In recent years, in the world of crypto we have seen a clear increase in projects, one of which is Electroneum, the app that lets you undermine your smartphone.
This project is very interesting and has been very successful among those who are interested in cryptocurrencies in recent years.
This app allows, through a calculation process called mining, which is not the same as on bitcoin, to extract the Electroneum token.
Of course the possibility of undermining on the smartphone is relative as it requires a higher computing power but it is useful for those who want to recharge their mobile phones.
What is Electroneum
This project was born in 2015 by Richard Ells and launched it in 2017, founding Electroneum Ltd, and later became the ICO where the company raised about 40 million dollars in Bitcoin and Ethereum.
Electroneum is a token that is used both to exchange value between two or more subjects and to be extracted using your smartphone.
Use the consensus algorithm POW (proof of work), as in Bitcoin, and can be extracted using an asics.
The extraction process (Mining) takes place through a cloud mining, that is, the app is downloaded and inside it connects to the cloud where tokens are extracted.
This process is very functional because you don’t need to have the smartphone turned on because mining works on the cloud.
But the renewal in the mining process must be updated at least once a week.
Using the app you can top up your phone plan, in fact there are many companies present.
In addition, the company also trades in smartphones that not only serve as mobile phones but also act as portable mining devices.
These devices are marketed in developing countries as they are low cost and allow you to earn money.
You can find them on amazon by going here.
How the app works
To download the app you need to go to Play store or to the Apple store by searching for Electroneum.
Once downloaded we are told to enter the email and cell number confirming that we are not robots.
After confirming the emails and the mobile phone, you will need to enter a pin code for further protection.
Remember it and write it on paper and keep it.
We can open the app and the main screen will appear.
Here we can see the etns extracted in the upper part, instead, we can share our reference code going up generates other Etn.
Instead in the bottom bar, we can start the process to undermine the smartphone and we can renew it at least one day.
At the bottom we can see a menu.
We can go there on the wallet, where we will enter our wallet to manage the users and send them.
Instead on REFILL we can top up our telephone plan by choosing the manager and the country.
For now it is only possible on Brazil and South Africa but the company is releasing developments on other countries.
Instead on MORE we can modify the app data, language, email, etc., or see the network statistics.
The mining process
The extraction process takes place in the company-specific cloud.
Doing so will not require the smartphone to be turned on to be able to undermine.
The application can be closed and later on by entering the pin and accessing the app we can do the operations.
The payment is paid every 100 ETn and is automatically processed on the official app wallet.
Generally the production is around 100 Etn per week but this value can fluctuate over time due to various factors.
In addition to using the smartphone, an asics can also be used to undermine electroneum.
But this process consumes energy and maintenance of the machine.
Other Data on Electroneum
Conclusion
Electroneum represents a solution for developing countries, because it generates wealth using their smartphone.
Although in recent times it has depreciated, its value is significant in countries that use a low value currency.
This can be a very interesting project because it uses a smartphone to undermine.