Electroneum (ETN), a cryptocurrency which can be mined through mobile app is all set for a hard fork, thus creating opportunities for crypto traders and investors. The upcoming hard fork of Electroneum cryptocurrency can cause the price to surge as we have witnessed the same in past cryptocurrency hard forks. In this article, I have listed out some of the upcoming updates about Electroneum cryptocurrency and why the Electroneum price may sky rocket in coming days. But for those who still aren’t aware, here is a quick introduction to Electroneum Cryptocurrency, before I move on to the upcoming updates of Electroneum.
Electroneum (ETN) is the first British Cryptocurrency which is built on Monero’s Blockchain and can be mined with a smartphone. Electroneum cryptocurrency was launched via an”../what-is-ico/”> Initial Coin Offer (ICO) in September 2017. The ICO closed early due to reaching $40m hard cap with over 120,000 contributors.
Electroneum Cryptocurrency is developed to be used in the mobile gaming and online gambling markets.
As mentioned above, Electroneum (ETN) is a cryptocurrency that can be mined with a smartphone, requiring almost zero technical knowledge or prior experience. This sets it apart from other cryptocurrencies (like Bitcoin) which require expensive hardware and technical knowledge to mine bitcoins. The unique mobile mining experience of Electroneum enables anyone with a smartphone to earn ETN coins by letting the ETN miner app run in the background.
Electroneum cryptocurrency was designed specifically with mobile users in mind, thereby appealing to a potential market of 2.2 billion smartphone users around the world.
The Electroneum blockchain was officially launched on 1 November 2017 and the wallet app was launched on 13 December 2017. The mobile miner app was launched on 5 March 2018.
One of the highly criticized feature of Bitcoin is that the balance of every wallet address is public and easily searchable. This problem is solved with Electroneum’s stealth address, a one-time public key that “prevents recipient’s funds from being linked with their wallet”.
That address can be audited by a 3rd party to prove the transaction occurred. (With the sender sharing their public view key). The recipient gets their funds through their wallet’s private view key which scans the blockchain. Once detected and retrieved by the wallet, a single-use private key is created (corresponding with senders public key).
The recipient can now spend those funds using their private spend key. This occurs without the sender, recipient, nor the amount transacted publicly linked.
I’ll be posting more articles about Electroneum cryptocurrency and “How to mine Electroneum on mobile” in coming days. To stay updated, join the official Telegram Channel of KryptoMoney – https://t.me/Kryptomoney
Now lets discuss the upcoming updates of Electroneum Cryptocurrency and “Why the price of Electroneum will rise”
The Electroneum Blockchain is scheduled for an update on May 30th, 2018. Electroneum cryptocurrency is based on Monero blockchain. Monero perform’s an update approximately every 6 months, and this is a great practice, as it allows them to keep their technology moving forward and introduce new features.
Electroneum team also decided to follow the Monero’s practice and the first major update of Electroneum (also known as a fork) is scheduled to take place at block height 307500 which will occur approximately 10.30 am BST on May 30th. (2.30 PM Indian Standard Time)
One must not compare this fork to the Bitcoin to Bitcoin Cash Hard Fork or Bitcoin to Bitcoin Gold Hard Fork. The fork will not result in two cryptocurrencies. This is just an update to the Electroneum Blockchain (soft fork) , which will improve the Electroneum network. Hence, with improvements in the network and considering the ongoing crypto bull run, Electroneum price will surely rise.
Electroneum team decided to move away from Monero blockchain. Electroneum aims to move towards a lean, fast blockchain to handle vast numbers of micropayments and this requires Electroneum’s Blockchain to lose some of the overheads that comes with the privacy of Monero. Though, Electroneum will still be far more private than Bitcoin or Ethereum (for instance you won’t be able to look at someone else’s wallet balance). This update in Electroneum Blockchain will allows the network to fit significantly more transactions into a block,
The above mentioned fork is an update (softwork) to improve Electroneum network. No new cryptocurrency would be created out of the softfork. But, there is an upcoming hard fork of Electroneum cryptcurrency, scheduled on 11 May 2018, which will result in creation of a new cryptocurrency named, “Electronero”.
Electronero is a direct fork of Electroneum cryptocurrency, but it uses the Monero source version 0.12.0. The Electronero team acknowledges that this codebase is “one of the most respectable branches” in the crypto industry today.
