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Electroneum (ETN): The hidden gem of crypto markets

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Electroneum
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Electroneum is a very peculiar blockchain and currency (ETN) which is currently ranked at 108 with a modest 47 million USD in market capitalization. Electroneum doesn’t get a lot of attention from the average crypto-enthusiasts but maybe it should because it’s probably the one coin that is aimed more clearly and strongly towards mass adoption instead of wealth storage or speculative investments. These numbers do not seem very impressive for sure, but this is an asset that has been around for fewer than eleven months so far, and it’s managed to survive at a time in which every cryptocurrency has had a tough time.

The first unique feature in Electroneum is that it’s designed from scratch to be 100% mobile. It’s meant to be used and carried in mobile phones, and even the mining is done in cell phones, tablets and other portable devices using an app you can download from the usual two sites from Apple and Google.

The project aims to achieve global mass adoption by providing tangible, cheap, safe and easy to use technologies from any cell phone in the world that runs the app which became available last March and it’s available in twenty languages if your phone is compatible.

Let’s dig deeper into Electoneum’s goals.

Enablement currency

They coined this phrase. This project wants to create a currency that available for use, and that’s so easy to use that you don’t need to be a crypto enthusiast (which usually means a high degree of literacy in digital technologies) thus turning the 350 millions of mobile users in the world in potential users. The organization claims 1.6 million users so far, and they boast to be growing virally at faster rates than Facebook and Twitter.

Instant Cryptocurrency Payments

Another problem Electroneum wants to solve is instant cryptocurrency payments. At this stage, all payments must be settled by using ETC (the project’s own token) which somehow limits its usefulness. The project claims to be almost ready to release a global payment system based on a worldwide patent (that is still pending) developed by them. 

The plan is to have their users mine some ETN every day so that they can have coins to spend. Then, the next step is to make it very easy to integrate into ETN payment systems so that those tokens can be accepted instantly.

Convenient mining process

If you’ve ever tried to mine any cryptocurrency (most famously Bitcoin) then you know that becoming a miner is exceedingly hard as it takes expertise, and lots of resources (energy, hardware, fast internet speeds). Electronium’s idea is to be the opposite. This is the only digital asset that you can mine by just installing an app. That’s it, that’s enough for your phone to get you a small amount of ETN every day.

The idea behind this economic model is to gain adoption quickly, primarily by users that would never be interested in entering the arcane world of crypto and mastering the more delicate points in mining, blockchains, decentralized networks, etc.

The token is at $0.006 as I write this article and some enthusiasts expect it to go as high as a dollar sometime soon.

Electroneum is a very original and well-thought project that aims to become really useful as quickly as digitally possible. As such, is worth it to pay some attention to it because, in the end, the best assets will be those that do solve real-life problems.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy Thomas Young on Unsplash

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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