The mobile-focused cryptocurrency launched via ICO on 14 September is already making waves in the crypto world, and has raised £26m in weeks.
Electroneum’s ICO has been running for a little over a month, but has raised more than £26m already thanks to its unique technological proposition.
Advisers and institutions have been briefed by the company, and many have expressed interest in what is a growing area for their investors.
The Token sales is now live and finishes next week. Click here for details.
The genius of Electroneum is that it makes cryptocurrency accessible. In order to get involved with buying, selling and mining the currency all the user needs is a simple app; there’s no need to send passport details away to suspicious-looking foreign websites, it’s genuinely easy to use and easy to understand.
Electroneum is also ambitious. Founder Richard Ells sees it as a vehicle to completely transform the way currency is used in mobile games and online gambling sites. Electroneum can be a way for gamers to earn currency in-game that they can then use and spend however they like in other games and apps. It also provides a way for game-developers to monetise gamers who lose interest in the game, but want to take their earned currency elsewhere.
Celebrity endorsements included football manager Harry Redknapp, who tweeted his support for Electroneum: “Proper excited about Mobile Cryptocurrency! I’m in, get involved!”
— Harry Redknapp (@Redknapp) October 12, 2017
Richard Ells said “I’m absolutely delighted with how the ICO has gone so far. The interest was building for some weeks, with tech superstars like Duncan Logan of RocketSpace lending us early support, but even so I’ve been blown away with the reception already. The sky’s now the limit.”
The ICO will run into next week. Once it’s finished, the plan is to use the funds raised to finish the technology and take Electroneum into widespread public use. Ells plans to make it the first cryptocurrency to enter mass usage, and argues that while Bitcoin has successfully entered the public consciousness the number of people who actually have access to it is vanishingly small.
“Cambridge University recently found that there are only around 3 million Bitcoin users and holders. When you think about Bitcoin’s global fame, that shows just how inaccessible it is for ordinary people. We’re aiming for 300 million users and holders” said Ells.
Part of that strategy is gamifying the mining experience in order to appeal to the world’s two billion mobile computer gamers. After downloading the app, users are encouraged to use and mine the coin through a simple mobile game.
The currency is also limited to a volume of 21 billion to ensure that transactions have more of a ‘real-money’ feel by moving the decimal point two places to the right when compared to Bitcoin.
In order to re-assure investors of its legitimacy, Electroneum has made its code publically available for scrutiny and published a detailed overview white paper of the technology behind it. This is certainly a cryptocurrency worth keeping a close eye on.