As the Electroneum cryptocurrency is getting hardforked, the new resultant cryptocurrency i.e Electronero would be credited to ETN holders. The Electroneum hardfork will happen at block height 307,000 and all Electroneum owners will receive Electronero (ETNX) tokens on 1:1 basis. Elctronero Public testnet launches on May 11, 2018 when the ETNX hard fork will happen at block height 307,000. (approximately at 9 AM GMT).
The hardfork will be followed by a public release of wallets, mining pools and exchanges listings, to provide an easy-to-use integration. A total of 210,000,000,000 ETNX coins will be created (same as ETN) out of which approximately 14,800,000,000 ETNX will be in circulation.
Apart from the above, the Electronero team claims that the existing Electroneum solutions offer to solve just one problem at a time, but Electronero team is up to build a secure, useful, & easy-to-use currency on a private blockchain. It will include easy cryptocurrency payments integration, a digital arbitration system and smart contracts. Also, Electronero strives to be
You can find more information about Electronero on the official website.
Airdrops announcements, well in advance, boosts the price of coin. Seasoned crypto traders know that. There have been many airdrops which increased the price of cryptocurrency by 100-200%. In some case, it superseded to an even greater extent. Remember NXT airdrop back in December 2017. NXT prices grew almost 6 times. Following are some more examples airdrops that surged the price of crypto-coins:
NXT holders were supposed to receive IGNIS tokens as Airdrop, back in December 2017. The snapshot happened on 28 December 2017, at block height of 1636363. The announcement was made on 4 December 2018, i.e, 2 weeks prior.. And this is what happened:- NXT price increased from $0.42 on 4’nd December, 2017 to $1.94 on 24 December 2017. In satoshi values, NXT price rose from aprroximately 4000 SATS to 12510 SATS.
Source-Coinmarkecap
For those, who didn’t know much about the NXT-IGNIS airdrop, here is a recent example that happened in the month of March, 2018. Ethereum Classic holders were supposed to receive free Callisto (CLO) tokens as Airdrop in the ratio of 1:1. The snapshot was supposed to happen at block height of 5500000, which happened on 5 March 2018.
The news was out almost 2 months prior in January 2018 and KryptoMoney.com was amongst the first few websites which published an article about Ethereum Classic Airdrop.
(Read the article- https://kryptomoney.com/cryptocurrency-news-ethereum-classic-airdrop-callisto-tokens/)
So what really happened to price of Ethereum Classic? ETC price rose from approximately $30 to $42 between the period. Crypto traders took the multiple benefit of price swings.
Forget the above two past examples. Consider this present ongoing one. Do you know that if you hold EBST coins, you will get free Alaris coins as airdrop? The snapshot is scheduled to happen on 15 May and the new tokens will be distributed on 23 May.
Those who will hold the EBST coins on snapshot date will receive free Alaris coins. The announcement was made in last days of February and since then, the price of EBST coin has almost doubled. (If you haven’t got onto the EBST price rally train, you still have some time. Also, the website states that EBST coins will get listed on more crypto exchanges before the end of quarter 2 of 2018, so upward moving of prices is expected.)
Well, it is not any hard and fast rule that airdrops announcement will lead to increase in crypto prices, but mostly upward moving price have been witnessed.
Following are some of the changes that will happen to Electroneum Blockchain after the 30th May Electroneum update:
Apart from the above, more changes will be made in the upcoming 30 May Electroneum Fork. Here is a video by Richard Ells, founder of Electroneum, explaining all the changes going to happen in Electroneum network:
The Electroneum cryptocurrency can be purchased from the following cryptocurrency exchanges:
Indian crypto traders and investors can buy Electroneum cryptocurrency from:
Electroneum cryptocurrency witnessed its all-time high price at approximately $0.20 or 1200 Satoshis in Jnauray 2018 (the last crypto bull run). At the time of publishing this articles, Electroneum price was $0.03 or 335 Satoshis. Considering the ongoing crypto bull run, above mentioned fundamental factors and most importantly the Airdrop news, we may see Electroneum price to fly high. If it only touches it’s all-time high again, still it will fetch a missive 4X gains!!
Although, I suggest you to do your own research before making any investments.
Also Read: Here Is Why Tron Cryptocurrency (TRX) Can Make You Super Rich in May 2018
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