Electroneum has been designed and built to give ordinary and non-technical users a chance to enjoy a cryptocurrency. Electroneum is a standard coin that was launched via an ICO with no particular features other than that you can transfer it between addresses, hold it in wallets and use it as currency whenever it’s accepted. The Electroneum platform itself is what makes it different. It’s a mobile-only coin that was aimed at mass adoption; anyone with a phone can quickly download the app, create a secure wallet and start using it.
Started back in 2017 and is built off the Monero codebase to allow for transactions on a decentralized blockchain. Like Monero, Electroneum has some built-in privacy features. One of the main criticisms of Bitcoin is that the balance of every wallet address is public available. Electroneum’s solves this issue by introducing a stealth address, a one-time public key that “prevents recipient’s funds from being linked with their wallet. 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.
Electroneum is currently based on a Proof-of-Work algorithm called Cryptonight originally developed by the Bytecoin and CryptoNote developer teams. It was designed to accommodate CPU and GPU mining whilst at the same time being ASIC-resistant. And was originally implemented in the CryptoNote protocol which has since been forked by projects such as Monero and Bytecoin. The CryptoNight algorithm functions by requiring access to memory, as well as placing an emphasis on latency dependence. However since CryptoNight ASIC miner was announced, the algorithm has became ASIC-friendly.
Due to the CryptoNight ASIC miners introduction, Electroneum difficulty has significantly increased as ASICs can mine at hashrates that are considerably higher than GPUs'. Their hashrates are so high that it makes CPU/GPU mining virtually unprofitable. For Electroneum mining, your GPU should have at least 3GB of memory, but don't expect much from them. CPUs most likely won't be able to mine Electroneum due to the incredibly high difficulty. Or their rewards will be so little that it won’t be worth the effort. For more details, see our quick step-by-step guide on how to mine Electroneum on Nanopool.
- Electroneum official website - electroneum.com
- Electroneum on GitHub - github.com/electroneum
- Electroneum blockchain explorer - blockexplorer.electroneum.com
- Electroneum Blog - electroneum.com/blog
- GPU hashrate list - miningchamp.com