One of the fastest adoption rates in cryptocurrencies appears to be on the Electroneum (ETN) platform. The reason for the increase in the number of users is the ease of entry on this platform. All a user needs is a mobile phone which will support its apps and the rest of the technology for mining just takes over from the user.
ETN prices were at happy levels through last week, before heading for a dip of nearly 1.76% in the past transactional day, and are roughly priced below the $0.01 mark. Market pundits also expect to see a further correction as the prices will climb higher marginally before entering another phase of low prices.
As late as Oct 21st, the company has been upbeat about the number of users exceeding 20,000,000, as Richard Ells stated such a trend would take the platform to the Top 5 cryptocurrencies and also instate it as one of the top Altcoin. Apart from the ease of installation and adoption of the platform, there are other things which the company is doing right.
First to setup KYC policy
ETN has become one of the first of the non-fiat currencies on the blockchain to have a “Know Your Customer” policy for the use of its platforms. This is a mandatory requirement in a fiat-banking system and the intent of this policy is to usher in higher adoption rates for these virtual currencies, especially among the institutional investors and the corporate.
By offering this feature, ETN will now be integrated as a form of payment for products, services as well as goods and will also be able to conduct businesses across the spectrum.
Emerging market adoption
The target areas where ETN hopes to see mass adoption are emerging economies where smartphones on powerful internet connections can easily be deployed for transacting in ETN over networks at stores and local shops.
Additionally, ETN hopes to drive the micropayment ecosystem in such markets and will also encourage mobile mining since it users will not have to use a third party such as an exchange to acquire these coins or to buy/sell them.