Electroneum Introduces a Smartphone that Rewards Users with ETN

Electroneum Introduces a Smartphone that Rewards Users with ETN

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

With our experience in tech, we were able to gather a world-class team consisting of telecommunications, manufacturing, emerging area mobile-operators, product design and marketing specialists, all helping to make this utopian vision of ours a reality.

Richard Ells, CEO of Electroneum

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.

More ‘Crypto-enabled’ Smartphones


0.004326 USD -1.82%
0.00000054 BTC -1.82%
Volume, 24h
210,993 USD
41,993,866 USD

Related news

As Fees Climb, Will Bitcoin Be Ready For Adoption?

With prices back on the upswing, bitcoin’s transaction count and fees have increased noticeably over the past few months. As more new users begin entering the market, it may be time for the BTC community to ask itself if the technology is truly ready for mass adoption. While the Ethereum, Bitcoin Cash, and BSV communities have implemented or are actively discussing scaling protocols to reduce blockchain congestion, Bitcoin hasn’t had a major on-chain scaling development since the adoption of SegWit in August 2017. The lack of on-chain upgrades could become a use-case problem, creating bottlenecks for Bitcoin’s growth. I See A Mempool Risin’ Bitcoin’s mempool – the gathering place for transactions, before miners enter them into the immutable ledger – has grown sharply in 2019.  At the same time, this month’s price action has also brought a sharp increase in transaction costs. Bitcoin’s median transaction fees are approaching $3.00, the highest level of the past year.   SegWit adoption has been sluggish. The protocol is intended to reduce transaction sizes, by separating them from their digital signatures. But almost two years since SegWit’s implementation, less than half of all bitcoin transactions deploy it. The Lightning Network, an off-chain scaling solution, is small but growing. Currently it has over 36,000 channels, with total funds of over 1,000 BTC. There has been some debate about whether the bitcoin blockchain should rely on second layer channels to record transactions, despite the speed benefits of doing so. Ethereum’s Doing It Ethereum has been criticized as an inordinately slow network, with only 20 transactions per second. But developers seem to have gotten the message: Ethereum 2.0 promises to usher in a wave of changes, including the second-layer scaling solution, Plasma. According to its creators, the Plasma protocol is an: “incentivized and enforced execution of smart contracts which is scalable to a significant amount of state updates per second (potentially billions) enabling the blockchain to be able to represent a significant amount of decentralized financial applications worldwide.”Vitalik Buterin and Joseph Poon In addition to Plasma, the Ethereum community is already busy developing the first-layer scaling solution of sharding. This process splits the blockchain into separate sections, or shards, allowing groups of nodes to divide the labor of processing transactions. With a $30 million war chest of funds from the Ethereum Foundation to work with, Ethereum is hoping to overcome its widely publicized scaling problems and take what they might regard as their rightful top place among platform blockchains. Easier Said Than Done Scaling distributed ledgers is difficult because of their decentralized nature. As Vitalik Buterin describes it, blockchain communities face a “scalability trilemma”: “Blockchain systems have to tradeoff between different properties… And it’s very hard for them to have three things at the same time, where one of them is decentralization. The other is scalability, and the third is security.”Vitalik Buterin Bitcoin Cash Proves That Breaking Up Is Hard to Do Bitcoin cash has been faster to deploy upgrades, but they came at high costs. They implemented CTOR in November 2018 in order to scale up network speeds by reducing transaction complexity. The debate was so heated that nChain and Coingeek threatened to fork from BCH. The Ayre-Wright side wanted to raise block sizes to hundreds of megabytes, while the ABC side preferred a more incremental approach to upgrading the chain. The contentious hard fork that resulted produced a hash war, plummeting prices and immense antagonism between the parties, which remains today. The larger bitcoin cash chain (BCH) recently implemented Schnorr signatures, shaving a theoretical 25 percent of heft off of transactions. The additional benefits of Schnorr signatures are security and privacy. What Does All This Tell Us? Layer 1 protocol upgrades, such as SegWit and Schnorr signatures, are more difficult to implement. The larger and more widespread the developer community is, the more chances there are for division and disagreement. But when they are agreed upon without contention, they have the ability to bring significant improvements to slow blockchains, edging them closer to real-world applicability. But therein lies the nexus of the problem. As Buterin argued, scalability enhancements and decentralization can be mutually uneasy bedfellows. To the extent the blockchain revolution is about decentralization, expecting the rapid deployment of network upgrades is a bit like having your cake and eating it, too. Distributed ledger technology promises to free humankind of its scarred history with democracy, an ideal which has often been co-opted (or turfed) by powerful elites and narrow interests. Given the balancing act DLT needs to perform between efficiency and decentralization, the scaling debate mirrors that same historical human experience. The post As Fees Climb, Will Bitcoin Be Ready For Adoption? appeared first on Crypto Briefing.

