Table of Contents

Electroneum (ETN), is a British cryptocurrency that was developed to be used in the mobile gaming and online gambling markets. The name of the company and the currency is derived from “the electron which all cryptocurrencies rely on.” Electroneum is built on its own bitcoin-derived blockchain and claims to be “the world’s first common cryptocurrency.”

It aims to be a huge change of pace in the market and is designed with mobile-friendliness, fast transactions, and easy micropayments in mind. According to its website, Electroneum has the benefits of Bitcoin and other assets, but claims to be a vast leap forward over its cryptocurrency competitors. Also, Electroneum is built for widespread common usage and offers “groundbreaking ease-of-use for the ordinary mobile user,” which means that it could be a powerful investment opportunity that will almost certainly increase in value.

That all sounds good. However, there are many other cryptos that make similar claims. And a lot of them are already in the crypto graveyard because promising is easy, delivering on the promises is hard. Electroneum had a tough year behind it, price-wise it is in a gutter (just like the rest of the market) but the team appeared to produce some updates and there was some activity around the project.

We already covered the bleak future of Electroneum in the eyes of respectable crypto analysts Nic Carter with one of them saying:

What are the best crypto portfolio app?

“Like most ICOs, it’s a priori nonsense, but it did enjoy a brief moment in the sun as the development team (whose main expertise is online marketing) managed to drum up substantial hype, leading the asset to peak at a $900m market cap. In fact, one of my abiding memories of the late 2017 mania was sitting on a plane next to an earnest young fellow who informed me that his favorite cryptocurrency was Electroneum because you could mine it on your phone. Of course, this wasn’t actually mining, but rather an empty proof of time concept whereby you were allocated units of ETN just for having the app open.

It doesn’t take much to realize that ETN is hollow. It’s a generic ICOed fork of Monero with no distinguishing features by a team with no technical expertise. Some minimal development is ongoing, albeit at a very slow pace.

Notable event: The highlight of 2018 was the ETN team forcing every ICO investor into a KYC process.

‍Verdict: Electroneum is in a purgatory where it’s obviously a failed project but still piddling along until the SEC makes their way down the list and makes the team give all the money back.”

Electroneum had a great promise of being a easy to use especially on mobile devices. It has yet to live up to it promises with native wallets.

Over a year waiting for the wallet to be released with an iOS native app that saw a light of a day only a week ago and that as a beta version. They have missed multiple deadlines and as a result the currency dropped of the cliff in terms of interest in it.

With this new app, you can do “cloud mining”, while having to reactivate your app every 7 days. All it takes is a selfie to prevent bot activity. It doesnt cost any money, nor data or power. Its not really like mining to be honest. You cannot withdraw ETN until you’ve mined 100 tokens.

ETN is a proof-of-work crypto currency based on the CryptoNight hash algorithm. It was forked from Monero and aims for mass adoption as an “enablement currency” through mobile applications and instant payment technology, particularly in the developing world.

Set it and forget it – how good is the Haasbot trading bot?

Typically, cryptocurrencies are mined with specialist equipment. However, Electroneum allows users to “mine” the currency with the mobile app, which should lead to increased adoption and use of ETN. The app allows your phone’s CPU to engage in simulated mining, which won’t overheat your phone or drain your battery. The mobile mining won’t actually help confirm new blocks on the blockchain – it’s more clever marketing by Electroneum to promote interaction with Electroneum and get people involved. Even though you’re not really mining but rather a simulation with a proof of elapsed time, you’ll still receive rewards. One more thing worth noting is that the mining will also use a negligible amount of your internet data.

Announcement made by Electroneum that they will be raising the payout threshold from 10 ETN to 100 ETN was met with disappointment and discontent of their community.

ETN, as the rest of the market, is tightly coupled and dependent on bitcoin’s price action. If bitcoin embarks on another bull run, ETN can hope for one as well. Since that is very unlikely, don’t expect much to change for ETN price-wise in this year. So 2019 will be a year of boring sideways action with minor bitcoin ignited jumps and slumps.

In general:

The main currency in cryptocurrency markets is Bitcoin and given this, altcoins tend to fuel Bitcoin runs and Bitcoin tends to do the same in return. Given this relationship, Bitcoin price movements (or lack thereof) tend to effect altcoin prices.

When Bitcoin goes up swiftly, it will likely:

In cases when Bitcoin plunges, it will likely:

When Bitcoin moves sideways, it will likely:

To summarize, Bitcoin is the focal point of the crypto market in many ways, and with BTC trading pairs on every exchange, the gravity of Bitcoin is hard to evade.

The majority of projects will fail — some startups are created just to gather funds and disappear, some would not handle the competition, but most are just ideas that look good on paper, but in reality, are useless for the market. 

What is the best crypto trading bot?

Vitalik Buterin, co-founder of Ethereum said:

“There are some good ideas, there are a lot of very bad ideas, and there are a lot of very, very bad ideas, and quite a few scams as well”

As a result, over 95% of successful ICOs and cryptocurrency projects will fail and their investors will lose money. The other 5% of projects will become the new Apple, Google or Alibaba in the cryptoindustry. Will ETN be among those 5%? Hard to tell but probability for that is pretty low.

All of this summed up means one thing: ETN might live through couple of orchestrated and, for a regular trader, completely unpredictable pumps but the majority of time will be murky sideways trading with tiny volume and no real interest from the market. Price will heavily depend on what BTC will do and since many analysts think BTC will not be making big moves in this year, it is hard to expect ETN will do them either. The price will probably leak slowly, drip by drip to even lower levels than this current one as the founders and big whales liquidate their bags.

All in all, not a good forecast for ETN price in 2019.

If we are honest, ETN stands a minuscule chance of reaching a massive adoption and without it, this coin has no point and looks more like a marketing ingenuity of its founders than a revolutionary tech.

The amount of social media shilling of ETN is slipping, obscure Twitter and Reddit users who used to defend it to death are suddenly inactive. Excessive social media presence of a project with similar pattern of behaviour among allegedly different users is a good indicator that it is all engineered and orchestrated by someone. These accounts usually put out vague and hyperbolic statements, spewing out “facts” that no one can verify and vitriolically attack anyone who dares to criticize the so wonderful project that “they are not affiliated with in any way”. They are just white knights fighting for world justice.

For more detailed critique of their whitepaper, technicals and initial stages of their development – check this article out.

I am not saying ETN is a scam but their bar is set so high that even much bigger companies and more competent engineers would have trouble to reach it. Don’t get to excited by the cool concepts you hear from the team, the more big words you hear from a project, the more skeptical you should be. Everybody is “revolutionizing” something in crypto space, but in most cases, only their pockets get to see a revolution.

The post Electroneum Price Prediction 2019 – This Year Will Be Even Tougher for ETN appeared first on CaptainAltcoin.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

148 +