{"id":2827,"date":"2018-08-03T19:33:47","date_gmt":"2018-08-03T19:33:47","guid":{"rendered":"https:\/\/atozcrypto.org\/?p=2827"},"modified":"2018-08-03T19:38:12","modified_gmt":"2018-08-03T19:38:12","slug":"cryptocurrency-for-the-masses","status":"publish","type":"post","link":"https:\/\/atozcrypto.org\/cryptocurrency-for-the-masses\/","title":{"rendered":"CRYPTOCURRENCY FOR THE MASSES"},"content":{"rendered":"
\"\"<\/a>
First published on thebossmagazine.com on August 2018<\/figcaption><\/figure>\n

Electroneum bets on mobile access to bring digital payment to the real world.<\/h2>\n
\"\"<\/a>
Ready here<\/figcaption><\/figure>\n

Cryptocurrencies remain a murky mystery for many of us, and reasonably so. In part, that obscurity reflects the state of the current market, in which close to 1,700 different\u00a0cryptocurrencies<\/a>\u00a0are competing for a slice of the estimated\u00a0US$1 trillion<\/a><\/u>\u00a0global market.<\/p>\n

That field will thin with Darwinian efficiency over time, but even a savage culling of the herd won\u2019t mean very much for the average person who views cryptocurrency as either a confounding Ponzi scheme, the domain of the \u00fcber rich, or both.<\/p>\n

\u201cCryptocurrencies are still seen by a large part of the mainstream press as a fad or passing phase and often associated with negative things such as fraud or investment loss. In reality, cryptocurrencies are here to stay, despite being in their infancy,\u201d noted Richard Ells, CEO of\u00a0Electroneum<\/a><\/u>, creators of the first cryptocurrency to emerge from the United Kingdom.<\/p>\n

\u201cCryptocurrencies are largely only held by a very small, relatively technical group of people,\u201d Ells told BOSS. \u201cNearly all cryptocurrency transactions are speculative trades on exchanges. We have not built a cryptocurrency to be held and traded by a small group of elite users, we have built a cryptocurrency that is accessible to everyone in the world.\u201d<\/p>\n

A major stumbling block to crypto\u2019s wide adoption is the lack of accessibility for the everyday user: for example, VISA and Mastercard don\u2019t allow crypto users to pay for tokens using their credit card services. Until fairly recently, Bitcoin was plagued by extremely high transaction fees; slow processing times further sour its potential for common use.<\/p>\n

\"\"<\/p>\n

Designed for mass adoption, Electroneum\u2019s global patent pending technology allows for instant payments with their ETN tokens, as well as with Bitcoin and other cryptocurrencies. \u201cNearly all cryptocurrencies are quite slow,\u201d Ells explained. \u201cBitcoin will take at least 20 minutes to arrive. A little long to wait in the queue in a coffee shop before they hand over your latte!\u201d<\/p>\n

The company\u2019s instant cryptocurrency payment system is patent pending, and enables instant online or point of sale checkout. Electroneum runs on its own \u201cpurpose-built\u201d blockchain, based on the model used by two of the largest cryptocurrencies, Monero and Bytecoin.<\/p>\n

\u201cThe ability to spend ETN instantly is only half the equation. We are developing an API that will allow easy integration to\u00a0accept<\/em>\u00a0ETN instantly,\u201d Ells exhorted. \u201cThis means it will be simple to allow an ecommerce system to give instant check out, and even allow easy integration into electronic point of sales systems or tills.\u201d<\/p>\n

There\u2019s also an element of familiarity to the Electroneum approach that everyday users can identify with: a two decimal point system of expression. \u201cOur studies of noncrypto-literate users showed that they prefer to see a whole number in their wallet rather than fractions of a coin.\u201d<\/p>\n

Bringing Digital Cash to Everyone\"\"<\/strong><\/p>\n

One aspect of Electroneum\u2019s mission is to make cryptocurrency \u201cridiculously easy to use and own,\u201d but, as Ells admitted, it\u2019s only one side of the equation. \u201cWe needed to think about who would realistically want to use a cryptocurrency in daily life. \u00a0The World Bank put the number of \u2018unbanked\u2019 people in the world as 1.7 billion. That\u2019s 1.7 billion people who will never own a VISA or AMEX card. They won\u2019t use Apple Pay or any other form of digital payment that is linked to a bank.\u201d<\/p>\n

When the Electroneum team connected the dots from the number of the world\u2019s population who have no bank accounts to the number of people who lack accounts but have smartphones, they were thunderstruck. That niche accounts for 350 million people around the globe.<\/p>\n

