Eaton Corporation, PLC (ETN), a key player in the specialty industrial machinery sector, is making waves in the investor community with its robust market presence and potential for significant upside. Headquartered in Dublin, Ireland, this global powerhouse has carved a niche in the power management industry, providing a broad suite of electrical and hydraulic components, as well as aerospace and vehicle products. Eaton’s diverse portfolio and strategic global operations underscore its market cap of $107.41 billion, making it a formidable contender in the industrials sector.
Currently trading at $271.83, Eaton’s stock price sits at the lower end of its 52-week range of $271.83 to $377.52. This positioning presents an intriguing opportunity for investors, particularly with analysts setting an average target price of $351.78, indicating a potential upside of 29.41%. The absence of sell ratings among analysts reflects a strong market confidence, bolstered by 18 buy ratings and 11 hold ratings.
Eaton’s forward P/E ratio of 20.12 highlights investor expectations for growth, even as the company’s trailing P/E and PEG ratios are not available. The company’s return on equity impressively stands at 20.20%, showcasing its efficiency in generating profits from shareholder investments. Furthermore, Eaton’s free cash flow of nearly $2.85 billion underscores its financial health and ability to reinvest in growth opportunities or return value to shareholders.
Dividend-seeking investors will note Eaton’s dividend yield of 1.53%, supported by a conservative payout ratio of 39.58%. This suggests a balanced approach to rewarding shareholders while retaining sufficient capital for future growth initiatives.
From a technical standpoint, Eaton’s stock exhibits a 50-day moving average of 305.20 and a 200-day moving average of 322.79, indicating potential resistance levels that could be overcome with positive market momentum. The Relative Strength Index (RSI) of 42.09 suggests that the stock is approaching oversold territory, potentially signaling a buying opportunity. Meanwhile, the MACD and signal line readings (-5.83 and -5.05, respectively) could be indicative of a recent downward trend, warranting close monitoring by investors.
Eaton’s extensive product offerings span across critical segments like Electrical Americas, Electrical Global, Aerospace, Vehicle, and eMobility. This diversification not only mitigates risk but also positions the company to capitalize on various market trends, including the growing demand for sustainable and efficient power management solutions.
As Eaton continues to innovate and expand its influence in the industrials sector, individual investors should consider the strategic advantages and potential returns that this industrial giant offers. With solid financial metrics and a promising growth outlook, Eaton Corporation remains a compelling option for those looking to enhance their portfolios with a blend of stability and future upside.
The information in this article should not be taken as advice. Readers should conduct their own due diligence and seek independent financial advice before making any investment decisions.
Eaton Corporation, PLC (NYSE: ETN) is a heavyweight contender in the specialty industrial machinery industry, boasting a market capitalization of $118.64 billion. Based in Dublin, Ireland, Eaton’s global operations span across various segments including Electrical Americas, Electrical Global, Aerospace, Vehicle, and eMobility, offering a robust portfolio of power management solutions.
Currently trading at $302.84, Eaton’s stock price is nestled within a 52-week range of $272.52 to $377.52. Notably, the stock’s potential upside is a compelling 16.59%, based on an average analyst target price of $353.09. With 18 buy ratings and zero sell ratings, investor sentiment remains largely optimistic about Eaton’s prospects.
Eaton’s financial health is underscored by substantial revenue growth at 4.60%, complemented by an EPS of 9.51. The company’s strong return on equity of 20.20% reflects efficient management and a solid capacity to generate shareholder value. Furthermore, Eaton’s free cash flow stands at an impressive $2.85 billion, suggesting strong liquidity and potential for reinvestment or shareholder returns.
From a valuation perspective, Eaton’s forward P/E ratio of 22.42 indicates that investors are willing to pay a premium for anticipated growth, a sentiment echoed by its attractive dividend yield of 1.37% and a sustainable payout ratio of 39.58%. This combination of growth and income makes Eaton an appealing choice for dividend-seeking investors looking for stability and growth.
Technically, Eaton’s current price is below both its 50-day and 200-day moving averages, at $311.15 and $323.71 respectively, suggesting potential volatility or a buying opportunity depending on market conditions. The Relative Strength Index (RSI) at 53.44 signals a neutral stance, while the MACD indicator, at -3.20, suggests potential bearish momentum, warranting cautious optimism.
Eaton’s diverse product offerings, ranging from electrical components and industrial machinery to advanced aerospace systems and vehicle solutions, position the company well to capitalize on global infrastructure demands. Its strategic focus on eMobility and energy-efficient solutions aligns with global sustainability trends, providing additional growth avenues.
For investors considering an entry point into the industrials sector, Eaton Corporation offers a compelling blend of growth potential, dividend income, and a significant upside forecast. Its diverse product range and strategic global positioning make it not just a formidable player in the industrial machinery space, but also a promising opportunity for investors seeking both stability and growth in their portfolios.
The information in this article should not be taken as advice. Readers should conduct their own due diligence and seek independent financial advice before making any investment decisions.
“A tremendous amount of work and progress is going on in the background – most of which we can’t talk about yet,” said Electroneum Marketing Manager Jonathan Marriott.
The Electroneum Tech team has focused their entire attention on the user interface (UI) and user experience (UX) across Electroneum, its app, and AnyTask.com to significantly improve all products and services.
The new focus on improvements comes as Electroneum’s Head of Business Development Nigel Pooley reveals that chambers of commerce and small business associations have shown significant interest in promoting AnyTask.com amongst their members.
Behind the scenes, all the other Electroneum departments are putting together some very interesting and promising deals with other crypto and blockchain projects, FinTechs, and mainstream businesses.
“A tremendous amount of work and progress is going on in the background – most of which we can’t talk about yet,” said Electroneum Marketing Manager Jonathan Marriott.
“What I can say is that we have a lot taking place with the integration between Elecroneum and AnyTask, which will translate to other applications. And a lot of collaboration discussions,” he added.
Mr. Marriott also spoke of Electroneum’s NFT involvement and how the UK-based startup is now seeking online freelance artists to sign up to AnyTask.com and participate in this fascinating and fast-growing marketplace.
He invited all freelancers with drawing, painting, illustrating, and animating skills to sign up now as a seller on the AnyTask.com freelance platform and list their NFT tasks. If you are already an AnyTasker, then go to Create a Task and list yours now.
An update from the Tech Team
Project Manager Jordan Lowe shares some of the exciting tech improvements that are currently under development.
The user is the main focus, Jordan said. One significant improvement has to do with the attachment of files on AnyTask.
She also said the team “made changes to enable users the ability to upload multiple files at once,” she said. “This was something that customers asked us to make possible.”
Jordan also said the tech team is working on a few other features. “We are enabling users on AnyTask to switch between multiple currencies so they can see the prices of tasks in a local currency,” Jordan added. She concluded by saying that many other exciting updates and improvements will be announced in the coming months.
The team continues to grow
Human Resources Manager Mike Jennings revealed that on the recruitment side of things, all is very positive.
“We have a number of candidates who are at our final testing stage, and we have scheduled new interviews with potential new additions to our PHP development team,” he said.
“We continue to grow. If you’re looking for a new and exciting career in the crypto and blockchain industry and want to help create a set of products that empower people, and make the world a better place, make sure to visit the Electroneum careers page for more information,” he said.
A weekly statistics update
New users continue to flock to Electroneum and AnyTask. Electroneum again saw nearly 1,200 new registered users per day this past week. Over 1,450 people downloaded the Electroneum app daily this past week as well.
Electroneum now has 4,151,036 registered users. People have completed 2,811,476 app downloads. Two more merchants have signed up to ETNeverywhere.com, bringing the total to 2,091 outlets that accept ETN as payment.
AnyTask reports over 643,000 registered users, and nearly 30,500 tasks are listed across dozens of online freelancing categories and subcategories. And currently, there are nearly 16,000 talented freelancers on the global marketplace.
To further understand the importance of AnyTask and how beneficial it is for Electroneum and its community, please make sure to click here and, once in the article, please scroll down below the AnyTask TV ad.
The chair of the very select group that includes Binance and Ripple said Electroneum’s goal for financial inclusion has caught the attention of many crypto and blockchain experts around the world
Electroneum is now the tenth member of Blockchain for Europe, an industry organization that focuses on blockchain promotion and education to help the EU remain at the global forefront of blockchain innovation.
The award-winning crypto project now shares a privileged place amongst the membership – one of the most respected in Europe – along with Blockseed, Binance, Fetch.ai, Ripple, and Block.one.
Maria Minaricova, Blockchain For Europe’s Board chairperson, congratulated Electroneum.
“We have high expectations for Electroneum as a member given its record as a well-established company led by a highly professional team with a goal of financial inclusion that has caught the attention of many crypto and blockchain experts around the world,” Minaricova said.
“We are very pleased that they will join our other dedicated members in seeking to advance blockchain technology applications in Europe,” she added.
As a trade association, Blockchain for Europe ensures that blockchain companies can speak with a unified voice to effectively and positively influence policymaking at the EU level. “We proactively contribute to the regulatory debate by supporting European decision-makers in their goal to make Blockchain technology a success,” the association states on their website.
