Team and Founders

The project is managed by the Electroneum Team. Richard Ells is the founder and CEO of Electroneum. 

Project Concept

Electroneum aims to make cryptocurrency accessible for everyday use. This is achieved through a fast, energy-efficient blockchain infrastructure offering ultra-low gas fees and 5-second transaction finality. The project creates real-world utility by enabling unbanked users to earn ETN through platforms like AnyTask.com. 

How the Project Works 

• IBFT Consensus Mechanism (Istanbul Byzantine Fault Tolerance) 
• Single block proposal completes transactions in 5 seconds 
• Validator leadership rotates over time to enhance security 
• Block approval requires supermajority 

Validator System 

• Initially launched with NGOs and foundations (Proof of Responsibility) 
• After the 2024 Aurelius update, universities and Web3 companies joined 
• Low energy consumption and environmentally friendly structure 

AnyTask Platform 

• Serves over 20,000 vendors in 140 countries 
• Users without bank accounts can receive payments in ETN 

Governance

Electroneum promotes decentralized decision-making through On-Chain Governance features: 

• Participants: All ETN holders can participate 
• Voting Power: Proportional to held or staked ETN 
• Proposal Types: Community proposals include network changes, protocol upgrades, treasury allocation, and validator management 
• Approval Mechanism: Minimum quorum (e.g., 10% of circulating ETN) and supermajority (e.g., 66%) required 
• Incentives: Small voting rewards to encourage participation 

Roadmap 

• 2021: Proof of Responsibility (PoR) consensus launched for energy efficiency 
• 2024: Electroneum Smart Chain Testnet released with smart contract support 
• 2025: Electroneum Smart Chain launched, fast and low-cost Layer 1 blockchain 
• Future: Permissionless validator system, advanced consensus, and on-chain governance 

Token Use Cases 

• AnyTask Payments: Payment and earnings on freelance platform 
• Mobile Payments: Integrated with mobile app for airtime, data, and services 
• Network Security (Warranting): Validators stake tokens for network security 
• Governance Voting: Vote on network proposals 
• Transaction Fees: Gas fees paid in ETN 

ETN Token

Electroneum (ETN) is the native cryptocurrency of the Electroneum blockchain. It supports platform functions and is designed for mobile transactions, digital payments, and freelance earnings. ETN offers a low-cost, fast, and energy-efficient payment method. 

ETN Minting and Burning 

• Minting: New ETN is produced through block rewards; users cannot manually create tokens 
• Burning: A portion of transaction fees is permanently burned to prevent manipulation 

Token Information 

• Symbol: ETN 
• Max Supply: 21 Billion ETN 
• Circulating Supply: ~18 Billion ETN 
• Type: Native token of Electroneum Smart Chain 

Token Distribution 

• ICO: Initial funding via 2017 ICO 
• Emission Reduction: September 2021 hard fork reduced block reward by 75% 
• New Distribution: Tokens mainly managed via Treasury Contract supporting validators and community initiatives 

Electroneum (ETN) Features 

• EVM Compatibility: Fully compatible with Ethereum Virtual Machine 
• Security: High security with IBFT consensus 
• Speed: 5-second transaction finality 
• Cost Efficiency: Ultra-low transaction and smart contract fees 
• Sustainable Infrastructure: Environmentally friendly and energy-efficient 

Ecosystem 

• AnyTask Platform: Provides income opportunities for unbanked users 
• Mobile App: User-friendly wallet for payments 
• Smart Contract Integration: Special contracts for validator management, governance, and treasury 
• Eco-Friendly Focus: PoR consensus consumes far less energy than PoW 

Official Links 

• Website
• Twitter
• Telegram

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post What is Electroneum (ETN)? appeared first on Coin Engineer.

Seeker Device Set To Launch With $67.5M In Pre-Sales

Solana Mobile announced that its Seeker device will officially ship starting August 4. Introduced in September 2024, Seeker is positioned as a full-fledged Web3 mobile experience, not just another “memecoin phone.”

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

The company ran two pre-sale windows — the Founder round at $450 and the Early Adopter phase at $500 per device. With 150,000 units sold so far, Solana Mobile is on track to gross at least $67.5 million in revenue.

Introducing TEEPIN Architecture And SKR Token

Alongside the new device, Solana introduced TEEPIN, short for “Trusted Execution Environment Platform Infrastructure Network.” This three-layered architecture — hardware, platform, and network — aims to create a trustless environment for users, developers, and manufacturers.

In addition, the company revealed SKR, the native token of the Solana Mobile ecosystem. According to general manager Emmett Hollyer, SKR “redefines the mobile business model by giving stakeholders true ownership in the platform.”

Solana’s previous device, the Saga, gained unexpected popularity in late 2023, driven by the memecoin surge. Several units were listed on eBay for thousands of dollars before completely selling out by December.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Solana Mobile Unveils Seeker Device And Trustless Ecosystem appeared first on Coin Engineer.