Launched in 2017, Electroneum (ETN) is a mobile-based cryptocurrency, using the power of blockchain to unlock the global digital economy for millions of people in the developing world, with a focus on creating a real-world ecosystem with complementary products such as AnyTask.com, ETN Everywhere, Taskschool and ETN Donate.
What Is Electroneum?
Electroneum is a mobile-first cryptocurrency aimed at mass adoption. The Electroneum team makes acquiring cryptocurrency as simple as downloading an app. By breaking down the barriers around acquiring it, the Electroneum team believes they can spread their coin far and wide.
There are countless people that want to buy various coins but aren’t 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’ll go over how they aim to bring cryptocurrency to the masses.
How Does Electroneum Work?
Electroneum, also referred to as ETN, is built off the Monero codebase 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. This problem is solved with Electroneum’s stealth address, a one-time public key that “prevents recipient’s 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).
The recipient gets their funds through their wallet’s 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).
How do I buy cryptocurrency?
While some cryptocurrencies, including bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoin or another cryptocurrency.
To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as bitcoin or ethereum.
Coinbase is one popular cryptocurrency trading exchange where you can create both a wallet and buy and sell bitcoin and other cryptocurrencies.