Last time I focused on cell phone „mining“. Today I‘ll add some extra ideas about „mining“ and mining and I’ll summarize all the information about Electroneum.
It’s almost worthless amount (to „mine“ about 0.1USD per one day) but I can imagine that somebody can appreciate it as it can be achieved without any work or costs, just running app in the background. You can transfer your „mined“ amount of ETN to exchange (e.g. Cryptopia has listed ETN) and then convert it to fiat (USD, EUR, …). But the problem is that people who would appreciate even small amounts of ETN often don’t have access to a bank account so they can’t convert their ETN into any fiat currency (after moving funds to cryptocurrency exchange).
I was extremely surprised about real CPU mining via my laptop. You can easily find instructions how to mine and it’s really user-friendly – unlike my other mining experience where you must set up a bunch of things. The funny thing is that my 2 years old low-end laptop has the hash rate about 8H/s – compared to the hash rate of my cell phone (2 years old as well) which is around 25H/s – and unlike the CPU mining, phone „mining“ doesn’t consume almost any electricity. On the other hand, I understand that. CPU mining on the laptop is real and mobile mining is artificial. They must exaggerate calculated hash rate on the cell phone so it attracts more people – it’s like a viral marketing.
To summarize it: Electroneum has the really user-friendly environment at all which is essential when you’re trying to reach a mass adoption of cryptocurrencies. I appreciate it.
Let’s move to another topic. They should (according to whitepaper) focus on gaming and gambling as well. I’m quite skeptical about their plans as it doesn’t bring anything new and we already have more working gaming coins (e.g. FunFair) – for more see my post about FunFair.I like the only one idea from the whitepaper regarding gaming and gambling: ETN could replace (or rather to complement) black market where players (e.g. World of Warcraft) buy and sell virtual coins and game provider has no profit from it. Buyers undergo obvious risks by proving credit card details to a black market. There is a possibility that they would buy virtual coins for games officially for ETN (or another cryptocurrency). I must admit I don’t play any game so it’s hard to evaluate this possibility for me, maybe somebody could do it in a comment under this post 😊 I would really appreciate it!
In the whitepaper, there is a lot of stuff regarding its marketing rather than solving any real problem (except the mass adoption of cryptocurrency). In fact, they have quite a weird whitepaper. In my opinion, it’s ridiculous that the team is trying to explain on 3 pages out of 24 pages what cryptocurrencies are. I guess, everybody who reads whitepaper of some cryptocurrency must know what cryptocurrency really are. This is just wasting of the place in the whitepaper.
All right, let’s summarize it. ETN doesn’t bring anything new to the table. They’re as user-friendly as possible and I can say they already achieved some mass adoption as mobile „mining“ is something like a magnet and great marketing tool. If they will solve how to easily use „mined“ ETN for buying real stuff this wouldn’t be useless cryptocurrency. Except sending ETN to exchange and converting it to real money – this is not a way as anybody already using cryptocurrency exchange obviously has adopted cryptocurrency earlier. Finally, I don’t see any good reason to buy (I don’t mean to mine) this cryptocurrency as I think people own ETN only because of mining and exaggerated marketing.
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Disclaimer: Never invest more than what you can afford to lose. This post is my personal opinion, do your own research before making any investment decisions. If you make any trades after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.