Business Wire

Electroneum Major Upgrade Makes ETN the World’s Most Secure Decentralised and Eco-friendly Crypto, and Reduces Block Rewards by 75%

Share

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.

WATCH OUR ANNOUNCEMENT VIDEO

https://www.youtube.com/watch?v=OuhHKFRiuzw&t=5s

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).

Contact information

Olivier Acuna
PR Manager

olivier.acuna@electroneum.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Schlumberger Announces Fourth-Quarter and Full-Year 2019 Results Conference Call6.12.2019 21:07:00 EETPress release

Schlumberger Limited (NYSE:SLB) will hold a conference call on January 17, 2020 to discuss the results for the fourth quarter and full year ending December 31, 2019. The conference call is scheduled to begin at 8:30 am US Eastern time and a press release regarding the results will be issued at 7:00 am US Eastern time. To access the conference call, listeners should contact the Conference Call Operator at +1 (844) 721-7241 within North America or +1 (409) 207-6955 outside of North America approximately 10 minutes prior to the start of the call and the access code is 4013483. A webcast of the conference call will be broadcast simultaneously at www.slb.com/irwebcast on a listen-only basis. Listeners should log in 15 minutes prior to the start of the call to test their browsers and register for the webcast. Following the end of the conference call, a replay will be available at www.slb.com/irwebcast until February 17, 2020, and can be accessed by dialing +1 (866) 207-1041 within North Amer

BUFF STUDIO Globally Launches My Coloring, a Mobile 3D Pixel Art Coloring Book Game6.12.2019 16:00:00 EETPress release

BUFF STUDIO announced on December 5 that it launched My Coloring, a mobile 3D pixel art coloring book game, in 155 countries simultaneously. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191206005162/en/ BUFF STUDIO launched My Coloring, a mobile 3D pixel art coloring book game, in 155 countries simultaneously. My Coloring is a game that materializes a 3D pixel art coloring book on mobile devices. You can blow your stress away as you paint spaces in the order of numbers on the screen while reading calming messages. Relaxing background music you will listen during gameplay and its fairytale-like design will give you pleasure and happiness. You can download it for free on Google Play and the Apple App Store. (Graphic: Business Wire) Its Android and iOS versions were released at the same time so the users can download it for free on Google Play and the Apple App Store. My Coloring is a game that materializes a 3D pixel art col

Horizon8 Opens European Headquarters in Cork with Plans for up to 50 Jobs6.12.2019 15:00:00 EETPress release

Horizon8, an innovative, technology solutions company today opens its European headquarters in Cork, Ireland. Formerly called HengTian, the Company was created in 2004 as a strategic partnership between Boston based State Street, and Hangzhou based Insigma Technology and Zhejiang University. The new office in Cork will mark the first European office for Horizon8 adding to the company’s North American presence in Boston. An Tánaiste (Deputy Prime Minister), Simon Coveney, T.D. commenting on the opening said: “This announcement is great news for Cork and indeed Ireland. With up to 50 jobs planned, Horizon8 is placing a significant vote of confidence in the Irish Market and further demonstrates our competitive position in attracting Foreign Direct Investment. All of these roles will be for high-skilled workers, including engineers, developers and business consultants. As a Government, we have been committed to making sure that there is a strong pipeline of job opportunities outside of Dub

UAE Company Completes GBP 300 Million Investment in UK6.12.2019 12:58:00 EETPress release

Twenty14 Holdings, the hospitality investment arm of LuLu Group International, has completed investments of US$ 390 million in UK with the inauguration of the Great Scotland Yard in London today. The hotel will be open for business from December 9, 2019. The historic property was acquired in 2015 for GBP 110 million, and the makeover of the hotel involved a further GBP 50 million. In addition to the Great Scotland Yard, Twenty14 Holdings had acquired the celebrated Waldorf Astoria Edinburgh – The Caledonian in Scotland in 2018. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191206005122/en/ The Great Scotland Yard being formally inaugurated by Nicky Morgan, Secretary of State, Lord Jonathan Marland, Sir Edward Lister, UAE Ambassador HE Mansoor Abulhoul, Indian High Commissioner Ruchi Ghanshyam, Hyatt Hotels Global President & CEO Mark Hoplamazian in the presence of LuLu Group Chairman Yusuffali MA and Twenty14 Holdings MD Ad

Autodoc GmbH adapts its storage capacity to strong company growth6.12.2019 12:08:00 EETPress release

Autodoc, the benchmark in online retail for car spare parts in Europe, is expanding its logistics locations in Szczecin and Berlin. With above-average growth in recent years, the demands placed on logistics have become increasingly extensive. In 2018 as a whole, around five million orders were processed and delivered at the two Autodoc warehouses in Berlin and Szczecin. In the current year, the 6 million mark in orders was already exceeded by mid-November. In order to meet Europe-wide demand in the future as well, Autodoc has rented additional warehouse space in Szczecin and at its main location in Berlin. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191206005110/en/ The Autodoc warehouse in Szczecin, Poland, will provide around 27,000 m² of storage space from spring 2020. (Photo: Business Wire) Expansion of logistics capacities is a key growth factor Autodoc saw itself as a European company from the outset and identified

Play harnesses ADVA timing solution for 5G-ready mobile network6.12.2019 11:00:00 EETPress release

ADVA (FSE: ADV) today announced that Play has deployed its Oscilloquartz timing solution to provide LTE Advanced services throughout Poland and prepare its network for 5G. The PTP grandmaster with dual integrated GNSS antenna enables Play to deliver the resilient and accurate Precision Time Protocol (PTP) frequency and phase synchronization needed for next-generation connectivity. With its ultra-compact design, the OSA 5405 Series empowers Play to migrate its radio access network from costly GNSS RF antennas and coax cables to standard copper and fiber Ethernet cabling, dramatically reducing capital expenditure and operating expenses. ADVA’s long-term partner NAVI also played a key role in the project. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191206005008/en/ ADVA's OSA 5405 timing technology is helping Play prepare for 5G (Photo: Business Wire) “This deployment is about taking our RAN infrastructure to the next level.

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom