Electroneum (ETN) Returns to ASIC Mining, iOS App in Beta Testing

The mobile-based crypto coin has seen an increase again as ASIC miners are back in the game.

Electroneum (ETN), a cryptocurrency payment project that targets smartphone users in the developing world, has made a peculiar U-turn in its tech policy, deciding to allow ASIC mining again. Many Electroneum supporters were taken aback by the move, announced at the end of last week, as a few weeks ago, the team performed updates through a hard fork to disable mining by expensive ASIC equipment in favor of household mining with relatively cheaper GPUs (graphic processing units).



#ETN update success!
Updated Electroneum blockchain. Welcome back ASIC miners!
Check your chosen pool and ensure they’ve updated.
We’ll see fast blocks until it settles down.#cryptomining #ASIC #ASICS #ETN #electroneum pic.twitter.com/9q6C4Tz8mr
— electroneum (@electroneum) July 5, 2018

The trouble is that the Electroneum network had a very slow difficulty adjustment algorithm, and users had to wait for days until blocks could be produced based on the work of PCs and GPU miners. In the past, the Electroneum network greeted ASIC with optimism, stating the machines were also behind the growth of Bitcoin. Currently, many coins see the potential for mining farms as a claim on having a robust future, as compared to coins that remain mined by GPUs and with permanently low hashrates.

Our ASIC’s miner’s have arrived at the office!. We will be working with the ASIC miners today and well into next week to decide on the best code to implement in our next update!

Back in the spring, the Electroneum team even worked toward optimizing the code for ASIC mining. So the decision to disable mining and give advantage to small-scale operations also looked strange, but was hailed by the community. Curiously, the Electroneum hashrate has not changed significantly, but the difficulty has risen up to 100 times – resulting in a potential network slowdown. It is unknown how many ASICs are mining, or if they will continue to mine and produce enough blocks at the new difficulty level.

But now, difficulty has grown again, and apparently, some ASICs have been pointed to the network. In the meantime, the KuCoin wallet for Electroneum is in maintenance again.

There is also a backlog of transactions on the mobile app.

The price of ETN remains depressed, and despite recovering by some 20% over the past week, it has slid again, down 8% overnight to $0.012. The most optimistic predictions for ETN see the coin costing a few dollars, but for now, the asset trades on very low volumes, and the lack of enthusiasm keeps the price depressed.

But perhaps the biggest advancement for the Electroneum project is that there is an iOS wallet open for testing by invitation – a step in the direction of reaching more users. Some believed ETN would never reach Apple users, especially given that the company warned against using mobile devices for mining. However, the app was accepted to the Apple store for testing.


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Author Christine Masters
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Email of Updates from Electroneum

The following is taken directly from an email from Richard Ells, Electroneum Ltd Founder.


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Hi!

It’s been quite a while since I sent an email out and not everyone keeps an eye on our social media pages, so I thought it would be nice to have a little catch up and let everyone know what’s been happening at Electroneum over the last couple of months, and what is coming soon!

You can find these details on our latest blog post here:
https://electroneum.com/2018/06/15/new-contract-with-mobile-streams-plc-more/

New contract signed with UK PLC Mobile Streams
‘Mobile Streams signs agreement with Electroneum to promote the use of ETN cryptocurrency, on their Mobile gaming service’

We are excited to welcome Mobile Streams to the family as they come on board as part of the Electroneum journey.

We look forward to our relationship with Mobile Streams; as they promote the installation and use of Electroneum within their platforms. Mobile Streams has a subscriber base of over 750,000 users in Latin America that will enjoy the benefits of our mobile miner and contribute to our efforts of mass adoption.

London Stock Exchange
Since this breaking news, Electroneum has now been featured on The London Stock Exchange. Head over to see the full announcement:
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/MOS/13680775.html

BCI summit comes to an end.
To close this week, we would like to begin by saying, that it has been our absolute pleasure to represent Electroneum at BCI Summit New York. Richard was honoured to speak at two separate events during the summit, once as a morning keynote speaker and secondly in the panel ‘Future Adoption of Cryptocurrencies’.

