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About Electroneum
Key Points
- Electroneum is a Layer 1 EVM-compatible blockchain with 4+ million users worldwide.
- Transaction speed: 5 seconds with instant finality.
- Smart contract fees: potentially the lowest on the market.
- Consensus mechanism: Istanbul Byzantine Fault Tolerance (IBFT).
- Supported by known validators, including universities and Web3 infrastructure companies.
- Founder: Richard Ells, a British entrepreneur.
- Founded in 2017.
- Total supply: 21,000,000,000 ETN.
- Circulating supply: 17,969,
About Electroneum: Empowering a New Era of Cryptocurrency Adoption
Electroneum (ETN): A Comprehensive Overview
Electroneum is a pioneering Layer 1 EVM-compatible blockchain, serving a vast user base of over 4 million individuals globally. The network is distinguished by its remarkable transaction speeds of merely 5 seconds, accompanied by instant finality, as well as potentially the most competitive smart contract fees in the market. Leveraging the Istanbul Byzantine Fault Tolerance (IBFT) consensus mechanism and supported by a network of reputable validators, comprising esteemed universities and Web3 infrastructure companies, the network boasts unparalleled speed, security, and energy efficiency. For several years, ETN has provided the foundational infrastructure for AnyTask.com, empowering the platform to harness the potential of blockchain technology and deliver a more equitable and efficient experience for freelancers worldwide.
The Visionaries Behind Electroneum: Meet the Founders
Electroneum Ltd. was established in 2017 by Richard Ells, a visionary British entrepreneur. Notably, he is also the proprietor of Retortal, a bespoke social media management platform catering to businesses in the direct selling industry, and a co-founder of SiteWizard, a digital agency where he still serves as a director. Furthermore, in 2019, he successfully launched AnyTask.com, a thriving freelance platform operating within the cryptocurrency ecosystem.
Electroneum’s Distinctive Edge: Unpacking its Uniqueness
In early 2024, Electroneum embarked on its groundbreaking ‘Aurelius’ blockchain update, elevating itself to a Layer 1 EVM-compatible blockchain. Notably, the network showcases unparalleled speed, security, and efficiency, thanks to its innovative adaptation of the IBFT consensus mechanism, bolstered by trusted validators. With transaction processing times of merely five seconds and instant finality, the blockchain also enables the deployment and operation of smart contracts at potentially the most competitive costs in the market.
The network has consistently demonstrated its efficacy over the years, serving as the foundation of the ETN-Network, which currently supports a global user base of over four million individuals. Additionally, it underpins AnyTask.com, a platform that empowers more than 15,000 professionals across 140 countries. AnyTask.com offers a distinctive approach to traditional freelance platforms, enabling freelancers to receive payment in ETN, thereby bypassing the need for a bank account – a limitation that affects approximately 1.4 billion people worldwide, according to the World Bank’s 2021 report.
The Electroneum blockchain is fueled by the IBFT consensus mechanism, bolstered by a cohort of trusted validators. Notably, preceding the latest ‘Aurelius’ update, Electroneum unveiled its ‘Proof of Responsibility’ update, wherein a coterie of NGOs was inducted into the validator programme.
This innovative approach has opened up a novel funding avenue for NGOs, empowering them to launch new and augment existing philanthropic endeavors. This programme has endured to the present day, and subsequent to the implementation of the ‘Aurelius’ update in early 2024, has broadened its scope to encompass universities and Web3 infrastructure companies.
In summary, Electroneum stands out as a Layer 1 EVM-compatible blockchain, backed by a proven track record, a visionary founder, and a reputable company, as well as a group of esteemed validators. Notably, it boasts unparalleled capabilities in terms of speed, security, energy efficiency, and cost-effectiveness, making it an ideal platform of choice for any developer or organisation seeking to build cutting-edge blockchain solutions.
The Circulating Supply of Electroneum (ETN) Coins: A Closer Look
Electroneum’s total and circulating supply is capped by Electroneum Ltd. at a maximum of 21,000,000,000 ETN, ensuring a finite and scarce digital asset. As of 12 April 2024, a substantial 17,969,620,855 ETN were in circulation, accounting for a significant 85.5% of the total ETN supply that will ever exist.
The Electroneum Network’s Robust Security Mechanisms
Electroneum leverages the IBFT consensus mechanism in tandem with a curated group of trusted validators, yielding a multitude of benefits compared to other blockchain networks. Notably, it ensures immediate block finality, facilitating transactions in a mere five seconds. This is achieved by presenting a single block proposal per chain height, thereby eliminating the complexities associated with forking and the risk of transaction reversals. The likelihood of block forgery becomes exceedingly remote, as a supermajority of validators must sign off on blocks before their insertion into the chain. Furthermore, the leadership of the validator group undergoes rotation over time, preventing any single faulty node from exerting prolonged influence over the chain. Additionally, IBFT offers the advantage of operational flexibility, allowing for the modification of validator groups over time, thereby ensuring that only fully trusted nodes are included in the group, and maintaining the chain’s security and reliability.
Electroneum (ETN): A Comprehensive Guide to Buying and Trading
Prominent cryptocurrency exchanges where Electroneum (ETN) is currently listed and actively traded include:
- HTX (Huobi Token)
- Gate.io, a renowned cryptocurrency exchange
- CoinEx, a prominent digital asset trading platform
If you’re new to the world of cryptocurrency, we’ve got you covered. For a seamless entry point, explore our simplified guide to purchasing crypto, as well as a curated list of reputable exchanges where you can trade with confidence.