Electroneum (ETN)
Electroneum is a Layer 1 EVM-compatible blockchain known for its rapid transaction speeds, instant finality, and low smart contract fees. Utilizing the IBFT consensus mechanism and supported by known validators, Electroneum is known for being fast, secure, and energy-efficient, providing the foundation for platforms like AnyTask.
Overview
Electroneum Smart Chain is constructed on the Geth implementation of the Ethereum protocol, facilitating decentralized, permissionless applications and organizations. It employs the Electroneum Virtual Machine (EVM) to ensure that all nodes agree on the state of the network and process transaction requests, keeping transactions secure through cryptographic methods. In 2019, Electroneum transitioned to a permissioned network using the Proof of Responsibility (PoR) algorithm, with selected NGOs acting as validators and using block rewards for charitable initiatives. The network, adapted from Monero, supports decentralized transactions with privacy features, including stealth addresses and KYC compliance. The Electroneum ecosystem is broadening into sectors like gaming and gambling for value transfers, alongside the AnyTask platform that allows freelancers to earn ETN without fees.
| Ticker | ETN |
| Category | Finance / Banking |
| Website | http://electroneum.com/ |
| @electroneum | |
| Telegram | officialelectroneum |
| https://www.reddit.com/r/Electroneum |
Features
Electroneum Virtual Machine (EVM)
The Electroneum Virtual Machine (EVM) functions as the global state machine for the Electroneum network. It is maintained by participants who store and agree on its state, allowing anyone to request the execution of code that modifies the EVM’s state. Despite its distribution across numerous computers running the Electroneum Smart Chain client, the EVM operates cohesively as a single entity.
Aurelius
The Aurelius update brought significant enhancements, including the introduction of the IBFT consensus protocol, EVM compatibility, and 5-second transactions with instant finality. This update allowed for cost-efficient and energy-efficient development of Solidity-based smart contracts, providing a user-friendly platform for Web3 application development.
Projects
ETN App
The ETN App allows users to earn ETN by selling digital services on the AnyTask platform without incurring fees, making it accessible even to those without bank accounts. The app supports fast, low-cost payments, provides an online wallet for ETN storage, and offers secure fund management with a passcode and offline storage options. Additionally, it features a currency converter to track spending in both ETN and local currencies.
AnyTask platform
The AnyTask platform enables freelancers to offer digital services globally without reliance on traditional banking, allowing them to earn ETN as payment. Freelancers receive ETN for their tasks, which can be used in over 140 countries for various goods and services, promoting financial inclusion and access to the digital economy.
ETN
ETN is the native cryptocurrency of Electroneum, facilitating a market for computational resources by incentivizing participants to verify, execute, and commit transactions. Users pay ETN as transaction fees, which helps prevent network resource misuse. Within the ecosystem, ETN is used for various functions, including DeFi collateral, NFT transactions, and payments for services or goods.
Tokenomics
ETN has a maximum supply of 21 billion tokens with the following distribution:
- Pre-Mined ETN Rewards: 37%
- Mining: 33%
- ICO: 30%
Partnerships
Electroneum has established partnerships with several organizations to enhance its ecosystem, including:
- AnyTask
- Ankr
- Umbria.Network
- Chainspect