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Electroneum or ETN is a cryptocurrency designed for micro payments using a mobile phone allowing people no matter their financial banking situation to be able to purchase and sell online, transfer wealth and hold their wealth securely on their phone.
Cryptocurrencies are virtual currencies based on mathematical computations using cryptography – hence the name. Cryptocurrencies cannot be forged, they cannot be faked and they have only the value we give them similar to the faith we put in “regular currencies or “FIAT” currencies at the moment. They are a digital currency which can be stored in numerous ways or even on paper via a paper wallet! But crypto storage is a subject for another time and widely discussed online. Make an ETN wallet here.
Cryptocurrency transfers often have to travel through a large computer network and be validated several times before the payment can be processed and verified but Electroneum have developed a system which enables instant payment which is why it appeals to us.
Electroneum was launched in November 2017 as a currency to be used initially in online gaming to replace in game currencies. Soon after it’s release it was realised that it had a much better use in helping people who are unable to open or gain access to a typical bank account – access to a bank account is taken for granted by people in the west. This currency would allow the “Unbanked” to be able to instantly exchange the coins stored as a form of cryptographic data via their mobile phones as a form of wealth. People with the app are able to exchange and transfer coins, check their balance and mine ETN even if they have only a intermittent or unstable internet connection. This would also enable people to purchase and sell items online with an easy and simple form of payment. This will allow its own ecosystem to develop through out its ever expanding user base.
“We are using the power of blockchain to unlock the global digital economy for millions of people in the developing world. Helping everyone to live life on their own terms, our solution is enabling people to embrace their entrepreneurial spirit and find new ways to enhance their lives.”
Richard Ells, CEO of Electroneum
Here at Charmio we appreciate innovation, reliability and positive movements that will benefit the many not just the few. For us ETN represents all of that. The idea that ETN will allow people across the world to financially interact with each other is incredible; that someone in New York can directly send money to someone in a remote village in the third world without having to pay large fees or even going through or visiting a bank is incredible. The idea is a real game changer!
Electroneum have made it easy for us to incorporate the coin into our accounts though the use of their API and accounting systems. The fact that the currency fluctuates is of little concern as we have the choice to keep ETN as it is or we can easily change it back into our FIAT of choice. The fluctuations in the currency will become minimal once the price stabilises and becomes more widely adopted, the adoption will allow the price fluctuations to become much less significant once it finds its stable base.
We look positively upon Electroneum and it seems like a true project with a genuine aim and a true direction and purpose. Yes there are many other currencies out there but many of which lack direction. Many of their purposes are for the accumulation of wealth through the increasing of the coin value, however there are also many others out there which solve problems within different industries – contractual agreements, electrical suppliers tokens and wealth storage. A couple of notable ones are Ethereum and Bitcoin. Ethereum allows for the direct agreement of contracts using the block chain known as “smart contracts” and bitcoin (the original cryptocurrency) can be used as a storage of wealth similar to that of gold. Both of these projects are fantastic but neither allow for simple easy micro payment for things from everyday items through to more specialised items.
We accept ETN for all purchases on our website and even sell ETN T-Shirts here.
You can check out the Electroneum website for more info on how to get involved www.electroneum.com or you can search online. There are some notable youtube channels which will keep you updated on all things Electroneum.