What is Electroneum (ETN)?

Electroneum (ETN) is a mobile-focused, EVM-compatible Layer 1 blockchain project that aims to achieve global financial inclusion. Its main goal is to provide individuals without access to banking services with the ability to participate in the digital economy via a smartphone.

Table of Contents

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

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