Electroneum /ETN

What is Electroneum (ETN)?

Electroneum is a mobile-first cryptocurrency designed to make digital payments accessible to everyone, especially in regions with limited banking infrastructure. It was founded in 2017 by British entrepreneur Richard Ells, with the goal of bringing blockchain-powered financial tools to billions of smartphone users around the world.

Initially, Electroneum was built on a fork of the Monero blockchain, which provided strong privacy features like stealth addresses and ring signatures. In 2019, it introduced a custom consensus mechanism called Proof of Responsibility (PoR), allowing trusted entities such as NGOs to validate transactions while supporting social causes. However, in early 2024, Electroneum underwent a major upgrade with the launch of its ‘Aurelius’ update, transitioning the project to a Layer 1 EVM-compatible blockchain.

Now powered by the Istanbul Byzantine Fault Tolerance (IBFT) consensus mechanism, the new Electroneum blockchain offers 5-second transaction speeds, instant finality, smart contract capabilities, and ultra-low fees. It supports known validators, including universities and Web3 infrastructure companies, making it fast, secure, and energy-efficient. This evolution positions Electroneum as a versatile and scalable platform not only for digital payments but also for decentralized applications (dApps) in emerging markets.

Key Features of Electroneum

• Mobile Accessibility: Users can store, send, and receive ETN directly through the Electroneum mobile app available on Android and iOS.
• Instant Payment System: Electroneum introduced one of the first instant crypto payment systems, making ETN viable for daily transactions.
• AnyTask Platform: A freelance marketplace that allows users to earn ETN without needing a bank account. Payments are received in crypto, and sellers are not charged any fees.
  
• Low-Cost Cross-Border Transfers: ETN facilitates affordable international payments, particularly useful in regions with limited banking access.
• Smart Contract Support: Post-Aurelius, Electroneum supports EVM smart contracts, enabling developers to build decentralized applications (dApps) with minimal costs.
• Energy-Efficient Consensus: The network uses Istanbul Byzantine Fault Tolerance (IBFT), an eco-friendly and secure consensus mechanism supported by known validators.
• Merchant Directory (ETNEverywhere): Users can find merchants who accept ETN globally, enhancing its real-world utility.
• Gaming and Micro-Payments Integration: Electroneum is expanding into gaming and digital services, allowing users to purchase in-game content and digital assets using ETN.
  

What is the ETN Token?

ETN is the native utility token of the Electroneum network. It is used for a wide range of transactions within the ecosystem, including freelance payments on the AnyTask platform, mobile airtime top-ups, and purchases at merchants listed on ETNEverywhere.com. The total supply of ETN is capped at 21 billion tokens, ensuring scarcity over time.

The ETN Coin was launched with a successful Initial Coin Offering (ICO), raising over $40 million to support its vision of delivering a mobile-friendly cryptocurrency aimed at global financial inclusion. Since its inception, Electroneum has focused on enabling digital payments and earnings for the unbanked and underbanked populations through accessible mobile apps and its unique freelance platform, AnyTask.com, which debuted in 2019. In early 2024, Electroneum underwent a major transformation with the launch of the ‘Aurelius’ mainnet update, transitioning the network into a Layer 1 EVM-compatible blockchain. This upgrade introduced enhanced features such as 5-second transaction speeds, instant finality, and ultra-low smart contract fees, supported by the energy-efficient Istanbul Byzantine Fault Tolerance (IBFT) consensus mechanism and a known validator network.

Where to Buy ETN Token?

You can buy Electroneum (ETN) on several centralized exchanges (CEXs) including HTX, Gate.io, KuCoin, MEXC, CoinEx, and Biconomy. Among these, HTX holds the highest trading volume, making it the most liquid option for ETN/USDT trades. Always compare spreads and depth before placing orders.

Which wallets Support Electroneum (ETN)?

Electroneum (ETN) is supported by several wallets, including the official Electroneum mobile and web wallets, Guarda Wallet, Atomic Wallet, and paper wallets for offline storage. These options offer secure storage and easy access, catering to both casual users and long-term holders looking for convenience and strong asset protection.