Look online, and you see many individuals building hyper-expensive mining rig PCs to compete with the factory farms that are rapidly consuming all the Bitcoin, Ethereum and other cryptocurrencies out there. Electroneum plans to do things a little differently.
Anyone with an Android phone (coming to iOS soon), can now mine away with their device picking up a dollar or two of Electroneum a month. And, if the value ever spikes as some cryptocurrencies have, then it could be worth a nice little bonus, or a fair amount of cash. The app is available on the official Google Play Store.
While it’s unlikely ever to reach the $17,000 heights of Bitcoin, it shows that anyone can get involved. And crypto price-spikes are pretty common, with Ripple recently soaring on some positive news. Since Ripple doled out coins free to early adopters, it proved a nice little earner, effectively giving away around $500 to some folk (smug mode!).
Electroneum could do the same, just by people running the app (in the background). The developers also plan for it be an in-game reward and to partner with others as a benefit, or use other methods to get the credit out there and build up a major profile. With hundreds of cryptocurrencies around the world, any coin hoping to be successful either needs some clever marketing or some big deals to get noticed.
Chart by CoinMarketCap
Electroneum on the Rise
With a how-to piece on Forbes and plenty of stories about the new app, the currency is now up and moving, but will have to maintain momentum to keep pace with all the other news. And any bigger player could also go the mobile route to attract farmers.
Crypto is a massive buzz at the moment, with every player fighting for column inches, and countless sites looking for “expert” writers to help explain the market. In reality, cryptocurrency is nothing more than an expensive bet, unless you get the coins for free. So, Electroneum has an edge, for now. But they need to build on the hype.
The team were at MWC last week building contacts and could be announcing some deals soon, imagine being the “official crypto app” or currency in Samsung devices! Naturally, the more powerful your phone, the more currency you can mine, but the company pursues a broad user base, rather than a few people holding all the coins.
Talking of, when it started trading, over $750m (USD) of ETN was exchanged in the first 40 days, and there are over 750,000 holders, a number that could boom with the mobile app. There is a PC and Mac app if you don’t want to use your mobile, but most miners or new starters will be looking for bigger fish right now.
YouTube: You might be a millionaire in the future (Electroneum mobile miner app)
Photo credit: Electroneum / CoinMarketCap
Source: Jason Evangelho (Forbes)
Editorial notice: We tested the app and everything seems functional. We have not tried the exchange to traditional currencies yet.
I’ve been writing about technology. PCs and mobile for over 10 years, covering news, tutorials, reviews, comparisons and other pieces across magazines and websites.