“It’s a great honor to join such an important group of blockchain firms in their mission to ensure that new rules and regulations do not stifle innovation in the space,” said Electroneum CEO Richard Ells.
“We look forward to playing our part in helping European authorities and lawmakers better understand the important technological advances blockchain enables,” he stated.
The group is currently contributing to ongoing discussions about a digital Euro and the proposed EU framework for markets in crypto-assets as well as on other relevant regulatory issues.
As the association grows, it intends to expand into areas such as self-sovereign identity, digital taxation, IoT, and governance.
About Blockchain for Europe
Founded in late 2018, Blockchain for Europe is a non-profit organization representing international blockchain industry players at the EU-level.
The group proactively contributes to the regulatory debate by supporting European decision-makers to make blockchain technology a success.
Blockchain for Europe closely collaborates with national, regional, and global players – both at the policy as well as industry level – to support the promotion of and education about blockchain technology.
Electroneum is thrilled to announced that they have decided to apply a third time to Binance in response to a tweet by the crypto exchanges’ CEO Changpeng Zhao, better known as CZ.
“We’re very excited that CZ took the time to reply and point us back to the application form,” Electroneum CEO Richard Ells said. “This means he and his team are now aware of Electroneum’s intent to re-apply.”
Richard went on to say that “with CZ’s video confirmation that Binance lists projects with hundreds of thousands of users, and ETN having millions of users, I am confident that the Binance team will be keen to list us this time.
“The Binance application now requires a legal opinion, and we are just waiting for our lawyers to send that to us next week,” Richard added. “We’ve already used this opinion for HitBTC and Huobi, so it’s just a case of addressing it to Binance and giving us a copy.”
You all likely remember Richard’s video message to his Binance counterpart. CZ responded to the message indirectly pointing ETN to Binance links where tips on applying and all the procedures can be found.
Head of Corporate Relations Chris Norris took the opportunity to confirm that next week we will finally be on Changelly, the most popular instant crypto exchange.
“Our integration with this very popular instant crypto exchange will enable people to get ETN, making it easier for our users to instantly send ETN around the world at a fraction of a US cent,” Chris said.
Electroneum’s media presence
Unfortunately, the Bloomberg TV airing of the interview with Richard Ells did not broadcast when scheduled originally, 29 August. However, the good news is that there is a new date now, 12 September, at 7:00 pm EST (00:00 am BST, GMT+1).
The second part of the three-part series to air on KRON TV, Fox Business, and Bloomberg will be pre-recorded next week. And the tentative dates for airing are 17 September on Fox Business and 26 September on Bloomberg. The time of the broadcast has yet to be confirmed and the day and time for KRON TV.
Also awaiting to be determined is the interview date with Richard on Nasdaq TV and its 22 affiliated TV channels.
AnyTask improvements
As many of you must know already, many exciting improvements were made to the AnyTask.com freelance platform, and they all went live on 3 September. Here is the link to a detailed article explaining the improvements.
AnyTask Marketing Manager Tanya Hardie said improvements on the Electroneum-powered freelance platform are an ongoing priority as “we strive to ensure that the user experience on our website is unparalleled throughout the entire industry.”
Tanya also anticipated a few more freelance testimonials that will likely be published next week. She highlighted a couple of quotes from a couple of freelancers.
“It is encouraging to hear Nikola Bobetic mention that AnyTask has made a difference in his work as he has been able to put some ETN away for the future. More importantly, he was able to purchase a 3D printer with his AnyTask earnings. He is thrilled that this purchase will help him expand his freelance offering,” she said.
“And then there is Dattatray Degale, who said AnyTask is very important to him and has actually made a difference in his life,” Tanya added.
Head of Tech Development Barry Last said his team is working on making the AnyTask infrastructure easier to manage and deploy.
“This means that we can automatically deploy features when they are completed instead of larger, less frequent releases. It means we can also scale faster as traffic increases,” said Barry.
Enterprise sub-address wallet
Head of Blockchain Chris Harrison said his team is in the final stages of benchmarking an enterprise sub-address wallet’s performance.
“We have progressed quite well, and things are looking great,” Chris said. “We are also in the final stages of UI review with the instant crypto exchange that we are currently in the process of integrating.”
Chris also said, “we are implementing a new permissions system for Proof of Responsibility, (the protocol that powers the ETN blockchain). That will allow Electroneum to delegate related parties more responsibilities and afford them new benefits.”
Live chat support system
Support Manager Sam Warren said he and his team are working on getting the AnyTask live chat system up and running by next week.
“This has involved that the team and I make sure the system is easy to use, and, most importantly, user friendly,” Sam said. “We’ve been working closely with our Marketing team to make sure the system looks the part and with our support desk in the Philippines for training updates.”
Over the next week, Sam added, the support team will use the live chat in a demo form to train all the staff involved in support. “Once this goes live in about a couple of weeks, we will be working during UK work hours.”
Recruitment Update
Human Resources Manager Mike Jennings said his department had completed the first phase of interviews and technical tests with applicants.
“We have some exceptional candidates,” Mike said. “All of them love what we are doing here at Electroneum and are excited to join us. Watch this space as you will hear about our new starters soon.”
Mike said HR is also running technical tests with another group of developers. He is also screening and searching for our next batch of candidates, so anybody interested, please contact Electroneum immediately.
Mobile airtime and data top-ups with ETN from within the Electroneum app are already possible in 140 countries. No other crypto in the space has this level of usability.
In an unprecedented move within the crypto industry, Electroneum has become the world’s first cryptocurrency to enable electricity top-ups with ETN in four African countries – Gambia, Senegal, Nigeria, and Mali – from within their mobile app at a tap of a button.
In June 2019, market researcher and analyst Lisa Schulte said, cryptocurrency “is not ready for everyday transactions. It needs more time to shift toward a functional currency than an investment.” However, Electroneum is proving it is an industry leader as its ETN token’s use cases continue to grow.
With 19% of the world’s population currently using cryptocurrency and 14% more saying they are prepared to start using digital assets, most blockchain startups are falling behind in the race to create real-world use cases using their virtual currencies.
Ahead of the curve However, Electroneum has demonstrated to be ahead of the curve, and in only 30 months since its November 2017 launch, their ETN token can be used to top up mobile phone airtime and data in over 140 countries from within the Electroneum app. Also, nearly 2,000 merchants and service providers around the world accept ETN payments.
“Electroneum is one of a handful of cryptocurrencies that are building an ecosystem with real-world use cases, adding value for more than 2.6 million verified app users,” said Richard Ells, CEO, and Founder of the award-winning cryptocurrency. “Today, approximately 185,000 mobile top-ups have taken place from within our mobile app.”
Electricity top-ups in four countries As part of their ground-breaking strategy to spark further adoption, Electroneum has enabled electricity top-ups in Nigeria, Gambia, Senegal, and Mali. “We plan to expand electricity top-ups to more countries gradually,” said Mr. Ells.
Electricity top-ups from within the Electroneum app are very easy. You go to the bottom where it says top-ups. Select electricity top-up and enter the number of the electricity meter and enter a cell phone number where you want to receive notification that your transaction has been completed.
If you have relatives or friends in either of those four African countries, you can top up their electricity meter by following the previous instructions.
“Today, Electroneum has more real-world adoption than virtually every other cryptocurrency project out there,” Mr. Ells highlighted. “Really, outside the top five or ten cryptocurrency projects, we are right up there. We have real-world adoption, unlike 99% of the cryptocurrencies.”
AnyTask now makes more sense With mobile top-ups becoming more prevalent amongst Electroneum app users, the enablement of electricity top-ups and the launch of ETN Everywhere with close to 2,000 brick and mortar and online shops where you can spend ETN, earning ETN on AnyTask makes more sense.
AnyTask – the global freelance platform powered by Electroneum – is still in its soft launch phase. In only just over three months, over 460,000 people have registered to the website as either sellers or buyers. Freelancers have listed over 6,500 tasks in dozens of categories, including video editing, whiteboard animations, tech support, website design, and so much more.
The freelance platform is the first of its kind and the only one that does not charge freelancers any commissions, nor does it require them to have a bank account or PayPal. That unlocks the global digital economy to billions of people who are either unbanked or underserved.
Making a living on AnyTask
“Our next step is to roll-out a targeted marketing campaign aimed at making a living off of AnyTask a reality,” he said “Our first new goal, is to enable that reality for one thousand people, then 5,000 and then 10,000. No other crypto is head in this direction, so this makes us unique.”
Freelancing is particularly exceptional for people in Africa, the most impoverished region in the world. Nigerian AnyTaskers have expressed how significant AnyTask is for them.
Unemployment in Nigeria is increasing and currently stands at 30% of the population. The minimum monthly wage is about US$80, and access to the global digital economy is difficult because of the reputation Nigerian email fraudsters have created.
Freelancing in Nigeria
“Most freelance platforms, including Fiverr, require PayPal as a way to get paid, but PayPal does not allow Nigerians to receive funds because of all the email scams,” said Joseph Ogechukwu. He goes by QikFingers on AnyTask. “And so, we are faced with the difficulty of finding others in other countries to get our payment for us.”
