Electroneum - Using the Blockchain to Take on Real-World Problems
Since our last encounter, the CryptoBanditz posse has been working from dawn until sunset and occasionally under the moonlight to bring you some of the best up-and-coming blockchain projects in this space. And we think we’ve uncovered another golden nugget in Electronuem (ETN).
Launched around the Q3 of 2017, Electroneum has saddled up and innovatively utilised the blockchain to bring access to financial services to millions of people around the world, who may not have a bank account, but do use a smart device! So precisely, what do they do? Well primarily, they handle payments for the growing gig economy, but it’s also a whole lot more!
Electroneum’s mission is to help people around the world pay for goods and services, from in-store, peer-2-peer and online. Currently, there are over 140 countries where you can spend ETN currency. It’s easy to see Electroneum’s charitable credentials as they use the power of blockchain to provide financial services to some of the most in need, pushing their beliefs for a safer, more responsible and greener blockchain.
Electroneum is one of the more reliable blockchain projects that is helping to build a financial bridge to self-running freedom. With secure features like KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance, they are not susceptible to a 51% attack, one of the biggest cyber threats to blockchain projects in general. They also take the responsibility seriously and are the only blockchain in the world to be run by NGOs (Non-governmental organisations). The latter runs the validator nodes and receive rewards in the form of ETN for doing this. The NGOs then use their block rewards to further their charitable aims and help some of the most impoverished people in the world! And if that’s not enough, they have gone and set the green standard for blockchain projects across the globe, having an energy consumption rate which is less than a few light bulbs!
The real beauty of ETN is that it has real-world benefits for everyday people and not aimed at crypto enthusiasts only. It is providing banking services to those who are unbanked or partnering with mobile phone services around the world to allow ETN currency to help top-up your mobile phone data. The ETN app makes sending and receiving payments a piece of cake.
In reality, Electronuem is more than just a digital currency. When I first started looking at cryptocurrency, I always saw it as a means of investment, which it is. What I didn’t realise until some further research is that each cryptocurrency is built on a blockchain and often have real-world projects associated with them. To me, I feel like Electroneum is connecting real financial life problems with Blockchain-based solutions and using the blockchain to help bridge a better world we can all utilise.
Currently, you can purchase ETN as a cryptocurrency through crypto exchanges and use it to trade or HODL (Hold On for Dear Life) as you see fit, thus supporting the project. As ETN is mined/validated on the blockchain, this produces a currency that can be used to power different aspects of the projects Electroneum are working on. The Electroneum app can send digital currency to pay someone in an instant, by simply scanning a QR code. ETN currency can be transferred anywhere in the world and this has many uses, especially for remittance (a money transfer made by a foreign worker back to an individual in their home country). According to the WorldBank, global payments reached a high of 689 Billion dollars in 2018. Digital currency is a huge market and when ETN offers lower fees than some leading players in this industry, the potential is obvious. The ETN app also has a wallet to allow for safe storage and a built-in currency converter allowing you to measure your ETN in over 60 different currencies.
In addition to the app, Electroneum has an AnyTask service, where talented people in developing nations can use the AnyTask platform to sell their services on a global market scale. Imagine you’re a skilled web designer in a developing country with no bank account but want to sell your business online. AnyTask service will help you connect to millions of people around the world, including those who are unbanked and those in the developing world. AnyTask will allow you to take card payments for your services and you’ll receive your digital payments in ETN, which you can then use as you please or convert to your local currency. Finally, Electroneum Everywhere is a global network of local merchants and e-commerce businesses that accept ETN payments-helping users around the world figure out where to spend their digital currency. Electroneum Everywhere also provides resources such as ready to print posters for use in-store, plugins for online businesses and social media templates to help market their businesses.
ETN is harnessing the power of the blockchain to open up the economy for millions of people in the developing world. Working with NGOs, providing security and being environmentally friendly makes this blockchain project a promising one indeed! In essence, Electroneum is working on making the dream of financial freedom a reality for some of the poorest across the globe and if that’s not something to support, I don’t know what is…