There was exciting news announced today by Richard Ells, the CEO and Founder of Electroneum.
This included updates on the mobile miner, technical progress, new staff being recruited, mobile phone company deals and new exchange listings.
Overall it was a very encouraging update and sets the stage for some exciting times ahead for Electroneum.
In case you missed the update, I will summarise the key points and then take a look at what this all means for Electroneum going forward.
First up, here were the key points from Richard Ells’ update:
So all in all it was a fantastic update from Richard Ells and there is clearly a lot going on behind the scenes at Electroneum HQ.
Unfortunately there has been quite a lot of FUD (fear, uncertainty and doubt) going around recently in respect of Electroneum, which had an impact on the price — in addition of course to the general hit all cryptocurrencies took in the recent market crash.
However, it appears most of that FUD was unfounded and the future is in fact looking bright for Electroneum.
To explain what all the FUB was about, there were concerns raised about the time it was taking to obtain a listing on another exchange besides Cryptopia, the first and only exchange Electroneum has been listed on. It appears however that this is close to being resolved now with Ells saying they expect to be on HitBTC by 26th February.
In addition some people claimed there was an issue with the code relating to Electroneum, but it does not seem like that is a major issue — if it was ever one at all. Now they have taken on some new coders, any bugs should be ironed out and potential issues identified and dealt with promptly.
In addition, some people claimed the miner wouldn’t work or were frustrated at its delayed launch, which had originally been slated for November last year. However, the beta miner has now been tested by tens of thousands of people and Electroneum are aiming to launch the live version by 26th February, so the wait is almost over.
Finally there were some less credible claims being made that Electroneum was a scam/Ponzi scheme and that it was purposefully keeping ETN on just one exchange so it could manipulate the price, neither of which should be taken seriously.
Such claims were made primarily to try and drive the price of ETN down and may have been partially successful sadly. Most of the community ignored them though, knowing full well this is a genuine project with a solid team behind it.
The world of cryptocurrency seems to move at lightning speed and small delays can seem like an eternity. Hence some people have become frustrated that we are in February and there is still no live mobile miner and just one exchange listing.
However, the initial hacking attempts appear to have sharpened Richard Ells’ mind to the importance of ensuring a product is fully ready before launching it, so he has taken the time to beta test the mobile mining app first and ensure things are properly in place for its launch.
At the same time, a huge amount has been going on behind the scenes in terms of setting the stage for Electroneum’s future.
The plan has always been to make Electroneum the first cryptocurrency adopted by the masses. Richard Ells has recognized the key to doing that is focusing on the mobile phone market and its network operators. They are the gatekeepers to hundreds of millions — or billions even — of people around the world being able to use Electroneum.
So the deals we are seeing being put in place are hugely significant for Electroneum’s future. The fact that people will be able to use ETN to pay their mobile phone bills is a very positive development and should lead to even greater adoption.
The news of a paypal-style payment is also very encouraging and it will be interesting to see how this will work. If it allows people to pay for goods and services with Electroneum on a wide basis and not just with a select number of vendors, that would be huge.
I have said before that I believe the key thing is for people to be able to pay with Electroneum anywhere and everywhere, in shops, online, at restaurants, bars, hotels and wherever they go. Integrating with an existing crypto-to-fiat payment solutiion such as Crypterium or TenX may be the easiest way of doing that.
In all likelihood though it may be some time away before that happens. As crypto-payment companies such as TenX have found, the regulatory hurdles to integrating cryptocurrency into the mainstream economy are significant.
In the meantime, the more progress Electroneum can make in enabling the use of ETN as a form of payment the better.
In crypto terms it feels like we have been waiting a lifetime for Electroneum to go live, but in reality it has only been a few months.
In the real world that is no time at all and it is actually very quick for a start-up company to be entering major markets and penning big deals.
Either way though, it looks the waiting is nearly over and we will soon be able to mine ETN on our phones and sell it on a number of exchanges.
And the deals being put in place are setting the stage for Electroneum to go all the way to the moon — perhaps where we might catch a glimpse of Elon Musk’s Tesla floating serenely along…
Article originally published by our author at Medium.com