Electroneum (ETN) is a company that is based in the UK and deals with digital payment scheme. It allows the users to send, receive and store digital currency with the help of smartphones. This was developed in order to enter the digital era of making payments so that people who do not have access to banks can make payments. In order to open the digital economy worldwide, the firm is making use of blockchain.
They want to be the first in everything and hence want to help people so that they can live their life as they like. Therefore, this UK-based digital currency firm will be the first to develop a smartphone that will help in mining cryptocurrency. On 25th February, there was a press release that said that Electroneum would be launching a smartphone that will have an app which will allow them to mine cryptocurrencies of their own. The smartphones will have the capacity to mine ETN.
The latest smartphone that will be launched by Electroneum which is nicknamed as M1 will consist of the tech company’s cloud mining technology. This will allow the users to mine the company’s dedicated digital currency, Electroneum (ETN). They will be mining ETN in exchange for using the smartphone.
Electroneum was the first digital currency firm to connect with the GSMA that is the mobiles operations’ association as well as the first in implementing Know Your Customer (KYC) and Anti Money Laundering (AML) compliance. Nonetheless, it is not the first firm that has launched a smartphone that is cryptocurrency enabled.
They launched their very first crypto-mining smartphone in a flagship event of the telecom industry which was held in Barcelona, the Mobile World Congress. This M1 smartphone costs $80 that will enable mining of ETN with the help of an app. By using this app, the user can do mining directly from the device. The digital currency mining can be done both in online mode as well as offline mode. Along with this, it has all the other common features that any other smartphones have, the mining app and the technology of cloud mining are pre-installed in the phone.
As per the firm, the cryptocurrency is not mined like how Bitcoin and Ethereum are mined because that process would exhaust the battery quickly, therefore, there is a mining simulator in the device where regularly ETNs are stored in small quantity within the wallets. These mined digital currencies are utilized by the users to pay for services and shopping.