Electroneum’s ICO (initial coin offering) took place in September last year. In those 14 months, the token has reached a price of $0.0079 which has created a lot of skepticism about the project. But the price shouldn’t matter all that much as long as the project still offers scalability. While it started as a Monero (XMR) fork, Electroneum has chosen a completely different path.
This UK-based digital asset has pros and cons of its own, in a moment in which the whole cryptosphere is losing value all the time. As with any other blockchain project, supporters like the good news, and skeptics question everything (sometimes even attack it), and they feel that the low price (or a drop) proves them right. But Electroneum could be attractive to investors and enthusiasts however low the price currently is –or because of it.
Electroneum is not going anywhere. It will stay around for long even if the market has failed so far to understand its value. And that is why it’s underpriced.
The project’s emphasis is clearly on micropayments and mobility as it’s shown by the platforms, apps, and tokens it offers. It aims to provide financial services to everybody in the world who owns a smartphone.
Services for the bankless
Electroneum’s strategy is predicated on the fact that lots of people all around the planet own a cell phone but do not have the resources, or the option, to have a bank account. That leaves them out of the global financial system, and they can’t get even the most basic financial services. The project is focusing on these people, which is a big fraction of the world’s population. Additionally, the project’s token (ETN) could be a safe haven against an upcoming financial crisis, just as any digital asset can be.
Among the project’s features is a very innovative payment system created by the ETN team from scratch. It’s an important development and, it’s been tested successfully already. More than a thousand vendors are invited to adopt the API Instant Pay BETA.
It’s quick, it’s safe, it’s free to use. For those who need to use MoneyGram or Western Union to send money overseas, or even worse, bank wires, Electoneum’s platform could be a great alternative. This gives the payment app alone the great potential for mass adoption, starting in the UK, but spreading the world over. Moreover, it would give the token real-world usefulness so its market would be driven by real economic forces instead of pure speculation, as it’s currently the case with most cryptocurrencies.
It has an Anthem!
It was created by Nave Savage, an ETN community member. You think this is irrelevant? Think twice. This is the kind of thing that brings cohesion into a community of users, it helps to create identity and solidarity. So while an anthem is not going to increase the coin’s price, it speaks volumes about the kind of commitment you can find in this project.
Some final words
Electroneum is not in the spotlight in the way that Bitcoin, XRP, Litecoin or many other cryptocurrencies usually are. But don’t be deceived. It has value and it’s going to take off sooner or later.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and 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 own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image Courtesy of Pixabay.
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…
My Crypto Heroes Announces Issuance of MCH Governance Token
Tokyo, Japan, 24th November, 2020, // ChainWire //
My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH.
My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.
What is MCH Coin?
MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.
Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.
The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:
During December 2020 the first governance…