The Next Bitcoin?
The birth of cryptocurrency is perhaps the greatest phenomenon since the creation of the internet. I myself have not been in the crypto world for long, however it doesn't take too many brain cells to understand this latest and potentially 'greatest' cryptocurrency of them all - Electroneum!
As you now probably know, Bitcoin is going nuclear. At the time of writing this post, it has briefly touched a record high of $6,000 and is forecast to surpass the $10,000 mark in 2018. I personally won't be surprised if it goes beyond even that. Nevertheless, just seven years ago in 2010 a developer bought 2 pizzas using 10,000 units of bitcoin. Today, 10,000 bitcoins are worth around $60 million. To put it mildly, bitcoin is rocketing. But it's by no means the perfect digital currency. That's where Electroneum comes into play.
As of 25th October 2017, the entire crypocurrency market cap stands at $166 billion, with Bitcoin occupying a 52.6% dominance. But there are already many alternative digital assets today which are far superior in technology, possessing faster transactions, lower fees and much more decentralized than bitcoin.
Designed for the masses (99%) instead of the tech-savvy, Electroneum (ETN) is chasing the key to the crypto future. Thanks to a simple mining app launching on November 1st 2017, it unlocks the art of mining and earning coins for the ordinary person and beholds a staggering market potential. To be precise, that's over 2.2 billion smart phone users alone! Furthermore, they even have their own Electroneum gaming app in development whereby a user can earn coins based on their performance.
With a solid public development team behind the scenes, it's a great move by the experts. Distributing a total of 21 billion coins for common usage, it is unlike other coins by boasting a simple 2 digit decimal place format as opposed to bitcoin's 8 digit format, ETN some how feels right. Technically speaking, it provides an experience similar to FIAT currency. Compared to bitcoin's 21 million coin total supply, 21 billion ETN coins suddenly doesn't feel that much at all.
Electroneum is now officially the largest token sale of all time by contributor number with over 120,000 contributors and over 300,000 registrations of interest. In fact, the token sale completely sold out and consequently closed early after hitting the team hit their $40 million market cap with plenty of time to spare. If you visit the Electroneum website right now here's what you'll see...
Yet it is still unavailable on exchanges. There will be zero fees for sending to users and withdrawing to wallets, plus it is equipped with a much more secure, decentralized blockchain. What more can you ask for?
Well actually, there IS even MORE! Electroneum will certainly be going live with tens of thousands of miners - perhaps even more than 100,000. Who knows what records will be broken in the first MONTH. But one thing is perfectly clear, the more miners - the higher the price! ETN was sold at a huge discount during its ICO starting at 150 coins for a dollar. Nobody can possibly speculate on the future price once it launches next week, that's now in the hands of the Electroneum holders and miners, of which there will be many. And remember, the crypto world is still relatively young, in fact 99.8% of the entire planet are still not involved with cryptocurrency. Might Electroneum hit 0.10 cents next year? 0.50 cents? A dollar?? FIVE DOLLARS?
Let the predictions begin!...
Now I can't guess any thing because of the huge drop down of BTC.
Simple math:
Let's call, for simplification, the smallest denomination of Electroneum/ETN (which is 0.01 ETN) "microETN".
The smallest denomination of Bitcoin is Satoshi (0.00000001 BTC).
Now the math:
The total amount of Sathoshi it will be: 2,100,000,000,000,000 (2,100 bln).
The total amount of "microETN" it will be: 2,100,000,000,000,000 (2,100 bln) - so the same.
The only problem is that now a Satoshi is only @ $0.00007 and "microETN" is @ $0.0003.
The total amount of BTC at today's price is "worthing": 21,000,000,000 * 7,444 = $156,324,000,000,000
The total amount of ETN at today's price is "worthing": 21,000,000,000,000 * 0.03 = $630,000,000,000,000 - about 4 times more than BTC.
How much the market cap for ETN needs to be to sustain this price?
You draw the conclusion...
(English is not my native language so I apologize for the eventual mistakes)
I love Electroneum and have invested in the ICO. After that I have started mining it with my private mining rig through https://etnpool.net
Lovers, Investors and Haters of Electroneum - Please need your opinion on something...
Thanks for introducing about Electroneum.