\u201cWe realized these people wouldn\u2019t just benefit from using a cryptocurrency, they would be\u00a0enabled<\/em>\u00a0by it,\u201d he said. Hence the firm\u2019s coinage of the term \u201cenabled currency.\u201d<\/p>\n

\u201cWe unlock the riches of the developed nations for the undeveloped nations of the world by allowing people in the Western world to access a vast new, low cost, market of digital skills.\u201d That untapped\u00a0market<\/a><\/u>\u00a0is estimated to reach a staggering $3 trillion, and Electroneum plans to serve it as no other player in the space can.\"\"<\/a><\/p>\n

As Ells put it, \u201cElectroneum is different not only because it uniquely works from a mobile app but also because we\u2019ve designed our system to share the rewards that other cryptocurrencies reserve for \u2018miners\u2019 with the users.<\/p>\n

\u201cIn Bitcoin the coins are all \u2018mined\u2019 by high-powered computers that run the Bitcoin network. Electroneum still needs those high-powered computers, but they only get half the reward. The other half is in a \u2018mobile mining pool\u2019 which allows users to get some free ETN coins by simply using the Electroneum app.\u201d The app is free.<\/p>\n

Users can use ETN tokens in any way they choose. \u201cAt the moment that is around $3 USD in ETN coins per user, per month. That is subject to change based on the number of miners and the price of ETN. This has given us enormous viral growth in the developing world. We have over 1.7m users now.\u201d<\/p>\n

Cryptocurrencies have become catnip to hackers. Electroneum is no exception, citing an \u201cenormous effort\u201d by black hats to exploit vulnerabilities in their software. To mitigate those efforts, the company partners with San Francisco-based\u00a0HackerOne<\/a>, whose programs help the US Department of Defense, among others, to aid in preventing malicious attacks.<\/p>\n

The Future of Electroneum<\/strong><\/p>\n

\"\"<\/strong><\/p>\n

A linchpin of Electroneum\u2019s success will be in the hands of mobile telecom operators that sell the data and airtime for smartphone systems. \u201cWe are launching a method to easily integrate ETN as a payment system in September 2018,\u201d Ells stated. The company already has signed agreements in place to reach 130 million users.<\/p>\n

Concurrently, they are launching a \u201cGig Economy\u201d website powered by ETN. \u201cThis will allow users in the developing world to learn a simple digital skill, initially using only their smartphone, and sell that skill to someone in the developed world,\u201d he said.<\/p>\n

\u201cSimple skills such as creating a stop motion animation of a company name, posting on social media, moderating forums, completing online tasks, and many more are learned easily and in demand from businesses in the West who have social media accounts they are desperate to feed with low cost content. There are a number of gig economy sites around the world currently, but you need banking facilities to list jobs. ETN unlocks this economy for these people.\u201d<\/p>\n

\u00a0<\/strong>As with every new market entrant, Electroneum faces its share of naysayers. That\u2019s not bothering Ells a bit. \u201cNot all the cryptocurrencies around today will last, and the ones that do probably won\u2019t look very much like they do today after 20 years; however, some of the brands that are being built right now will be the Googles, Twitters, and Facebooks of tomorrow,\u201d he mused.<\/p>\n

\u201cA little like the Wright brothers we are doing something that has never been done,\u201d Ells concluded. \u201cI suspect the Wright brothers had plenty of detractors too, but their invention went on through a process of evolution to become a mainstay of modern society. \u00a0We\u2019ve suffered a few setbacks and always come through stronger and with even more resolve.\u201d<\/p>\n

\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Electroneum bets on mobile access to bring digital payment to the real world. Cryptocurrencies remain a murky mystery for many of us, and reasonably so. In part, that obscurity reflects the state of the current market, in which close to 1,700 different\u00a0cryptocurrencies\u00a0are competing for a slice of the estimated\u00a0US$1 trillion\u00a0global market. That field will thin …<\/p>\n","protected":false},"author":1,"featured_media":2829,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pgc_meta":"","_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[59,18],"tags":[],"aioseo_notices":[],"yoast_head":"\nCRYPTOCURRENCY FOR THE MASSES - AtoZcrypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/atozcrypto.org\/cryptocurrency-for-the-masses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CRYPTOCURRENCY FOR THE MASSES - AtoZcrypto\" \/>\n<meta property=\"og:description\" content=\"Electroneum bets on mobile access to bring digital payment to the real world. 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