Electroneum operates as a Layer 1 blockchain that is compatible with the Ethereum Virtual Machine (EVM) and serves over 4 million users globally. The blockchain stands out with its rapid transaction speeds of just 5 seconds and instant finality, while offering potentially the lowest fees for smart contracts in the market. Utilizing the Istanbul Byzantine Fault Tolerance (IBFT) consensus mechanism, Electroneum is supported by well-known validators, including universities and companies focused on Web3 infrastructure. As a result, the network is exceptionally fast, secure, and energy-efficient. For years, Electroneum has been the foundation behind AnyTask.com, enabling the platform to leverage blockchain technology for a more equitable and effective experience for freelancers across the globe.
Who Are the Founders of Electroneum?
Electroneum Ltd. was launched in 2017 by Richard Ells, a British entrepreneur. He also owns Retortal, a social media management tool tailored for businesses involved in direct selling. Additionally, he co-founded SiteWizard, a digital agency where he continues to serve as a director. In 2019, Richard introduced AnyTask.com, a thriving freelance marketplace within the cryptocurrency space.
What Makes Electroneum Unique?
At the beginning of 2024, Electroneum rolled out its 'Aurelius' blockchain update, transforming it into a Layer 1 EVM-compatible blockchain. The network is renowned for its exceptional speed, security, and efficiency, thanks to its innovative implementation of the IBFT consensus mechanism, backed by recognized validators. Transactions on this blockchain complete in just five seconds with immediate finality, and smart contracts can be run at potentially the lowest costs on the market today.
The network has consistently demonstrated its effectiveness, not only supporting the ETN-Network serving over four million users worldwide but also AnyTask.com, which aids more than 15,000 professionals in 140 countries. AnyTask.com offers a distinctive approach to freelance platforms by allowing freelancers to be compensated in ETN, eliminating the need for a bank account—a challenge faced by 1.4 billion people globally (World Bank, 2021).
Electroneum's blockchain leverages the IBFT consensus and is bolstered by a team of known validators. Before the 'Aurelius' update, Electroneum introduced 'Proof of Responsibility,' involving NGOs in its validator program.
This innovative strategy offered NGOs a new funding stream, aiding both new and ongoing charitable initiatives. This program remains active and has expanded to include universities and Web3 infrastructure firms following the 'Aurelius' update in early 2024.
To sum up, Electroneum is a Layer 1 EVM-compatible blockchain with a solid track record, a reliable founder, and a network of known validators. With its superior abilities in speed, security, energy efficiency, and cost-effectiveness, Electroneum should be a top consideration for developers and organizations seeking to build blockchain solutions.
How Many Electroneum (ETN) Coins Are There in Circulation?
The supply of Electroneum is capped by Electroneum Ltd., with a maximum limit of 21,000,000,000 ETN. As of April 12, 2024, there were 17,969,620,855 ETN in circulation, amounting to 85.5% of the total ETN that will ever exist.
How Is the Electroneum Network Secured?
Electroneum utilizes the IBFT consensus mechanism in combination with a group of known validators, offering several benefits over other blockchains. Primarily, it ensures transactions are completed with immediate finality in just five seconds. This is accomplished by having only one block proposal per chain height, which removes the difficulties linked to forks and minimizes the risk of transaction rollbacks. Consequently, forging blocks is extremely difficult, requiring a supermajority of validators to approve blocks before they are added to the chain. Additionally, the leadership of the validator group rotates over time, preventing any single faulty node from exerting prolonged control over the chain. IBFT also provides operational flexibility, permitting adjustments to the validator group to include only fully trusted nodes, thus ensuring the chain's security and dependability.
Where Can You Buy Electroneum (ETN)?
You can trade Electroneum (ETN) on major exchanges such as:
* HTX
* Gate.io
* CoinEx
If you’re new to the crypto world, you can check out our easy-to-follow guide for buying crypto and discover more exchanges where Electroneum can be traded here.