Mr. Ogechukwu has anxiously been waiting for electricity top-ups from within the Electroneum mobile app.
Ibrahim Adams, or Tecnoidinc on AnyTask, said that apart from that, he does not pay 20% fees on freelance work he sells on Fiverr, which means he has more income to pay for mobile top-ups and now electricity.
“I find paying for airtime and data from within the ETN mobile app very convenient,” he said. “I have been looking forward to electricity top-ups because, at my home, we pay as you go.”
Electroneum has disrupted the already disruptive crypto and blockchain industry and has concrete strategies to ensure sustainable growth.
“We have achieved many outstanding objectives in the 30 months since our launch after a record-breaking ICO by participants with 120,000. However, we have many years of hard work ahead of us as we aim to be in a well-deserved position among the top 10 cryptocurrencies in terms of utility,” concluded Richard Ells.
Analysts are predicting that Bitcoin (BTC) will breakout imminently following suit with gold’s recent climatic rise. Cofounder of Gold Bullion International Dan Tapeiro thinks that $4.6 trillion in cash could flow into precious metals and crypto-asset markets (read the article on news.bitcoin.com). Meanwhile Chinese officials say that Bitcoin doesn’t make the top 10 cryptocurrecies and only ranks 12th in a recent blockchain evaluation index. CoinTelegraph
Ethereum
The Ethereum Foundation has partnered with Reddit in a bid to explore scaing solutions for its crypto-powered reards system asking its community to submit and vet ideas. Elsewhere MyEtherWallet an Ethereum (ETH) wallet is adding an integration with IPFS to let its users easily lauch websites on the decentralised web abiet in at this point the technology is still at an early stage. (see CoinTelegraph)
Electroneum
Electroneum (ETN) is to benefit from Cointelligence CEO On Yavin aka the “Scam Hunter” as he joins the company in an advisory and ambassadorial role and said, “I’ve been impressed both by this project and by their community, and I have personally verified all their statistics and numbers,” he added. “Because of this, I am proud to announce that I am joining Electroneum as both an advisor and an ambassador.” Ever wondered what you can by with ETN, head over to https://etneverywhere.com/ and take a look.
Turkey is accelerating its cryptocurrency adoption as the nation attempts to detach economic ties from the US and regenerate an economy facing potential recession accordings to Forbes.
Wirecard, the crypto card issuer is missing $2.1 billion in cash from one of its trust accounts. The company have said that they are investigating the matter and as a result will have to delay its annual report and financial statements. Bitcoin.com
Kraken, one of the world’s largest exchanges by trade volume, has said that it would be opening operations in Sydney, Australia, with local clients able to fund their accounts in Australian dollars. See coindesk
CoinDCX launched a learning platform dedicated to blockchain and cryptocurrencies. The platform offers guides, articles, courses and lectures and aims to explain the concepts of cryptocurrencies through infographics, tutorial videos and content that should be understandable by beginners.
And if you hadn’t already heard, Binance wants to open shop in the UK with a new exchange platform aiming to become a one-stop shop for British and European institutions and retail clients interested in investing in the digital asset class.
Following the March 2020 Central Bank of India (RBI) announcement lifting the banking ban on cryptocurrency, opening up one of the world’s biggest markets and in response to a vast demand for ETN in that country, Electroneum has announced its listing on CoinDCX, one of the nation’s largest and most secure crypto exchanges.
The ETN/BTC and ETN/ETH pairs on CoinDCX are now live, and shortly after, the crypto exchange will announce the listing of the ETN/INR (Indian rupee) pair. Tomorrow, 11 June, CoinDCX and Electroneum kick-off a three-day ETN/BTC trading competition.
“We are very excited about expanding our presence onto a crypto exchange based in India,” said Electroneum CEO Richard Ells. “Many crypto enthusiasts in India have expressed their wish to see Electroneum listed on CoinDCX, saying it is the most popular and trustworthy crypto exchange in the country. “
The listing on CoinDCX is part of Electroneum’s objective for further adoption of ETN in India, where the award-winning cryptocurrency already has almost 120,000 active app users.
“At a time when we are witnessing unprecedented growth in the use of cryptocurrencies in India, we are excited to introduce users to great projects like Electroneum,” said CoinDCX CEO Sumit Gupta. “Electroneum provides users with an easy way to integrate crypto into their daily lives. Similar to CoinDCX and our #TryCrypto initiative, Electroneum focuses on cryptocurrency adoption across the world, and we are happy to support them in their vision.”
About CoinDCX
CoinDCX is India’s largest and safest cryptocurrency exchange by trading volume. Built with user experience and security in mind, CoinDCX provides instant fiat to crypto conversions with zero fees, so that users can have access to a diverse suite of financial products and services that are backed by industry-leading security processes and insurance protection.
Its proprietary liquidity aggregation model provides its users with access to liquidity from leading global crypto exchanges, including Binance, HitBTC, and Huobi Global. Recognised and awarded for its contribution to the Indian emerging tech space, CoinDCX is backed by investors such as Coinbase Ventures, Polychain Capital, Bain Capital Ventures, and HDR Group, operator of BitMEX. CoinDCX offers users an integrated suite of products, including DCXTrade, allowing users to trade in more than 500 markets.
Earlier this year, CoinDCX committed US$1.3 million to its ambitious initiative called #TryCrypto, which aims to bring about mass adoption of cryptocurrencies and to introduce 50 million Indian users to the cryptocurrency sector.
Electroneum (ETN) Founder and CEO Richard Ells has today updated its users with another first for the company.
Hello,
I hope you are well.
Today marks another world’s first for Electroneum – The first crypto to commission and publish an in-depth report into its operation. An example of transparency in a crypto space that is mostly anything but.
There are very few people who could be trusted to be completely honest in their appraisal of Electroneum, so we chose the notorious On Yavin and his team of “Scam hunters” from Coinintelligence. “No other company that we’ve scrutinised has ever done it with the purpose of making the report public,” said On Yavin. “This is an unprecedented level of transparency, in an industry that claims to value transparency, but often remains secretive.”
The 16-page report verifies, among other things, our impressive numbers, and statistics. In March we confirmed over 2.25 million IOS and Android Electroneum app downloads, today that figures stands at 2.5 million. On Yavin also confirmed 89,000 mobile top ups with ETN had taken place and today that number is almost 150,000. Electroneum users have also completed over 290,000 person to person, app-to-app instant transfers.
“After taking a close look at Electroneum, its metrics, data and various other facts, we believe it is one of the companies with a real chance to succeed among the crypto companies existing in the industry,” the report highlights.
We believe that no other cryptocurrency has the guts to take the unprecedented step of allowing an internal review with the purpose of publishing for everybody to see. We feel proud of our commitment to transparency and our statistics have now been fully verified by a trusted third party. There aren’t many cryptos that can say that.
After participating in the very successful Anon Summit online event earlier this month, I’d like to invite you to our next event, the AIBC Digital Summit on 10th June.Sign up is completely free, courtesy of the organisers and I will be participating in a panel discussion on “The Next Financial System” at 12:15 CEST.
The summit promises to bring the latest trends in AI, Blockchain and other Emerging Technologies to the same virtual table, to discuss, learn and do business with each other. For the full list of speakers, click here.
Electroneum (ETN) has today announced that its Phase One has come to an end and is kicking off Phase Two with ETN Everywhere, ETN Donate and in-Electroneum-app electricity top-ups in four African countries by June 2020.
Success is in the numbers. In only 30 months since its official launch in November 2017, Electroneum has garnered nearly 3.9 million registered users, 2.4 million ETN app downloads, 100,000 blockchain transactions per month, 250,000 app-to-app ETN transfers, nearly 100,000 mobile airtime and data top-ups and hundreds of places where you can use ETN.
That, alongside the end of the current ETN Rewards systems, marks the highly successful completion of Phase 1, which saw astonishing growth and a social media following of over 300,000, far exceeding the expectations of the award-winning crypto.
“Our ETN Rewards systems and the referral model we put in place in November 2017 helped us reach these impressive numbers that no other crypto has achieved,” said the CEO and Founder of the UK-based crypto, Richard Ells. “It is now time to end them and enter Phase Two.”
The launch of ETN Donate and ETN Everywhere, and a greater focus on the value of Electroneum’s token mark the start of Phase Two, a new and exciting era for ETN and its entire community.
“Phase One has come to its end with great success,” said Mr. Ells. “The first two years and six months have been about adoption, and today we can proudly say we met our goal. We distributed a lot of ETN via our ETN Rewards system, which has been crucial to bringing in as many users as we have.”
Mr. Ells went on to reiterate the end of what he called the inflationary period. “We now move on to Phase Two, where we focus on greater liquidity and crypto community engagement, increased trading volumes to secure more deals with corporates, and further ETN adoption.”
The CEO added that Electroneum would be present in many more crypto exchanges around the world, including in the US and in India, where there is a vast ETN user base and room for more remarkable growth.
ETN Everywhere is live!
The ETN Everywhere is a global community of businesses, service providers, and merchants who accept ETN. The platform gives merchants an official business listing that is searchable and viewable by customers anywhere around the world.
