Following my return to cryptocurrency and steemit, I have been looking back at the currencies that I missed during that time. I had briefly heard of Electroneum before when the app was in early access. From my first impressions of the app itself, it is very well designed and intuitive. I think that this is the type of app that we need more of in cryptocurrency, something that simplifies the process for those who are new to crypto. However, the main selling point of electroneum is that it actually simplifies the mining process.
What is Electroneum?
Electroneum is a cryptocurrency that is primarily mobile based. It is possible to mine from a PC but I will get into that more in a minute. The app has everything that you could possibly need for the cryptocurrency all in one place. The app has the cryptocurrency miner, the wallet and the statistics that show the current price and market cap among other information.
How do you mine Electroneum from your phone?
As many people who have tried to mine any kind of cryptocurrency from their phone before will know, it can be extremely inefficient, slow and take up a lot of your phone's resources, especially the battery. Electroneum is very different in that no actual mining takes place on the phone but a simulation of mining. Instead of using up the CPU power of your phone, the app monitors it and gives back a hash rate back of what you would have if the phone was mining. This means that you can still use your phone normally and not have the app affecting performance or battery life in any way. As I previously mentioned, it is also very possible to mine Electroneum from a PC, however, because Electroneum is primarily focused on mobile, the same hash rate on PC would get you no where near the amount of Electroneum that that hash rate would give on a mobile device. This makes mobile mining much more efficient and makes mining more fair, as mobile phones can't as easily be ugraded for mining as a PC can. One other problem people have with mining on mobile devices is the data consumption. Electroneum fixes this problem once again and keeps data to a minimum, only requiring data to send transactions and sync wallet balances. This means that those with extremely high data costs can comfortably use Electroneum without worrying about going over their limit.
How to get started
It is very easy to get started. You just need to first download the app if you are on an android device (the app is coming to iOS soon) and register an account.
You will then be greeted to the miner screen. All you need to do then is press the start mining button and the app will start accumulating Electroneum for you, even in background. It couldn't be any easier. Once you have accumulated 10 ETN, it is sent to your wallet which is already built in to the app. I am getting about 30 H/s on my phone (which is a OnePlus 2) and get about 10 ETN in a 24 hour period, which at the current price of Electroneum is about $0.30 USD. Not too bad for just leaving it running in the background. This price could also go up at any point so I'm quite happy at the current progress.
Referral
One other thing that Electroneum has is a referral system. If somebody uses your referral link, you will receive 5% of what they mine, without that being taken away from their earnings. Whoever uses your referral link also gains an extra 1% from mining themselves. I still haven't used a referral link, so the first person to put theirs in the comments below will get a bonus 5% of whatever I mine. If you would also like to use my referral link you can use the code F7EADF or scan the QR code below.
Overall, I think that Electroneum is a strong cryptocurrency and is a necessary one in terms of mass adoption. It makes the process very simple and would act as a great introduction to new comers. If you enjoyed this post, please do give it an upvote and follow me for more. Also be sure to leave a comment if you have any opinions or thoughts on Electroneum or my post.