Electroneum ICO – Is This Crypto a Scam Or Legit Company?

The Electroneum ICO is well under way with their site currently displaying sales of over 569 bitcoins.

What is Electroneum?

The company Electroneum is intending to target the worlds 2.2 billion cell phone users with their new coin that can quickly be mined on smart devices. It’s been built on its own blockchain and has now released its ICO to gain funds for the task.

They’re intending to make crypto currency simpler to comprehend for the average person. They feel that its far too complicated for the average person to obtain involved with crypto and hope to make crypto available to all. Users will have the ability to manage all aspects of the brand-new currency from their smartphone.

The brand-new platform will use the CryptoNote algorithm, utilized by popular currencies such as Monero and ByteCoin.

Mining

The new crypto currency will be readily available to mine with a simple app. Rather than the user being presented with an alternative of either buying an expensive mining rig or sending their ID to a random exchange to purchase coins all you’ll need to do to get begun with Electroneum is download a complimentary app.
Setting up the app (from Apple or Android) indicates that the user can begin mining the currency quickly, even when the app is running in the background you’ll still be gaining coins. They claim that the app will utilize hardly any bandwidth so will be cheap for the user to mine and won’t need any technical ability.

High coin supply

They’re going to have a total supply of 21 billion coins, they declare this is so that transactions will be based on simply 2 decimals, so that transactions will have a comparable feel to FIAT deals. Rather than with bitcoin you often see transactions such as: 0.000472 which can look strange to users with little understanding of crypto currency.
One of their main selling points appears to be that the new currency will be much easier to comprehend with the simple 2 decimal place payment system and the easy to use app for mining.

Target Market

The group claim that they have 2 main targets for their marketing:

Gaming (computer players)

The retention rate of multiplayer online video games after the first Thirty Days is simply 20%. They’ll be targeting this market so that gamers can use the brand-new virtual currency to move a few of their revenues to brand-new video games by monetizing their in game currency. The brand-new platform will target video game company owners by providing them a commission on any exchanges they generate when gamers exit their game.

Gaming (betting market).

Numerous gaming companies now accept bitcoin as a type of payment. The problem is many people find bitcoin complex and tough to acquire.
Over 2 billion people worldwide still don’t have a checking account, this is a market that gaming companies are desperate to target.

Electroneum state that their new currency will help to resolve this problem by permitting users to mine coins from their mobile phone which could then be used for video gaming. Winnings can then be repaid to the users wallet.

They have a team of skilled designers lead by Richard Ells. Richard Ells founded an effective digital agency 20 years ago.

He also more recently, in 2013, established Retortal.com. Retortal has a team of 40 developers and developed a social networks management platform that’s use by fortune 500 business. Retortal is currently valued at over $50 million.

Why should you invest?

Electroneum state that their brand-new currency will be much easier to utilize than those currently on the marketplace and objective to appeal more to the mass market.

The group behind the currency have a history of establishing effective business and are currently an effectively signed up British business.
Duncan Logal, he CEO of Rocketspace who helped big business such as Uber and Spotify has actually likewise openly tweeted that this will be the first ICO that he’s investing in.

Electroneum Conclusion

They have a solid group behind them with a fantastic performance history. The high token supply may be a concern for some however their point on making crypto payments similar to FIAT with a 2 decimal point system does make sense.
Update 8th of October: The website now shows a big total of over 45,000 signed up users with total sales of over 14,000 ETH and 1100 Bitcoin. This looks set to be among the greatest ICO’s of the year.