“There are already about 300 e-commerce websites where you can spend ETN, and there hundreds of other merchants who also accept our token,” said Mr. Ells. “There are also hundreds of merchants and service providers who accept ETN as payment in Uganda, South Africa, Brazil, Argentina, the UK, US, and Thailand, to mention a few countries.”
“The platform provides users with a range of invaluable resources that helps businesses succeed, including personalised store posters, professional social media templates and the latest ecommerce plugins,” explained Laura Johnston, who leads the project.
With ETN Everywhere engaging and supporting business that accept ETN, as well as providing customers with a clear tool to find merchants to spend their ETN in, the growth of the business network in future, looks strong.
ETN Donate is ready!
ETN Donate empowers the crypto community to make a difference in the world we live in by making vital donations to the non-governmental organizations (NGOs) and charities of their preference.
By giving carefully selected NGOs the opportunity to accept donations of ETN via the ETN Donate website, each charitable organization has instant access to an entirely new way to fundraise.
The platform is also a designated area for the NGOs to showcase their fantastic initiatives and for other non-profit organizations to come on board and begin receiving an entirely new flow of donations in ETN.
In July 2019, Electroneum upgraded implemented its unique Moderated Blockchain, powered by their innovative Proof of Responsibility protocol. That enabled the startup to bring in non-governmental organisations as their trusted validators.
As well as ETN block rewards (in the same way Bitcoin miners earn BTC), the NGOs can also showcase themselves on the ETN Donate website for more donations.
Topping up electricity with ETN
Electroneum has focused on the creation of an ETN ecosystem, unlike all other crypto projects. Top-ups have been an essential component of that ecosystem. As mobile airtime and data top-ups have proven to be very successful, the UK startup is scheduled to take the next natural step by integrating electricity top-ups by June 2020 in Nigeria, Mali, Gambia, and Senegal, and gradually, to the rest of the world.
“Topping up electricity via the Electroneum app means you no longer have to travel great distances to a shop where you have to queue to pay for the vital supply of energy,” Mr. Ells explained. “The ability to top-up utilities makes earning ETN more attractive.”
The AnyTask success story
Electroneum’s global freelance platform AnyTask has been in soft launch since 13 February, and again, the numbers are full evidence of the demand for the website.
As of 4 May, nearly 250,000 people had registered on AnyTask as either buyers or sellers. Thousands of talented freelancers have listed over 3,150 tasks, and over 600 transactions have taken place.
“Phase 2 will also be very much about bringing in more buyers to AnyTask because our first objective is to enable a thousand freelancers to live entirely off our freelance platform,” said Mr. Ells. “Once we can guarantee subsistence of 1,000 freelancers on AnyTask, we aim for our next goal of 2,000 and so on until we reach genuine mass adoption.”
Electroneum is well on its long-term path to becoming the crypto with the most use cases and, therefore, on its way to being a top 10 cryptocurrency.
The UK-based cryptocurrency has incentivised millions of new people to begin exploring how easy it is to use ETN and begin understanding the benefits of alternative paths to financial inclusion.
The world is changing quickly. Technology is revolutionising the way we live and go about our daily routine. Start-ups are disrupting every sector we can think of. However, many are overseeing how easy it is for people to get lost in all the techy gibberish and cumbersome terminology.
Electroneum is a leading innovator within the blockchain and crypto space. They have won the position by being a world first in many areas, including making sure their users and potential new members of their community feel comfortable with the revolutionary technology. Electroneum ensures that when they communicate, everybody listens because they understand.
With that in mind, Electroneum continually improves how they deliver the best products and services to their 3.5 million registered users around the world, particularly those living in developing countries, where ETN Rewards are making a difference in the lives of many.
Electroneum is one of the very few crypto projects that are on-the-ground in various countries to understand the needs and concerns of all their users. In South Africa and various other countries, the Electroneum team observed various crucial aspects regarding how users see cryptocurrency working for them. One of them was about making cryptocurrency easier to understand by removing the technical terminology, including moving away from cloud mining and introducing ETN Rewards.
In essence, nothing has changed as Electroneum continues to give up to US$3 worth of ETN to every user, every month. However, the shift away from the concept of cloud mining makes it easier for users to understand exactly how the rewards system works.
Hundreds of thousands of people are receiving monthly ETN Rewards by simply interacting with the Electroneum mobile app. The ETN they receive can be stored or spent with any merchant, retailer, and service provider that accepts Electroneum’s crypto as payment.
For many in the developing world, where monthly income is often less than US$50 per month, an additional US$3 per month can make a significant difference to their daily lives, allowing them to have a little more each day.
By giving users an ongoing reward, Electroneum has achieved the fastest viral growth of any cryptocurrency. The whole purpose of delivering ETN Rewards is to educate people on Electroneum’s cryptocurrency, how easy it is to use, and how it can positively transform their lives.
As the Electroneum ecosystem continues to expand globally, the project continues to focus on its mission to unlock opportunities for millions of people by giving them the chance to access the global digital economy.
Remember, it’s incredibly easy to start earning free ETN; simply open the app and tap “Start Earning ETN Rewards.” That’s it! But do not forget to tap “Extend” earning ETN Rewards every seven days to ensure you get the most out of the ETN Rewards.
David Bull CBE will help Electroneum (ETN) with NGO and corporate partnerships around the world. His arrival to the project comes after decades of huge success leading major international non-governmental organisations.
Internationally renowned NGO executive David Bull CBE has joined Electroneum in an advisory role aimed at helping raise the commercial and educational profiles of the UK-based cryptocurrency project among top-level non-governmental organizations and corporations.
The British international development expert will focus his talent to help with on-the-ground efforts in developing countries to ensure that Electroneum’s global freelancer AnyTask and free e-learning TaskSchool platforms are successful in helping end financial exclusion, a trillion-dollar opportunity, according to experts.
“We are very excited and very privileged to have David Bull on our team. He is here to help further our vision to help millions of people in developing countries and to broker deals with corporations and the most successful organizations in the world,” said Electroneum CEO Richard Ells.
Mr. Bull also expressed excitement over joining Electroneum, a cryptocurrency he said is unlike any other in the industry.
“It is an ecosystem of initiatives working in innovative, dynamic and creative ways to bring digital and financial inclusion and better and more sustainable livelihoods to those who are left behind,” he stated. “This seems to me to be just the kind of innovation which can help ensure that by 2030 no-one is left behind, unconnected and financially excluded.”
Under Bull’s leadership, the UK chapter of the United Nations International Children’s Emergency Fund became one of the most successful, influential, and innovative. It also became a leader in developing robust and lasting corporate partnerships. Bull was also successful in increasing its voluntary income from US$16.8 million a year in 1998 to nearly US$90 million in 2013 and US$130 million in 2015.
David Bull left UNICEF UK in July 2016 after 16 years become an independent consultant for educational and international development NGOs.
Mr. Bull has also been praised for his leadership roles at Amnesty International, transforming the UK branch of the NGO into the most prominent worldwide.
The prominent NGO executive wrote an article announcing his new role at Electroneum, which you should read by clicking here.
Partnering with third-party airtime and data providers, Electroneum has launched ETN mobile top up on all major mobile operators across Uganda, Nigeria and Tanzania, providing nearly 100% coverage of subscribers in the African regions.
Electroneum is excited to announce that mobile top ups are now instantly available to ETN users in six countries as of today as it expands this service to Uganda, Tanzania, and Nigeria. Electroneum works with multinational third-party mobile airtime providers that enable ETN users to top up 15 of the biggest mobile network providers in the three African countries.
Electroneum users can now use their ETN to top up Africell, Airtel, MTN and Telecom in Uganda. In Nigeria, they have access to 9Mobile, Airtel, Glo Mobile and MTN. And in Tanzania, they can top up Airtel, Halotel, Smart, TTCL, Tigo, Vodacom and Zantel.
“We are pleased to announce the launch in these three African nations, where we see a clear opportunity to enable Electroneum users to top up mobile airtime through a third-party provider of the major mobile network operators,” said Electroneum CEO Richard Ells. “This is yet another step in our strategy to drive mass adoption.”
Ells explained that 99% of mobile users in Tanzania and Uganda can now top up with ETN and 97.8% in Nigeria. He went on to say there are nearly 25 million mobile subscribers in Uganda, 43.4 million in Tanzania, and 198.4 million in Nigeria.
These three countries have a combined population of just over 300 million. As in Brazil, South Africa, and Turkey, Electroneum has secured mobile top-ups via third party data and airtime providers.
Electroneum is the only cryptocurrency start-up that enables its users to top up their mobile phones directly through their mobile app at a tap of a button. The mobile top up service has proven significantly successful in the first three countries where Electroneum has launched top ups, which is why the expansion to more countries is expected to continue.
As an example of the viral success, Ells revealed that last month in Brazil alone, nearly US$30,000 worth of ETN top ups were reported.
The three new African countries pose a unique opportunity for Electroneum as its main objective is to help eradicate financial exclusion through smartphone mobile apps. Currently, there are nearly 60 million smartphones in use across Uganda, Tanzania, and Nigeria. That number is expected to increase by at least 300% by 2025. As of 2018, there were about 35 million smartphone subscribers in Nigeria, 17 million in Uganda, and 7.5 million in Tanzania.
