A new UK based cryptocurrency startup Electroneum will soon be launching a mobile mining feature in their smartphone. This will allow anyone with the app to get free Electroneum simply from running the app.
At the moment Electroneum is currently working on beta testing the mobile mining function of the Android app and the mobile mining function isn’t officially available. The company plans on making it available to the world; follow them on Twitter or Facebook for the latest news.
Jamaicans can 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. Apple lovers fret not an IOS app is in the works, so iPhone users won’t be left out.
It would be a good idea to start purchasing the Electroneum cryptocurrency as the price is set to spike as demand will increase in the coming months once it launches.
So what is cryptocurrency and Mining anyway and how is Electroneum so special?
Cryptocurrency Mining in a Nutshell – GraceKennedy and Quisk are interested
Cryptocurrency mining is the process by which transactions on a cryptocurrency network are validated and become secure through the block chain encryption process as explained in my article Quisk Blockchain will enable Remittances, micro-transactions and e-commerce.
Here is a quick primer in Cryptocurrencies and how they will change the Financial Markets in the future.
Cryptocurrency mining is being viewed as the future of remittances, with even companies such as GraceKennedy actively exploring it implementation on their implementation.
In fact Cryptocurrency mining on smartphones may just be what Quisk and GK Mpay need to jumpstart their usage of Mobile Money platforms as opined in How to get Jamaicans to use Quisk, GK MPay for more than just Phone Credit.
In the case of Electroneum mining, plans are to have it done by independent computers connected to the network with each user who has the app installed being rewarded with coins after assisting with the completion of the process.
Electroneum and the mining of 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.
Electroneum most likely will used the combined power of several smartphones to mine their Electroneum cryptocurrency on servers (independent computers) where the coins are hidden. In turn, the startup reward the user for running the app.
The story of Electroneum – Straight outta UK trying to go Mainstream
Electroneum is one of the very first cryptocurrencies to come out of the UK.
Electroneum, which is based on another cryptocurrency Monero, was founded by Entrepreneur Richard Ells, a man who has a history of building successful digital business. The co-founded the successful 20 year old digital agency SiteWizard and then went on to found Retortal.com in 2013.
Technically Electroneum is almost identical to Monero and is peer to peer and untraceable, the main reason why they are gaining ground as a form of decentalized financial trading substitute for Remittances. Electroneum is aimed at attracting mass adoption, via adopting the following strategies:
- Being the very first cryptocurrency to offer the mobile mining experience
- Global blitz Marketing of Electroneum as an alternative to bitcoins
- Offering a mobile app that is very easy to use
- Partnering with popular mobile networks to make Electroneum a payment option for users
Electroneum has already signed an MOU with Telecommunications Giant XIUS, the telecoms operating brand of Megasoft headquartered in Massachusetts, USA and their global delivery centre is in Hyderabad, India.
XIUS makes some US$1 billion per month from dabbling in mobile money from their millions of customer in over 6 continents. So expect more partnerships to come soon as Mobile Cryptocurrency mining takes hold and challenges the old guard of centralized banking.
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