Rebuttal to Electroneum Fudders!
What is Electroneum
Electroneum is a company whose focus is on the mobile market combined with cryptocurrency mass adoption The Electroneum ICO was a roaring success back in September 2017 with over 100million participants and over 500000 mobile and web-based subscribers to-date. Electroneum or ETN cryptocurrency is a cryptocurrency built on its own Cryptonote blockchain similar to Monero (XMR). The cryptocurrency claims to be “the world’s first common cryptocurrency.”
The ETN cryptocurrency was built with the specific goal of capturing the mobile gaming and online wagering markets. It’s designed with mobile-friendliness, fast transactions, and easy micropayments in mind.
“Sunny Decree” is a youtuber who posted a video ‘analyzing’ Electroneum. We all know that many youtubers like Headline Clickbait in order to drive more traffic to their channels. That is okay to a certain extent. I viewed his video and there were so many inaccuracies and a strong indication that he lacked understanding of what Electroneum is all about.
Many of you know me as one who has no emotional attachment to any cryptocurrency. I am neither an Electroneum “Fan” or “Roadie”. I simply analyze based on FACTS. I do see where Richard Ells wants to take Electroneum in terms of mass adoption and e-commerce. Thus I posted this as a non-confrontational rebuttal.
Sunny, Read the technical white paper. It specifically was written that the mining is not mining. It is a “mining experience”. You may not know this but you can NOT mine coins on a mobile phone. You read the technical white paper in your video, yet you act as if you still don’t understand it. No POW is being done. You are not saying anything new. I read the white paper AND the technical white paper BEFORE the ICO. Everyone should have BEFORE investing in the coin and the company.
We already know … well of course you don’t know this … but If you try to mine on a mobile phone, it will explode and burn the heck out of you. Not only that, you can NOT download ANY blockchain to a mobile phone because the storage capacity wouldn’t allow it. So I am unsure why this is such a surprise to you.
NEO and GAS that you mentioned are NOT Proof of Work (POW). They are Proof of Stake (POS)… well an optimized POS but I won’t get into the technical details here. You can’t compare NEO with ETN. That is like comparing apples and shoes. And MOST POW coins are on high powered hardware (GPUs or ASICs). And so is ETN. Those miners secure the network. Nothing new.
You deride Electroneum for not creating a blockchain from scratch. You do know that MOST coins are forked from the code base of other coins, right? Rarely a coin’s codebase is created from scratch. Electroneum are not in the business of developing a coin. They are in the business of creating a long-term sustainable business. The business application, ecosystem and platform is what will drive Electroneum. That is what they raised the money for.
So your statement about them copying Monero’s software shows your lack of knowledge in this area. The coin’s software is NOT the application’s software. Give them time to develop the infrastructure and platform AFTER they release the miner in 2 days, young man.
To read more about Electroneum and what ‘Decimals” are all about, I recommend you read this article.
Now to judge a coin backed by a business on 3 months of operation, is equivalent to you judging a new startup after a few months. It is rather unrealistic and naive, young man. They did not raise $40million to create a coin, dear. They raised money to build a business for tomorrow. To talk about which exchanges the coin is currently on is adopting the mentality of the novice or newbie who expect to buy a LAMBO in 2 weeks or 3 months.
Experienced business people and investors are full aware of the landmines that exist when starting up ANY new business. We’re used to it and we don’t go to coinmarketcap.com every 10 minutes. The ETN coins that will be distributed to the PEOPLE with the purpose of affecting mass adoption were pre-mined. AND the miner will be released in 2 days.
You fail to understand the business case for Electroneum. It is NOT just a coin like most of the coins you most likely invest in. One of the goals is to get cryptocurrency into the hands of the people without requiring that they become techies or software engineers like myself. There is another company that does something similar. I have their mobile app and they too are smart enough to know that you can NOT mine on a mobile phone. Quite frankly the people do NOT care whether they are mining or shining.
The goal is MASS ADOPTION and for the ETN coins to be used within the ECOSYSTEM. What better way to do that than to introduce the mobile app to them? So what if the product release is late? Welcome to the world of BUSINESS!
The Ecosystem and Platform will incorporate a community where the community (the PEOPLE) will participate in gaming, wagering, telecommunications services, and ecommerce. Will Electroneum be successful in this regards? We certainly hope so. We are counting on it.
Nonetheless there are people out there such as yourself, who are focusing on the wrong thing. They are focusing on “WHEN LAMBO?” “WHEN EXCHANGE?” “WHY DEADLINES MISSED?” Well shucks! I look at it another way. The partnerships they are establishing for the FUTURE are setting the groundwork for BIGGER things to come. Yes those relationships are essential. To me, that will drive the price of the coin in the future. MANY successful companies developed relationships and created MOUs (Memorandum of Understanding) before the products are fully developed and vetted. The short-term hit it and quit it mentality of cryptocurrency ‘investors’ (I use that term lightly) is a negative outcome of opening ICOs up to the wider uninformed public. Many don’t read white papers. Many of them don’t understand the difficulties inherent in starting up a new business.
In social media, all we read is whining and complaining about the price of a coin, the distribution of a coin or token, the missed deadlines, technology mis-steps. Quite frankly, this happens ALL of the time with ALL businesses.
In terms of the Electroneum HARD FORK. It never happened. There was a software fork or what we in the traditional software industry define as an UPDATE. LOL!
I believe Richard Ells need a new communications and public relations manager. In addition, I do agree with one thing that is being said in the field. Richard Ells need more experienced and senior software engineers and project managers in order to up their game.
I know … I know … “sunny”. Your purpose for quickly putting out this video was to drive traffic to your channel. Let us be responsible in our editorials. There are many ways to do it the RIGHT WAY!
By the way, you are pronouncing Electroneum incorrectly. Check out my video on Electroneum to hear how it should be pronounced. <lovingly>
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Until Next Time…
Faith Sloan “QueenWiki”
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