The GSMA (a trade body that represents the interests of mobile network operators globally) estimates that in 2020, mobile phone subscribers will increase to 725 million. By 2025, 70% of all mobile phone users in the region will have smartphones.
The three nations’ populations are amongst the highest in terms of unbanked people, while in Nigeria, 60% of adults do not have a bank account. In Uganda, about 77% are financially excluded, while Tanzania tops the list with 81%, according to World Bank statistics.
Because of this, mobile financial services accounts have had considerable penetration. Some 90 million Nigerians use their mobile devices to access mobile digital financial accounts. In Tanzania and Uganda, there are circa 23 million mobile accounts in each country.
Why Africa represents a huge opportunity?
The African continent represents a huge opportunity for Electroneum as it is the second largest in the world and its economy is gradually recovering from years of runaway inflation. The 54 African countries have a combined population of more than 1.3 billion. The average age of the African community is 19.4 years, which means the region, according to a United Nations report, has an excellent chance to benefit from significant economic development within the next decade. The middle of Africa is the youngest region in the world, as its global share of people younger than 15 years of age is 46%, according to PRB.
Youths stand to benefit from ETN rewards and the full launch in Q1 of 2020 of their global AnyTasks freelancer and TaskSchool free e-learning platforms because 70% of the youth in the Sub-Saharan African region are unemployed. The younger generations are the most tech-savvy and open to change, which means they will likely embrace this chance to access the global digital economy with a smartphone or a laptop.
A cryptocurrency revolution
Cryptocurrency use is on the rise in the region, according to an Investopedia article. “The surge in popularity of cryptocurrencies spurred the opening of at least 15 trading venues there in 2017 alone,” it adds. Crypto exchange Luno estimates it will reach one billion customers by 2025, the article states.
The United Nations stated that the improving economic conditions have provided an ideal environment to foster crypto markets in Africa, wrote the Cointelegraph. Electroneum is currently a top-four cryptocurrency in terms of the number of registered users with 3.3 million, which is preceded only by Bitcoin, Bitcoin Gold, and Bitcoin Cash, according to information on KuCoin Blog.
As Electroneum continues to add value to its end users, and as merchants that accept ETN payments around the world continue to increase, more corporations and international organizations are also showing greater interest in the UK-based cryptocurrency.
The non-governmental organisation highlights that it is the first Indonesian NGO to work with cryptocurrency from Electroneum. Electroneum says Project Child shares its vision to empower people in developing regions.
Project Child is the third internationally renowned non-governmental organisation (NGO) to publicly reveal itself as one of the many trusted miners on the Electroneum blockchain. First, it was Ubuntu Pathways and then WONDER Foundation.
Electroneum is pleased to introduce Project Child, an education-oriented NGO based in Indonesia. In 2011, they began their humanitarian journey to change the lives of thousands of children and their families.
The vision of Project Child is for every boy and girl in Indonesia to have the chance to receive alternative education and, therefore, have a “healthy start”. Also, to feel supported and secure living in a clean environment prepared to face natural disasters”.
“We are proud to announce that Project Child Indonesia is the first NGO in Indonesia to be funded with cryptocurrency from Electroneum,” the organisation said in a recent press release.
In a separate statement, Project Child said they “are excited to be part of global changes by receiving our first cryptocurrency donation from Electroneum,” the organisation stated in a newsletter.
“It is a great example where technology, especially blockchain technology, could contribute significantly to any humanitarian causes and growing small non-profit organizations like Project Child to develop and expand its impact.”
Electroneum CEO Richard Ells said the association with Project Child helps further the mission of his company in developing countries.
“We have focused on creating solutions for problems that exist in developing countries, where the unbanked or financially excluded are trapped in a cycle of poverty,” said Ells. “We have partnered with NGOs that prioritise on long-term assistance that includes education as a way to empower the marginalised populations in the poorer countries.”
Project Child centres their priorities on three main topics, which are practical health focusing on the environment and disaster education; creating a holistic learning experience, and volunteer engagement.
In this regards, the organisation said the ETN rewards they received from mining the Electroneum network “has helped us fund our volunteer engagement and development activities, promoting volunteerism among Indonesian youth, and prepare them to be the spearhead of our efforts to bring drinking water and alternative education for Indonesian children.”
Indonesian riverside and beachside communities frequently face natural disasters that restrict them from breaking the systemic cyclical poverty. That is why Project Child focuses on providing them with the critical education and information they need to reduce to a minimum the fatal effects of floods, violent storms, earthquakes, and tsunamis.
As part of their holistic learning scheme, Project Child assists children across physical, emotional, mental, and spiritual dimensions. They ensure that boys and girls can develop as an “entire person”, outside of the norms of standard educational systems. They teach children arts, music, dance, storytelling, and other ways to share knowledge.
Volunteerism is also a key focus for Project Child as they aim to bring in more and more Indonesian citizens to help break the cycle of poverty across the country.
Ells said Electroneum is helping millions in developing regions with up to US$3 in ETN rewards a month. These rewards can be used for mobile top-ups, purchase of everyday items, and to send and receive ETN everywhere.
“A key part of our objective to help millions by bringing them out of financial exclusion and into the global digital economy, we are currently completing the creation of our AnyTasks freelancer and TaskSchool free eLearning platform,” he said. “People in need will be instantly financially included and allowed to earn extra income with only a smartphone.”
All mobile users in Turkey can now top up mobile airtime and data with Electroneum
More than 41,000 of Electroneum (ETN) users in Turkey can now instantly top up Turkcell, Vodafone and Turk Telekom via third party airtime and data provider. The three mobile network operators cover 100% of the country and have a combined subscriber-base of circa 80 million. This means all mobile users could potentially use ETN to top-up.
After continuing to demonstrate there is great global interest for mobile phone top-ups with crypto, Electroneum has enabled tens of thousands of ETN users in Turkey to instantly and easily top-up Turkcell, Vodafone and Turk Telekom airtime and data via the Electroneum mobile app through a third-party provider.
However, in a country that ranks first worldwide in terms of crypto usage, millions of people can also already download the Electroneum mobile app and use the up-to-US$3 in free ETN rewards for mobile phone top-ups.
As in Brazil, Electroneum has partnered with a third-party mobile top-up provider who purchases airtime and data in bulk from the three mobile network operators (MNOs) in the country and resells it to the public. Combined, Turkcell, Vodafone and Turkey Telekom have over 80 million mobile phone subscribers in a country with a population of slightly more than 83 million. Turkcell services 34 million mobile subscriptions; Turk Telecom and Vodafone, 25 million each.
“This is the first time ETN users can top up their mobile phones with airtime and data with all the mobile network operators that operate in a country, covering 100% of the population,” Electroneum CEO Richard Ells said. “This is an important step for Electroneum, particularly because we have some 41,000 users in Turkey and growing.”
Electroneum began offering their users mobile top-ups in South Africa in February, but unlike Turkey and Brazil, the partnership is with MNO The Unlimited.
The experience in South Africa has been an enormous success and has served as the foundation for expansion to other developing countries, which is Electroneum’s priority. They target the unbanked and those in urgent need of financial inclusion to help break the cycle of poverty. It is not a coincidence that most of the 1.7 billion people that according to the World Bank are unbanked also live in poverty.
In August 2019, Electroneum launched third-party mobile top-ups in Brazil to allow thousands of ETN users to top up Claro airtime and data. That led to further agreements with a third-party mobile top-up provider to enable Electroneum users also to purchase Vivo, Oi and TIM airtime and data.
Globally, thousands of people are signing up to Electroneum daily as they find out how easy it is to use the mobile app that rewards them with up to US$3 a month in ETN. Electroneum currently has circa 3.2 million registered users.
Why Turkey?
Turkey has in, recent years, focused on launching government programs that are in line with the Electroneum vision targeting the most vulnerable and disadvantaged groups in the country. The Turkish government has also recently revealed an economic roadmap that includes several items related to blockchain, including a bid to create a central bank cryptocurrency by 2023 and thus become a cashless society.
The country is home to a younger, tech-savvy population that is more open to adopting modern payments solutions, including cryptocurrency. Almost 27% of the population is aged 0 to 14 years, while 67% are 15 to 64. Only about 6% are over 64 years of age. The median age is 30.9.
According to a report on Bitcoin.com, Turkey is number one when it comes to cryptocurrency ownership with 20% of the population. This has a lot to do with high inflation and depreciation of the national fiat currency, the lira. Another report claims that over 31% of the country’s adults are unbanked, which means a third of the population is more likely to use cash.
And although the country’s government has succeeded in halving poverty and reducing extreme poverty, it still faces significant challenges as 31 percent of adults are unbanked. There are also 3.6 million Syrian refugees are in the process of being inserted into the economy.
Therefore, the country represents a huge opportunity for Electroneum as there is an urgent need for financial inclusion of tens of millions of people still living in vulnerable conditions and requiring access to the global digital economy.
Why Vodafone, Turkcell, and Turkey Telekom?