It has been an inspiring venture to meet with so many Crypto-enthusiast and tech gurus alike, and as you can imagine we have been very excited to present the teaser for our Instant Payments System. For those of you who have yet to watch the teaser, please see here for more details: https://electroneum.com/2018/06/12/announcing-instant-payment-beta-vendor-application/

If you’d like to watch Richard’s presentation, it covers a lot of information about Electroneum that he’s never spoken about publicly before. Find it on our News page here: (https://electroneum.com/2018/06/13/bci-summit-key-note-speech-with-richard-ells/). There was professional recording taking place and the video will be updated as soon as that footage is ready.

Thank you to all who turned up to see Richard speak! Richard assures us it was a pleasure to meet you all and we’ve thoroughly enjoyed looking through your video and photography content of the event and hope to see more of you at future events!

The Real Coin Company
You may remember a piece we wrote about ‘The Real Coin Company’ and their incredible 1st series, Solid Silver Electroneum collector’s coin.

Whilst in NYC, Richard Ells had the absolute pleasure of meeting Maisie Raferty who kindly came to wish us well with the BCI Event!

She is raising money for the charity “Water” via her Solid Silver Electroneum collectors coins (see : https://therealcoincompany.com/)

If you’re interested in finding out how these iconic pieces are made, we also have some personal footage from Maisie and her team: https://youtu.be/ttXD5bBdR14

Electroneum Short and Medium Term Planning
If you watch Richard’s presentation (https://electroneum.com/2018/06/13/bci-summit-key-note-speech-with-richard-ells/) you might notice that we have focussed our direction and planning towards enabling the unbanked in developing countries.

By giving access to the ‘gig economy’ for the first time to over 350 million unbanked smartphone users in the developing world we are giving them access to the vast resources of the Western economies. We are not providing banking facilities but making digital earnings accessible for these users as they embrace the digital payment sector.

At the same time, the Western economies gain access to a community of competitively priced, millennial entrepreneurs, who can grow and learn a new digital skillset, in the knowledge that they can sell their new skills via a global digital payment method.

Price Waterhouse Coopers predicts this market to be as large as USD 3 trillion in their 2017 Global Fintech Report

Take a look at our updated website http://electroneum.com for more information and to see some of what’s coming in the next couple of months!

Big thanks
Ending on a high note-we would like to say a BIG thank you to everyone who has supported ETN of late- WE have an incredible online community, sharing their passion from ETN. Please do not that we do watch/read/review your content, from Youtube videos to group chats and blogs etc. The community exists at the heart of Electroneum, therefore, we’d love to give a shout out to a few who have gone above and beyond of late:

Youtubers
Electroneum Academy https://vimeo.com/272724181/comments
AllAboutTech https://www.youtube.com/watch?v=m-ukf97HzKE
Crypto for the people https://www.youtube.com/user/DavisBootCamp
Truful Rob https://www.youtube.com/channel/UCrejkES-WUURJj2Q_duD64Q
Electroneum Reddit community:
https://www.reddit.com/r/Electroneum/

Telegram communities:
Electroneum Knights
(And as always) Our brilliant Telegram admins
Thanks to everyone who is involved in Electroneum from every single user and holder of Electroneum coins, mobile miners, GPU miners, bloggers, vloggers, social media gurus and everyone else. We couldn’t do this without you.

All the best, have a great weekend,

Richard Ells
Electroneum Ltd Founder



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Electroneum Mobile Mining Update

Electroneum (ETN) CEO Richard Ells  posted the following to ETN’s social media channel.

I just wanted to drop an end of the week update to let everyone know that we’ve switched the automated miner payout system back on! You should see your payments coming through soon!

I should re-iterate that your ETN has never been at risk and no ETN or ETN earnings have been lost through this delay. If your payment failed at any time in the past, it will automatically be re-tried until you get it.

We understand your frustration if payouts have been slow, but we’ve only just come out of BETA and this has been a great test of the payout system, uncovering some bugs that needed fixing. At some point there will be an increase in the payout threshold, which will help to reduce the number of blockchain transactions. We’ve kept it deliberately low at 10 ETN to stress test the system and find the weak points before our corporate partners go live. We are rolling out an app update soon that gives more notifications about the mining payments, making it easier to understand and follow.


