The newly launched M1 is Electroneum’s Android-based smartphone that incentivizes users with Electroneum tokens (ETN). ETN can be used to purchase airtime and data, and also for shopping. An M1 costs $80 and is said to be initially available only in South Africa
Electroneum took a first step to springboard cryptocurrency mass adoption. The M1 smartphone has functionality that includes 4G and dual-sim. It is equipped with the Electroneum app that enables Cloud Mining giving their users the ability to earn ETN direct from the device.
With a few straightforward interactions, mining can start on the free app. Once the steps are completed, mining can perpetuate offline. This extends the boundaries for mining cryptocurrencies beyond the need to purchase expensive mining rigs. The $80 Android phone comes preloaded with ETN. ETN can be used for mobile top-ups for airtime and data, and paying for online goods and services.
CryptoVibes cites that users in South Africa, where the phone is currently available, need to have a SIM from service provider, The Unlimited. Once the phone is geared with the SIM, airtime and data top-ups can be done direct from the Electroneum app. However, BusinessWire reports the M1 gives opportunities for consumers in the ‘developing world’ to own a smartphone without a hefty price tag.
Richard Ells, CEO of Electroneum, says that the building the M1 is the outcome of team effort. ‘Without the broad range of talent and expertise, we could never have imagined the possibility of making a product of this caliber accessible for anyone in the world,’ he continues.
Expanding to the Rest of the World
According to CryptoVibes, Electroneum plans to begin with one South African city then extend to another two in three months time. This is the first real-world trial, done to acquire crucial knowledge. Information gathered in the test phase will enable the company to strategize on how to reach more countries with their product offering.