Currently, just over half of the mobile phones in use in Turkey are smartphones. This means there is massive room for growth in this area as there are a total of just over 80 million mobile phone subscribers with the three MNOs . Of these, only some 42 million are smartphones, and the rest are conventional mobile devices. The penetration rate of smartphones is expected to reach 71% for the first time by 2022, according to a report.
By partnering with a third-party mobile phone airtime and data provider in Turkey, Electroneum stands to expand their user-base exponentially by offering top-ups on Vodafone, Turkcell and Turkey Telekom.
The next step to mass adoption
Electroneum is one of the only cryptocurrencies being used worldwide to top up mobile phones. By expanding from South Africa to Brazil and now Turkey, Electroneum has proven there is a need for this service on a global scale.
Electroneum is the only crypto in the world that rewards their mobile app users with cryptocurrency that can be used for mobile airtime and data, demonstrating that adding value to the end-user is a genuine way to help millions of people in developing regions to live better.
Electroneum has also proven there is a real utility for ETN and their next step in their push for ETN mass adoption is to continue to seek partnerships with corporations, retailers, organisations, and governments.
The world-renowned scientist compares Bitcoin and Electroneum. He highlights the work of the UK-based cryptocurrency company.
Dr. Scott Stornetta, the globally renowned scientist who along with his colleague Dr. Stuart Haber invented blockchain back in 1991, met with Electroneum’s CEO and Founder Richard Ells and Head of Blockchain Chris Harrison over Skype recently.
The Yugen Partners Chief Scientist is modest when saying he doesn’t consider himself to be “of the highest calibre within the cryptographic and blockchain industry. “I simply like to position myself as one the people who has spent longer thinking about blockchain than anyone else on the planet. I have a really long-term perspective of this technology.”
Stornetta explained that he and Haber came up with the idea for blockchain to create digital documents that could be guaranteed to be tamper-proof. So, blockchain was born as a form of digital timestamps on documents along a chain so that authenticity of it could be traced back to its origin.
Seventeen years later after he and Haber invented the blockchain, Satoshi Nakamoto thrust blockchain to prominence by using it as the underlying technology for Bitcoin. In fact, whoever Satoshi are, they quoted Stornetta in their whitepaper.
Also, on various occasions, Stornetta has been said to be Satoshi Nakamoto. That is because he is a cryptographer, a renowned scientist, the inventor of blockchain and, speaks and writes Japanese as if it were his native language.
His views on Electroneum
Stornetta told Electroneum CEO Richard Ells in an exclusive interview that, “I understand what you’re doing with the Moderated Blockchain and your unique Proof of Responsibility protocol.
“I’m happy to recognise that you have grasped the breadth of the design space. Also, that you are flexible enough and open-minded enough to be still exploring how to get the balance of the mix. And that’s something that I’m able to encourage wholeheartedly.”
He went on to say that many cryptocurrency projects reject the notion of becoming regulatory compliant. Others, he said, are not seeking ways to add value as is Electroneum for the end user. Many more, he said, also reject combining features of decentralisation and centralisation to make their cryptocurrencies more secure and eco-friendly.
When highlighting Electroneum’s exploration of new ways to improve cryptocurrency and the blockchain, he said Bitcoin, other cryptocurrency projects and “people in the space should not think we’ve already found some of the most optimal positions in that design space.”
What appeals to Stornetta about Electroneum
Dr. Stornetta explained what to him is so appealing about Electroneum: “I admire, in particular, companies that have a long-term goal that is more than profit-maximizing, but that is actual a collective better.”
“I also simultaneously admire companies that are flexible about their means of getting from here to there. That includes finding ways to co-exist with the regulatory environment rather than attempt to subvert it. Also, finding ways to, create real use cases for people that wouldn’t know a hash function from a hole in the ground.”
Firstly, he said, Electroneum has a “long-term ambition for doing good and doing well.
“Secondly, Electroneum has a pragmatic approach to embracing existing players, including government and regulatory players, to find a way to co-exist. And thirdly, you have a practical way to make this of immediate value to the end-user. These three things I think are the essence of successful explorations in the, what I want to call the broader blockchain space.”
Electroneum’s GigFair project
Richard Ells explained Electroneum’s GigFair project. This is similar to other online marketplaces for freelance services in many ways except for the GigFair platform will charge far lower fees in benefit of the end user in developing countries.
“GigFair will enable people in the developing world to access the global digital economy for the very first time, allowing them to earn a little more, or even a lot more.” Ells described.
“The project will launch in the coming months and allows people from around the developed world to buy low cost digital services or ‘Gigs’ using their credit card – but the remittance is made to the gig supplier in ETN, the Electroneum cryptocurrency. Some digital skills are extremely easy to learn and can be completed and delivered using only a smartphone. Until now it has been impossible to pay small fees such as US$3 or US$5 to someone in the developing world with virtually zero transaction fee. Gig sellers can use their ETN to buy airtime, data and a growing list of other goods and services.“
Scott Stornetta said GigFair is a great way to add value for Electroneum’s end users.
Electroneum (ETN) announced today that they have brokered a ground-breaking deal with Ubuntu Pathways. The NGO, who work with thousands of people in townships in Port Elizabeth, South Africa, is one of Electroneum’s new trusted miners. The organisation have a verified track record of delivering over 80% of the funds to thousands of children and their families.
Electroneum is the first cryptocurrency in the world to have NGOs as trusted miners.
Ubuntu Pathways has for 20 years helped children from cradle to career and their families to ensure they have the future they deserve.
Ubuntu Pathways will use 80% of the ETN in block rewards it receives to continue helping thousands of people. 20% of the ETN will go to overhead, which includes doctors, nurses and teachers that help those thousands of people in need.
100% of mothers living with HIV that Ubuntu Pathways has assisted gave birth to virus-free babies in a community where one in three pregnant women is infected.
90% of the scholars they provide education to pass their university qualifying exams, compared to a 37% pass rate among their peers.
68% of youth are placed in rewarding jobs in a region where 80% of young people aged 18-35 are unemployed.
Internationally-recognised non-governmental organisation Ubuntu Pathways has sealed a ground-breaking deal with Electroneum, a revolutionary digital payments platform that enables the unbanked to access the digital economy through any smartphone.
Ubuntu Pathways is one of Electroneum’s new trusted organisations to mine their cryptocurrency ETN for block rewards they can convert to cash to further their humanitarian mission in South Africa. Ubuntu Pathways transforms the lives of orphaned and vulnerable children from cradle to career, in the townships of Port Elizabeth, South Africa.
The Electroneum and Ubuntu Pathways association marks a new era of cooperation bringing together the best of the crypto industry with the most renowned NGOs to help improve the lives of people in developing countries.
“Our partnership with Electroneum will help us break the cycle of poverty for over 2,000 vulnerable children and their families, and will ensure that a child’s birthplace does not determine her future.” – Ubuntu Pathways UK Director Beth Honig
Electroneum recently completed the launch of their new Moderated Blockchain, powered by its Proof of Responsibility protocol, which brings in trusted NGO miners who are in line with their vision, helping them raise funds for their cause.
“Our new trusted miners are NGOs with a verified track record of helping thousands of people improve their lives by providing them with the assistance, skills and training they need to live more.” – Electroneum CEO Richard Ells
“Our long-term deal with Ubuntu is a huge step forward in Electroneum’s goal to expand adoption of ETN across South Africa. We have already created a real-world ecosystem that will be rolled out across South Africa in the next few months.” – Electroneum CMO Conor Doyle
Ubuntu Pathways, founded 20 years ago, is a world-class institution. They’ve been recognised by Archbishop Desmond Tutu (1984 Nobel Peace Prize) and former President Bill Clinton, among other international personalities.
Electroneum is a constant game-changer. They have one of the biggest user-bases among the top cryptocurrencies, which is the greenest and one of the most secure in existence. It’s also the first crypto to become fully AML/KYC compliant, and the first to launch an affordable smartphone. Ubuntu Pathways and Electroneum have embarked on an incredible journey to deliver nurturing assistance to more children as well as many other people who require assistance and more NGOs will surely follow.
Electroneum (ETN) has today completed an unprecedented fork of it’s blockchain, bringing a host of game-changing advancements that will unlock an extremely exciting second half to this year. Immediate benefits, as of today, include:
• Become one of the few cryptocurrencies that is insusceptible to 51% attack
• Reduce our block reward (new coin emission) by 75%
• Increase scalability, confidence and commercial viability
• Involve relevant and influential Non Governmental Organisations (NGOs) in the Electroneum project.
• Speed up on-chain transactions
Electroneum major upgrade makes ETN the world’s most secure decentralised and eco-friendly crypto, and reduces block rewards by 75%
• CEO Richard Ells says the disruptive software update will unlock a transformational second half to 2019 for Electroneum. • Electroneum joins the likes of IBM and Facebook in launching a new type open ledger coined the Moderated Blockchain. • Electroneum’s ETN cryptocurrency is becoming increasingly appealing to the corporate world as well as governments, paving the way to partnerships that will help improve the lives of many while also leading the way in sustainability.