Dash To Pull Another Surprise Rally following its Massive Adoption in the USA and Latin America

Dash, a cryptocurrency with half the available supply of Bitcoin and well recognized in the “anonymous family” is set to pull another surprise following its recent development in the USA and Latin America. This digital asset swerved a lot of investors to trade above $1500 when all eyes were set on Bitcoin in the previous market bull run. The digital asset crashed back to as a low as $70 before rising back into the triple digits. The Massive Adoption in Latin America According to Discover Dash, Latin America alone has over 60% of the total merchant listings in the world. The figures have improved tremendously indicating how the popularity of the digital asset in Venezuela is having a spread over effect on the rest of the countries. Venezuela alone boasts of 2600 of the total merchants of near 5000 across the globe. Columbia is another Latin American country that has improved in merchant listings to absorb the rise in demand of the digital asset for day to day activities with a total of 327. The United States of America currently has over 600 merchant listings and they seem to be at a fair speed to catch up with Latin America. The popularity of Dash in recent times also reflected in the daily transaction rate as it recorded a higher daily transaction of 64.5% ahead of Bitcoin Cash between 28 November 2018 to 28 January 2019 according to Dashnews. Back to its wave-making in Latin America, Dash has partnered with a Venezuelan Department Store “Traki” and has also paired with one of the popular and largest Latin America Cryptocurrency exchange “Crypto Buyer” as it seeks to provide a transaction free service for its customers. Dash and Bitcoin are the leading digital assets that have been listed to lead the effort to solve the problem of inflation that has eaten into the country’s economy. The coordinator of Dash Colombia and Dash Latam, George Donnelly said that Dash would possibly be in almost all the Latin American Countries in the next five years. According to him, Latin Americans love to be in control of their money, and since Banks in the region are not user-friendly, users will troop in for Dash since it’s mobile and user-friendly. This development means a lot to the price of the cryptocurrency. Dash is currently on a positive run and with this positive adoption rate, the digital asset is set to make another surprising price surge. The post Dash To Pull Another Surprise Rally following its Massive Adoption in the USA and Latin America appeared first on ZyCrypto.

SCB Thailand Launches Ripple Transfer Service, Is XRP Adoption on the Way?

Coinspeaker SCB Thailand Launches Ripple Transfer Service, Is XRP Adoption on the Way?The Siam Commercial Bank (SCB), the largest commercial bank in Thailand, is now offering payment transfer service through Ripple’s RippleNet. On May 18, one user came across the bank message and published a snapshot in Twitter.SCB transfers via Ripple. And with that we have mainstream adoption in Thailand. pic.twitter.com/n9QRt5Uq7X— ₿ryan (@_bjb) May 18, 2019Worth noting, that SCB decided to implement Ripple service, and it was applied earlier than officially announced. The bank also apologized for inconvenience under the tweet and hinted that they could probably make use of XRP (Ripple’s independent digital asset).“The information about ripple transfer will be announced soon, we are sorry for the inconvenience. We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.”In April the Siam Commercial Bank announced that they have reduced transaction time from 2 days until just 1 minute. As it was confirmed on May 22 this achievement became possible due to the Ripple technology. Moreover, RippleNet also noticed in their blogpost that SCB is their first client to use ‘multi-hop’:“Siam Commercial Bank (SCB) will be the first financial institution on RippleNet to pioneer a key feature called “multi-hop”, which allows them to settle frictionless payments on behalf of other financial institutions on the network. This eliminates the need for a direct one-to-one connection (or bilateral relationship) between financial institutions to settle a payment. Using multi-hop, SCB will be able to receive and forward on a payment without a bilateral relationship between the originator and beneficiary institutions.”Ripple Moves Forward in Crypto AdoptionRipple, San Francisco based company with more than 200 clients around the world, doesn’t stop trying to increase digital asset adoption. In April, they signed partnership with Tata Consultancy Service – Indian Multinational IT service provider. As a result, TCS’s Quartz blockchain solution now works with RippleNet. In addition, earlier this month Ripple became partners with Ria Money Transfers what helped them to increase physical and digital footprint. XRP has also seen integration with WooCommerce, Gmail and Microsoft Outlook.As we can see, Ripple is quite successful in its mission to expand digital assets and boost their adoption. According to NewsBTC .woocRipple is doing everything to meet the demands of banks and financial institutions. This is the main goal of its CEO Brad Garlinghouse. In an interview with Recode Decode he mentioned:“I don’t think banks […] governments will go away. Banks are applying an essential regulatory framework that I actually think is important for society. I believe that banks will continue to serve that role; they’re good at it […] I think this is a new set of technologies that they can benefit from to grow their business”The acceptance of XRP by the official organization such as Siam Commercial Bank could be a great shoot forward for the company. It may also influence positively on the XRP price which is believed to be underestimated. By the end of the year it is expected to hit $1. However, the situation is still unclear and we are waiting for Thailand’s bank “further announcements”.SCB Thailand Launches Ripple Transfer Service, Is XRP Adoption on the Way?

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.