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Yesterday we had over 125,000 miners at some point during 24 hours – but we only saw 77,000 miners live at any one time. With that information, and the fact that Apple have still pushed back on the iPhone app, we would like to ask YOU, our community to answer a quick poll about the mobile miner, which could enable us to find a solution for Apple iPhone users and developing world users that have limited internet access.

The miner currently has to work in the background of your phone and you need to ensure you always have internet access.
If given the option would you:
Prefer to keep the miner exactly as it is now, requiring 24 hour internet access and background mode.
OR
Prefer to make a daily interaction at a time convenient for you. This will take just a few seconds when you’re online and could even allow earning ETN via the web page.

Thanks everyone,
Richard


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Giles Arbor
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Latest Electroneum News(from ETN themselves)!

Latest from ETN Admin via Telegram

Chris Gorman writes:
I know some people feel a little challenged with ETN and possibly hurt the belief . Can I ask that you pause for a moment, and let me ask you a question…

First, let’s consider that the partnerships we have announced already, reach over 100 million subscribers with annual recurring revenue amounting to over $10billion. If there were any hint of doubt, they would be issuing corrections – yet all you will find is confirmations or reposts.

Mobile operators typically take 6 to 9 months to integrate new products, and so far they have been cautious about getting involved in crypto. We have been live for just over four months; we are confident implementation will start well ahead of our quoted target of 6 months.

We are on a journey of mass adoption, balancing the needs of the existing investors and market, combined with our aspirations to impact financial inclusion in developing markets. Our unique ability to get ETN into people’s hands is a catalyst for change. We do not doubt that helping with a subject that is so high on the agenda of many economic leaders, could be very beneficial.

Our patent news for instant payments and subscriptions underpins our obsession in creating convenience and simplification to our first world users. This, along with the fintech partners announced for our “pop up ecosystem” will be a strong attraction for our vendor partners … and much more to come…..

So, my question is this – if you have serious doubts that are they based on is it that makes you doubt us? Is it something you know? Alternatively, or is it something you have heard
We have created a breakthrough product and built a strong foundation for growth. As you will see with our partner implementations over the coming months, we are set to open the market to even more significant partnerships on our continued Journey.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Electroneum Network Sees Abnormal Mining Activity, 51% Attack Suggested

In the past days, Monero (XMR) saw a spike in mining, and Verge (XVG) had a glitch exploited to cause chaotic mining.

The Electroneum (ETN) network is seeing suspicious activity, users reported, potentially signifying an attempt at a 51% attack. It is possible that Kucoin deposits are disabled in the next few hours, and users are urged not to move coins to prevent double spending. So far, the Kucoin exchange has not notified of any measures on the fate of Electroneum.

ETN remains unmoved in terms of price, as its trading is slim and keeps it hovering around $0.02.

At this point, for most older coins, it is impossible or unreasonable to attempt such an attack. But with smaller-scale assets, the entire network hash rate could be taken over by a few ASIC machines.

So far, no official statement has been issued by the team, which is more concerned with marketing. This is the second serious attack that ETN suffers, after the compromising of accounts following the ICO. This led to a relaunch and further delays in the project.

The Electroneum network still relies on CPU and small-scale GPU mining. But because it is based on the Monero mining algorithm, it is possible at least in theory that some of the Bitmain X3 machines may have taken on Electroneum after Monero changed its algorithm to make the machines obsolete. The coin is one of the few left prominent Crypto Note coins at the moment, with a relatively low hash rate. Hence, it is possible that Electroneum is seeing ASIC activity.

The attack against the Electroneum network saw blocks with abnormal timestamps, somewhat similar to the attack against Verge (XVG). While the XVG team claimed it was a minor accident of abnormal mining, the community sees it as a 51% attack.

Such an event has not happened to any of the major coins, although Bitcoin almost experienced it years ago. The effect of a 51% attack on a coin’s credibility cannot be underestimated, because of the potential for double-spends.

In 2018, most smaller coins with a relatively low hash rate may be vulnerable, since new mining hardware could be pointed to a blockchain at any moment, with only a few exceptions. But while the XVG attack does not seem to have harmed its image, in the case of ETN, a series of bad news may send the asset sliding even more, or losing credibility. In the past, not enough computing power was available for realizing such an attack. But now, even Bitmain alone could hijack, or destroy the reputation of coins.


 

Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author Christine Masters

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