Electroneum has focused on progress and standing out in the crypto space and beyond through technologically disruptive developments since launch of its highly successful ICO in September of 2017. As a result of the relentless creativity of the talented tech team, the time has come for another transformational software update. And because the update places Electroneum’s new Moderated Blockchain (a type of permissioned blockchain) at the same level as IBM’s Hyperledger and Facebook’s announced Libra network, it makes their cryptocurrency, ETN, one of the most secure and eco-friendly in the world.
The update means Electroneum has made a significant shift to their existing blockchain to introduce two new concepts. Electroneum’s new blockchain is known as a Moderated Blockchain powered by its unique Proof-of-Responsibility (PoR) system, which enables a wide array of benefits, including virtually becoming invulnerable to 51% attacks, increased scalability and unlocking significant corporate partnerships.
This is especially important because Electroneum is increasingly becoming appealing to major companies as well as governments as it was the first to make their cryptocurrency AML and KYC compliant, paving the way to major corporate deals and partnerships with influential NGOs that will spur mass adoption and help improve the lives of many around the globe whom are currently financially excluded.
Electroneum also prioritises sustainability and significantly reducing its carbon footprint. The Moderated Blockchain helps do just that as it allows for hash rates to be reduced by millions of times from various giga hashes to under a kilo hash, making their ETN token, as of today, one of the world’s most eco-friendly cryptos.
Electroneum CEO Richard Ells says the unprecedented software update helps unlock a fantastic second half to 2019.
“It makes our cryptocurrency virtually insusceptible to 51% attacks, whilst reducing the emission of ETN to miners by a massive 75%.
“The move to what we have coined as Proof of Responsibility (PoR) allows us to educate NGOs in our target regions about the benefits of cryptocurrency.”
Ells adds. “Furthering the understanding of cryptocurrency by allowing the NGOs to directly benefit from the block reward has never been done – and it opens the doors to the NGOs using ETN on the ground directly with the unbanked and underbanked. Now that we are no longer susceptible to double-spend or 51% attack we can increase the speed of transfer on our blockchain, benefitting those who matter most: our users.”
The upgrade and 75% block reward reduction do not affect users nor their mobile cloud mining rewards in any way. They will all continue to receive up to US$3 worth of ETN every month.
However, the reduction in block rewards does affect those validating blocks on the blockchain with purpose-built mining equipment. Prior to the move, the large mining pools were receiving their block rewards and selling them directly on the exchanges. This will no longer take place.
When explaining the new Moderated Blockchain, Electroneum’s Head of Blockchain, Chris Harrison, says
“we have created a clever and absolutely unique way to shield the validator’s private key00s from an attack or double-spend in the event hackers were to gain access to the miners’ servers.”
Harrison adds that Electroneum will “have minimal interference, controlling only those who can mine on the network. This level of safety on the blockchain makes Electroneum more secure than all other decentralised cryptos by moderating the network and enabling early detection of hack attempts to prevent an attack from escalating.”
For those interested in the technical makeup of Electroneum’s PoR blockchain, the network still remains decentralised. Also, by hand selecting a limited number of trusted miners, Electroneum is able to authenticate each miner using unique authentication keys, which can be switched off at any time, thus alleviating the risk of a 51% attack.
“In the unlikely case both a miner’s equipment and authentication code are hacked, Electroneum’s system will notify them of a potential risk, enabling them to shut down the miner almost instantaneously.”
Harrison says.
Electroneum’s announcement includes disruptive changes regarding validators as the new trusted ETN miners are NGOs, some of which will be disclosed in the coming days. They are aligned with Electroneum’s vision and goals to empower people in the poorest regions around the globe as well as improving their lives.
“Prior to our move to PoR, we consulted carefully with influential NGOs to gauge their interest in mining ETN and were astounded by the response received,” says Electroneum Chief Marketing Officer Conor Doyle. “Whilst these organisations will remain anonymous for now, they will go public with their mining activities soon, showcasing the amazing initiatives that have been made possible with ETN mining.”
The On 13 May 2019, IBM wrote that “though anonymous public blockchains afford a number of powerful capabilities, they are not suitable for most enterprises, particularly those in regulated industries.”
IBM’s Hyperledger, which runs on a permissioned blockchain as well, has received tremendous support from global titans, including Walmart, Amazon, JPMorgan, Cargill and many others.
Electroneum stands out for many reasons, such as being the only cryptocurrency firm to launch an affordable US$80 smartphone with enhanced ETN mining as well as helping financially-marginated people to live their lives on their own terms.
Therefore, as of today, Electroneum is one of the very few blockchain projects to join the likes of IBM and Facebook to develop their original and very unique mainnet, utilising authenticated miners in place of anonymous ones to guarantee their users, miners, and exchanges a 100% secure network.
About Electroneum
Having attracted nearly 3.1 million users in just under two years, Electroneum is making tremendous strides towards its vision of mass adoption in developing regions:
• First truly mobile cryptocurrency, offering a “mobile cloud miner” that enables users to earn up to US$3 in ETN every single month.
• Word’s first KYC/AML cryptocurrency, ensuring Electroneum is positively received by governments and financial institutions worldwide.
• First cryptocurrency to launch in-app, allowing users to top up their airtime and data using ETN.
• Only cryptocurrency to have launched an on/the/ground activation campaign in South Africa, educating an on boarding new users every single day.
• Only cryptocurrency to have launched an affordable US$80 smartphone, allowing people in developing regions to own a new phone for the price of a reconditioned phone.
• First cryptocurrency to have exhibited at the world’s largest exhibition for the mobile industry; Mobile World Congress (Electroneum have exhibited two years running).
Electroneum (ETN) CEO Richard Ells today sent out the following exciting update to ETN investors:
Live at MWC19 (the world’s largest telecommunications event) we are announcing the launch of Electroneum M1; an affordable $80 Android smartphone designed for people in developing regions, with the features they REALLY need! But with one unique difference … unlike any other smartphone on the market, the M1 is the phone that pays you back!
The Electroneum M1 features built-in Cloud Mining which earns it’s owner up to $3 USD worth of ETN (the mobile cryptocurrency) every single month, which can spend on anything they like, including mobile top ups.
Despite the low price of just $80, the M1 isn’t a featureless phone. Unlike reconditioned phones typically purchased at this price point, the M1 comes with everything people in developing regions need, including 4G connectivity, Dual Sims, 8GB storage, front and rear facing cameras, and much more! To learn more about the Electroneum M1 and it’s built-in Cloud Mining feature, check out our website: https://electroneum.com/m1/
We’ve put together an entire press kit around the Electorneum M1. Please feel free to use any of the images and videos supplied. Check it out here: http://email.electroneum.com/_act/link.php?mId=AK9110519631714664003114527216&tId=144764802
Should you have any questions, please feel free to get in touch!
Best wishes
Richard Ells
CEO | Electroneum
Followed up by another email which expands in detail the reasoning behind the plans.
1. Direct Airtime Top Up
ETN can now be used to top up with airtime and data in South Africa direct with the Electroneum App. Another huge first for ETN.
2. Electroneum M1 Smartphone Launch
Electroneum have launched a smartphone. Yep. That’s right, a fully branded, ultra affordable, Google Approved Android smartphone – preloaded with Electroneum and ready to go.
Direct Airtime Top Up – South Africa
We’ve talked about mass adoption of cryptocurrency and how we are going to achieve it by partnering with mobile operators. We’ve worked hand-in-glove with multiple operators to fully understand both the requirements of their businesses and every facet of how to integrate with them. We’ve worked tirelessly for over a year to ensure everything we need to achieve this is in place. We overcame every challenge, launching instant payment, KYC, crypto accounting and cloud mining. Each of these was necessary to achieve our first major goal – allowing mobile airtime and data to be purchased directly via ETN.
I’m very pleased to announce that as of today, users in South Africa can top up their airtime and data via the Electroneum app (click MORE then see TOP UPS).
They’ll need a free SIM from The Unlimited. The Unlimited are an MVNO in South Africa powered by CellC. Users can complete a form (South African users can get a free SIM within 2 hours from over 800 Click Store branches! Full details from the Electroneum App – click MORE then see TOP UPS)
This is a world first for a cryptocurrency and it unlocks the first stage of the ecosystem development we have been talking about since launch.
It’s critical to understand that this has never been done – so learning on the ground and understanding everything that is taking place is critical. Starting small in a single city and then spreading our marketing and knowledge to a second and third city over 3 months. The knowledge we gain from this first real-world trial will be what powers us in to relationships elsewhere in the world, with solid facts, figures and know-how.
Cloud mining has been made live on Android and iOS because we realised that our first iteration of mobile mining favoured people who had perfect internet coverage. Our target userbase is the unbanked – and they are often not connected to the internet 24/7. Cloud mining allows full reward with periodic internet access, which then means you have a great REASON to install the free Electroneum app. Mobile mining rewards are a fraction of total blockchain rewards, but they go direct to the user. That user can now top up their airtime and data directly from the Electroneum app if they use the free SIM from the Unlimited.
South Africa is the PERFECT place for us to trial this ecosystem in the real world. There are millions of people in South Africa who earn less than $30USD per month and over 20 million earning less than $75USD per month. The first step in our GLOBAL ecosystem development is to get a working ecosystem trial in place. First give ETN a value in society OUTSIDE of crypto exchanges (remember a lot of these people are unbanked and can’t access crypto exchanges). This is now in place – with users being able to purchase airtime and data directly.
