One of the barriers preventing the masses from getting into Bitcoin and other cryptocurrencies is actually getting hold of the coins in the first place, but new UK based cryptocurrency startup Electroneum seems to have the magic formula. The mobile cryptocurrency will soon be making available the long awaited mobile mining feature in their smartphone app which will allow anyone to get free Electroneum simply from running the app.
This is a huge deal, the Electroneum coins earned through the mobile mining process can be used to convert into Bitcoin or another cryptocurrency, pay for goods or services from one of many Electroneum business partners, or cash out in USD through one of many cryptocurrency exchanges.
How Does The Electroneum Mobile Mining Work?
In general the mining of Bitcoin, Electroneum and other cryptocurrencies involve the use of a desktop or laptop computer to earn the coins. Smartphones cannot mine cryptocurrencies through the same process that desktop and laptop computers do. What Electroneum did was they developed a way for the mobile app to simulate the mining process on a smartphone and in turn reward the user for running the app.
If you are not familiar with cryptocurrency mining, it is the process by which transactions on a cryptocurrency network are validated and become secure through the block chain encryption process. This is done by independent computers connected to the network and each is rewarded with coins after assisting with the completion of the process.
What’s Special About This Electroneum Coin?
Electroneum is one of the very first cryptocurrencies to come out of the UK, it was founded by Entrepreneur Richard Ells, a man who has a history of building successful digital business. “He co-founded the successful digital agency SiteWizard, now over 20 years old. More recently, he founded Retortal.com in 2013. As the CEO, Richard’s assembled a team of over 40 developers and created a social media management platform, used by global fortune 500 companies.”
The mobile cryptocurrency Electroneum is based on the popular privacy coin Monero. Technically Electroneum is almost identical to Monero which means it has all the same advantages, one being that it is untraceable. What’s special about Electroneum is that it is intended to be the very first mobile based cryptocurrency aimed at attracting mass adoption, which they hope to achieve by:
- Being the very first cryptocurrency to offer the mobile mining experience
- Offering a mobile app that is very easy to use
- partnering with popular mobile networks making Electroneum a payment option for users
- Marketing Electroneum like crazy
Electroneum has already signed an MOU with Telecommunications Giant XIUS which is a huge deal and the company has hinted that they have even larger deals in store. “XIUS is the telecoms operating brand of Megasoft. A market leader in the mobile and payments space, XIUS has over 230 deployments for customers spanning 6 continents, with an average of more than USD 1 billion worth of payment transactions processed every month. Its corporate headquarters is in Massachusetts, USA and its global delivery centre is in Hyderabad, India.”
When Will We Be Able To Mine Free Electroneum On Our Smartphones?
At the moment Electroneum is currently working on beta testing the mobile mining function of the Android app, as soon as it is fully ready the company plans on making it available to the world. No official date has been set, but if you want to be first in line I recommend you follow them on Twitter or Facebook for the latest news.
The mobile mining function isn’t officially available, but if you are an Android user you are free to download the Electroneum mobile app and sign up for an account with the company. You can also sign up for an Electroneum account by going to my.electroneum.com. Electroneum will soon be releasing an IOS app, so iPhone users won’t be left out. I would also recommend that you consider purchasing the Electroneum cryptocurrency since it obviously will increase in price over the coming months. Please note that this is only my opinion and not financial advice!
For more information on cryptocurrencies feel free to take a look at my article on the subject “How To Invest In Bitcoin And Other Cryptocurrencies – A Beginners Guide.”
I you have any question feel free to leave them in the comment section below.