selling it to Western businesses for use on their social media channels.”
THE RISE OF SMARTPHONE BASED ECONOMY
Smartphone ownership in developing countries is rising at tremendous rate. It rose from 21% to 37% from 2013 to 2015 according to Pew Research, and countries with some of the lowest GDPs still had a 25-30% smartphone adoption rate in 2017. For many people it is their best way to access the internet and communicate with loved ones and colleagues. As more and more people are turning to the use of smartphones, growth in the popularity of ETN seems an inevitable phenomenon. The CEO of Electroneum, Richard Ellis has reassured that the use of this app will not make the phones heat up, use a lot of battery or get worn out and slow down.
“In the long term, we want to create an environment where people can earn a few dollars’ worth of ETN for spending an hour or two creating a piece of content on their phones and then spend it on mobile airtime, other digital purchases or even in shops and stores. It’s a very ambitious aim, but we’re well on the way to doing it, which can make a real difference to people’s lives.” Richard Ellis explained to The Fintech Times.
To spur on the use of Electroneum across the developing world, the cryptocurrency has signed partnership agreements with global mobile operators and payments companies to permit users to pay for their airtime, data, and VAS (value added services) using Electroneum. Through these partnerships, Electroneum already has access to 130 million customers and over 1 million vendors and outlets. Electroneum claims that they are currently in negotiation with some big global conglomerates that are very interested in adding Electroneum digital payments as means of payment for their services.
The good news is that Electroneum has more than a million agents in developing nations who sell or trade data to consumers. And more importantly, with Electroneum gaining substantial acceptance as a regular means of payment, the crypto currency that is going to enable a new three trillion dollar market will no longer just remain restricted to tech-savvy buffs but will soon spread among the general population as well.