The AWESOME team at The Unlimited have very kindly offered to make it even MORE rewarding to purchase airtime and data using ETN – by DOUBLING the airtime and data packages when purchased in ETN!!!
So what? You might ask? What does this mean? This is the START of something absolutely incredible! The first step was to get ETN to have a value outside of a crypto exchange (something that really doesn’t exist with many cryptocurrencies – and none at any kind of scale). With this partnership we have achieved that. The next step is to make people on the ground not just want to cloud mine to gain ETN but to EARN some ETN so they can pay for more airtime and data than mobile mining allows. We need to show strong viral growth in South Africa (we are positive we can achieve that) and then we need to show great take-up of SIMs from The Unlimited (we are also confident we can achieve this!). Once we prove that partnering with Electroneum can grow an MVNO we will unlock many global deals that are currently watching and waiting!
Remember – airtime and data are just the START. It’s the first building block to the ecosystem. Everything else stems from it as it gives the first reason to want to EARN ETN.
With the launch of our Gig Economy website (entirely powered by ETN) coming in the next six weeks or so we will enable people to learn and sell a digital skill – getting paid in ETN. Knowing that the ETN they get paid from around the world has a REAL WORLD value to them in airtime and data. Remember that they can top up OTHER mobile phone user’s phones – not just their own – as long as that user is using a free SIM from The Unlimited. They could also potentially sell their ETN to an agent who can then top up people’s phones and make a small profit (subject to local regulations).
Having an ultimate value backstop of airtime and data means we unlock entrepreneurial spirit and allow people to collect other people’s mined and earned ETN and make use of it in innovative ways, perhaps creating a remittance service or an ETN to cash service and vice versa (subject to local regulations of course).
South African Promotion
We now have a new team on the ground in South Africa who will be working closely with The Unlimited in Durban, then Cape Town and then Johannesburg to bring the Electroneum brand to the townships and general population over the next three months. It’s going to be an amazing thing to watch and we’ll keep you posted via our social channels of what’s happening on-the-ground.
Our aim is to bring growth to The Unlimited via the viral growth of Electroneum. Once we prove this symbiosis in a real world environment, we have other global MVNOs (and even a couple of MNOs) watching closely to see what success we can bring. We have a strong South African community already and you’re going to see that SUPERCHARGED!
Electroneum M1 Smartphone Launch
You need to see it to believe it – it is literally jaw droppingly good looking!
We’ve partnered with a large phone manufacturer to create an Electroneum Smartphone – “The phone that pays you back”. It’s got a fantastic spec including dual sim (so people can have a SIM capable of ETN top up as well as any other SIM they currently favour). It’s a 4G model with 8GB of internal storage (expandable). Dual camera’s, thin, light and beautiful in Electroneum Blue. We’ve got pallets of thousands heading out to a couple of international destinations as we speak.
Why launch an Electroneum phone?
Our extensive research on the ground over the last year showed us that both users AND MVNOs both get a sense of added credibility and trust from hardware manufacturers. It’s not EASY to build a phone! It shows our commitment to the mobile industry and allows us to speak to MVNOs in a language they fully understand, whilst introducing cryptocurrency. From a user’s perspective it allows a user to trust a new brand (Electroneum) that they might not have heard of. There is (unfortunately) still a lot of mistrust in the cryptocurrency space and we are doing everything we can to ensure Electroneum stands head and shoulders above ALL other cryptocurrencies as the one to trust for partnerships and long term business development. This is a fantastic tool for creating trust and credibility whilst also bringing a new viral growth mechanism into the on-the-ground ecosystem. Imagine the talking point of a brand new phone – and when I say it’s good looking – I really mean it. It looks as good as a $1000 USD phone – but it’s likely to be selling for around $80 USD (subject to individual distributors markups).
The phone really is Electroneum all the way to the core, it comes with Electroneum wallpapers, an animated Electroneum start up screen and comes pre-loaded with the Electroneum App!
How much is the phone costing the Electroneum Project?
I’m very careful with what we spend to ensure we get the best possible value for the long term success of the project. We’ve spent some money to build and ship these M1 Smartphones, but we are actually selling them with a small profit. They will be a huge viral growth help – with ZERO long term cost to the project. In fact, they’ll even start bringing in revenue!
How do I get one!?
These will first be rolling out in the ecosystem areas that we get live – but we will also be getting them fulfilled by Amazon Marketplace in the not too distant future.
Anything else coming?
We’ve been working hard for a year – of course there is! We’ll be keeping it under our hats until it’s all ready though! Watch this space – but know that we are totally committed to making Electroneum THE cryptocurrency of the masses – just as we promised.
Electroneum has the best community in the entire cryptocurrency space and I’d like to thank you all personally for all your support and community spirit!
Richard Ells
Founder & CEO, Electroneum.com
The day before MD Chris Gorman announced:
I am very proud to announce I have joined the #GSMA Intelligence Advisory Board. The insight, analysis and understanding that @GSMAi provides has been invaluable in the news #Electroneum will announce #MWC19.
We have built the trust of #mobileoperators through our embrace of compliance, our open approach and the experience of the team.
We have earned respect by removing the complexities of blockchain making integration easy for users, #vendors, #agents and #operators, creating a sustainable ecosystem for all.
Every #MVNO & #MNO we have connected with loves the fact that we are bringing substantial revenue flows that already exist into the mobile industry – straight into the hands of those we help with financial inclusion.
We are gaining respect for our mission and by connecting our e-learning and Gig Guru to our global community, we provide a pathway out of poverty.
The combination of all of the above and the news coming on Monday may make a few people realise how potent we truly are.
The infographic below is from the @GSMAi Mobile Economy 2018 report. I’ll share more on the 2019 report when it is published on Monday.
Visit us at #MWC19 Stand 7i90 – look out for the palm tree!
Message me to book a meeting with the team.
When they launched the world’s first mobile cryptocurrency app in March 2018, the developers at Electroneum (ETN) saw millions of users rushing for the download button in a bid to get their hands on a tool which has revolutionised online transactions. With no sign of that enthusiasm slowing and in a huge, progressive leap, Electroneum has also gone live on the iOS operating system, meaning millions of Apple users will now be able to receive the same service their Android counterparts already enjoy.
The announcement has been rapturously welcomed by the crypto community and is fantastic news for Electroneum’s already massive global customer base. By branching out and reaching more devices, Electroneum is transforming mobile economies and giving mobile network operators much-needed additional revenue streams and growth. What sets them apart, however, is the way in which they are helping those who are otherwise financially excluded, giving up to 1.7 billion ‘unbanked’ people access to their most advanced online transaction system. Users everywhere will now be able to take advantage of the cloud mining system to start acquiring, sending and receiving cryptocurrency from wherever they are on the planet, with the world’s fastest and first KYC/AML compliant cryptocurrency.
Cloud Mining Means Financial Equality
Put simply, ‘cloud mining’ is the process of mining cryptocurrency from the cloud. Electroneum was founded with financial democratisation in mind, aiming to open up the crypto world to as many people as possible across developed and developing countries.
The Electroneum mobile model differs significantly from other forms of crypto mining, as CEO Richard Ells explains:
“This is, in effect, an easier and more straightforward way for people to get cryptocurrency onto their mobile phone. They can simply start ‘mining’ it by interacting with our app.
“The last version of the app we launched relied on a user’s device being connected to the internet all the time, and we know that connections can be very temperamental in developing countries. With cloud mining, our servers are connected to the internet and all the user needs to do is touch base with them once a week and their phone will still be mining in the background even if it’s switched off. It is also been critically important as Apple have now agreed to allow cloud mining giving us the ability to launch an iOS app.”
A More Human Approach
With many more companies trying to muscle in on the cryptocurrency market, few look to have a future quite as promising as Electroneum. Even before it managed to break into the iOS market, the app had already reached millions of users worldwide and download figures continue to rocket upwards month on month. Its popularity is not simply down to the ease and convenience of use, but owes something to the fact that the company is making a tangible difference to those living in some of the world’s poorest nations.
In an era where companies are coming under ever greater scrutiny for their corporate social responsibility, Electroneum is a leading light. Far from being an impersonal experience, cloud mining through Electroneum is designed to have a more human feel to it and the company makes clear they are passionate about helping those who live in developing nations.
“This is about people’ says Ells “we encourage our users in developing countries to download the app, mine cryptocurrency and spend it in their local economies. Access to the global digital economy via ETN can help inject much-needed funds which can enable these communities to grow and thrive.
We’re adding value in the places it’s most needed.”
Cryptocurrency is one of the fastest growing industries, already worth more than $3 trillion worldwide. With an estimated 1.7 billion unbanked or underbanked people around the globe, the promise and possibility of mass cryptocurrency adoption may finally be within reach. Of the many apps on the market, none are generating the same levels of interest and excitement as Electroneum. With this incredible leap forward, Electroneum have completely changed the crypto landscape and given the crypto community something to celebrate.
