Earth was not created in a day, and if it were, would it be a place you would want to reside? Anything of quality requires plenty of time, energy, resources, and most importantly; careful planning. And so is the case for any novel vision we wish to act upon in order to ensure success and sustainability. Even then, real-world variables are at play which stand to make or break its ultimate success. Lately, these make-or-break dynamics are observed on center stage when exploring the thousands of blockchain and cryptocurrency projects that have come to be over the past few years, offering to change the ways and reasons to which humanity transacts value. While many crypto projects have failed early on for reasons mentioned above, those with the strongest framework, leadership and strategy have demonstrated their success by doing what they set out to accomplish. So is the case for Electroneum, which is celebrating its “leather” anniversary by continuing to demonstrate its durability, purpose and growing success of their system’s ecosystem.
With three year in operation, Electroneum has been a pioneer within the industry in many ways. It was the first crypto to become KYC/AML compliant; a controversial move at the time that starkly contrasted from the sentiment within the greater crypto community around maintaining anonymity of users and their transactions. The crypto also pioneered its unique Proof of Responsibility protocol with a purpose of working closely with non-governmental organizations (NGOs) as validators of the blockchain, versus the Proof of Stake protocol which Bitcoin functions upon. To date, Electroneum remains the largest ICO on record (by sheer numbers of participants) with over 100,000 at the time of initial offering.
Electroneum’s mission is to give the globally unbanked people access to new tools to lift themselves (and their communities) out of poverty. This is all done through new opportunities made available with the ETN cryptocurrency and the Electroneum application ecosystem which includes their AnyTask freelancer platform. It was the first to offer top-up of mobile minutes and data from right within the Electroneum mobile app. For this, Electoneum partnered directly with mobile network operators in over 135 countries. Just as (if not more) significant, it was the first to introduce in-app electricity top-ups, and is offering them in four African countries currently. The crypto has also made the global marketplace significantly more accessible to the unbanked by creating an affordable M1 smartphone, yet another first within the crypto space. These are important reasons why City AM’s Crypto AM Award for Social Impact and Sustainability was awarded to Electroneum earlier in 2020.
In year four, Electroneum has big objectives on their strategic roadmap. It is investing heavily in the AnyTask platform to get more buyers using the freelance task website to purchase from it’s pool of globally-diverse professionals; many of which come from developing parts of the world and otherwise without access to the kinds of work available to them through the platform. The goal in 2021 is to be able to assure at least 5000 freelancers can earn enough ETN on AnyTask for it to become their sole source of income. In essence, Electroneum targets to be a lifeline for people; particularly those unbanked or living in developing countries, for earning crypto that will lift them out of poverty. The cryptocurrency also has plans for several other content-related websites where users can share their materials in exchange for ETN income.
Looking ahead, 2021 is positioned to be an exciting year for Electroneum. It targets to receive a FCA registration; a regulatory milestone in the UK that will validate its high level of compliance and security for ensuring consumer protections. The ETN cryptocurrency will make significant listings on major global cryptocurrency exchanges, with a new footprint in the United States. Electroneum will continue to expand their electricity top-up program to as many countries as possible. Mobile and airtime top-ups will also be made available in more countries. Perhaps most significant is the game-changing integration of Electroneum’s in-app online store which will enable the purchase of daily food essentials, construction materials, medicine and more; to give people globally an ability to send these items to their friends and relatives no matter where they live.
To achieve a vision as bold as Electroneum’s, a significant inertia must first exist to create traction behind the cause. Today, AnyTask has over 555,000 registered users. Of those users, 12,000 of them are freelancers who have listed over 20,000 different tasks across dozens of categories and subcategories. Electroneum has over 4 million users globally, with over 200,000 in-app mobile top-ups, and over 300,000 app transfers. Over 2000 merchants accept ETN, and nearly 200,000 ETN has been donated.
Three long years of challenges and victories are now behind it, and Electroneum is pushing ahead to achieve what it has set out to accomplish. Still, much is required, and many new and unknown challenges await to fulfill and sustain the overall mission in 2021 and beyond. Nevertheless, reassurances are seen every day as the vision is already starting to be realized. Through the revolution of blockchain and a true purpose, this cryptocurrency and application ecosystem stands to be that high-quality change that the unbanked world has needed to lift out of poverty and into something better; forever.
Marcus Henry is an American Journalist with over 12 years working in the tech industry. He has been actively involved in the crypto community for the past three years and currently works out of Austin, Texas. He covers breaking news, writes perspective pieces and reflections, and conducts interviews with industry professionals and community members. Follow Marcus Henry on Twitter- @MarcusHenryHODL
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