Electroneum is a cryptocurrency design specifically for digital payments between mobile users. Users mine the coin by allowing its mobile application to run in the background – giving anybody with a smartphone the ability to earn it. Launched in 2017 by a team of British developers, one of the main goals of the Electroneum project is to aid users in developing countries to conduct business by eliminating the need for banks. It aims to be the most user-friendly cryptocurrency, with wallet management and coin mining all possible on a mobile app. To streamline real world transactions, Electroneum’s team opted for a very large supply that is capped at 21 billion tokens. This seeks to avoid a situation where users have to pay a decimal value worth of tokens for an everyday item. Users get more tokens per unit of value in an attempt to make the currency easier to use and understand. The original vision was to create a currency for gaming and gambling, but the project’s goalposts have since shifted to mainstream adoption by all mobile users.
Electroneum’s token, ETN, is stored in an offline wallet on the user’s mobile, thus making it very secure while also being very convenient and simple to use.