Electroneum - Shitcoin Review
on Sep 07, 2018
Alright alright, today’s coin is a bit more controversial, lovers and haters.
But hey, controversy is part of who we are
“'Cause we need a little controversy
'Cause it feels so empty without me” - Eminem
Today’s review is Electroneum….
Lets’ dig in..
Electroneum (ticker: ETN)
Wtf is this shit?
ElectPHONYum, *errr* Electroneum was one of the largest ICO’s in 2017 and gained a massive community as a result. They raised around $40,000,000...let’s keep that in mind, it’s quite a bit of money.
Electroneum has a positive mission: to offer a mobile based, user friendly cryptocurrency that is ready for the mainstream.
They used to be based off of the CryptoNote codebase (same as Monero) to inherit a lot of solid privacy tech.
Their platform also used to be ASIC resistant and is meant to be "mined" (we’ll explain the quotes later) from your mobile device.
We speak past tense because since then, they have forked, getting rid of the ASIC resistance as well as ring sig technology from Cryptonote, to allow for more throughput. *Thanks to our critical community for this update, keep us in line! :D
They also have 21 billion coins because they go by a 2 decimal system (just like in fiat), compared to crypto’s typical 8 decimal system, to get rid of the associated educational barrier. It is more familiar.
All of this is good, so why do people also hate on Electronuem?
Welp, there's widespread opinion that their tech team sucks...and their blockchain even came to a complete standstill at one point. There was this one time, it’s really no biggie, where they didn’t apply a fix to their protocol (that Monero and others clearly did) which ultimately caused miners to mine empty blocks and no transactions were being processed. This happened at block 179840, Google “block 179840 Electroneum” and you’ll find more info. ANYWAYSSS...to sum things up a random Redditor actually fixed their issue..NOT their dev team.
Next, let’s discuss their ‘mobile mining’ which is (in our opinion) the MAIN reason they gained so much hype. Yeah, the 2 decimal thing was one selling point, but ultimately people liked their target of mobile users and enabling the masses to mine.
Heads up kiddos, if you try to mine on your phone it will overheat, burn through your mobile data, and possibly explode in your face and kill you (lol). But seriously, you can't really mine from a mobile device.
What is really happening here is that it is a gamed version of mining and rewards are given through some airdrop system they created. People got duped, son, DUPED.
So..while there are upsides to their mission of creating an easy to use crypto, they technically kind of suck and don’t offer much new as far as we see. They raised $40,000,000 for marketing, which will come in handy as there are plenty of projects competing with them.
Who tf is behind this shit?
Their co-founder and CEO is Richard Ells. His background consists of starting a few companies including SiteWizard and more recently Retortal.com ("a white label social media management dashboard"). Props to him for building a 40 man team with Electroneum and what he’s done marketing-wise.
All in all, mid-tier shitcoin mostly because of their current market metrics and community size. The reality is that they are targeting n00bs and less technical individuals, which might make a paranoid person question their intentions. Wouldn’t be surprised if this turns into a mega shitcoin.
Anyways, hope you learned some shit.
- Mike and Aaron