Electroneum
Crypto Overview
Overview
Electroneum (ETN) is a cryptocurrency launched in 2017 with a focus on mobile accessibility and micropayments. The project aims to provide a digital payment solution for the unbanked population, particularly in developing countries.
Intended Utility
The primary intended utility of ETN is to serve as a mobile-first payment system, enabling quick and easy transactions through smartphones. The project has developed a mobile app that allows users to send and receive payments, and also includes a feature called 'mobile mining' (which is actually a rewards system rather than true mining).
Actual Utility and Development
Electroneum has pivoted several times since its launch. While initially focused on mobile mining, it later shifted to becoming a payment solution for developing markets. The project has established partnerships with various mobile network operators and launched AnyTask, a freelance platform where users can earn ETN.
Token Distribution and Founder Analysis
The token distribution appears relatively fair, with no concerning concentration among founders. The team has maintained consistent development efforts despite market challenges. The project's founder, Richard Ells, has remained actively involved and transparent about the project's direction.
Technology and Revenue Model
Electroneum operates on its own blockchain, which was forked from Monero but later modified to be non-private and more regulatory compliant. The network uses a proprietary Proof of Responsibility consensus mechanism that aims to be more energy-efficient than traditional PoW systems.
Current Status
As of 2023, Electroneum continues to focus on its payment ecosystem and AnyTask platform. While adoption remains limited compared to larger cryptocurrencies, the project maintains active development and clear use cases.
Crypto Impact
To assign a comfort level investing in Electroneum from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Electroneum.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.