The two coins are currently ranked #3 and #4 respectively by market capitalization, but Monero has been on a tear as of late. Electroneum is still in the early stages of development, but its team has some big names behind it.
The can you still mine electroneum 2021 is a question that has been asked many times. In this article, I will compare the two cryptocurrencies and decide which one will prevail in the future.
From trading with seashells and pebbles to forging gold and silver coins, we now distribute paper as a tangible representation of worth. Humanity will continue to develop new methods for managing its economy and transferring wealth from one person to the next. With the digital age rapidly approaching, we could say – and this will be validated when we look at a comparison between Electroneum vs Monero – that the paper money era is over.
But what shape should digital currencies take, and how might future virtual currencies adapt to our everyday lives? According to Electroneum, a currency should be all about accessibility, making it simple for anybody, wherever in the globe, to access financial services quickly and fairly.
Think about the world’s numerous unbanked people, where there isn’t even a physical and mortar bank branch or an ATM within sight and the Electroneum comes to mind.
Money should be yours if you ask Monero. The government and banks have no control over how you use it or where you transfer it.
Monero believes that a money should be completely anonymous and private, unable to be tracked, controlled, or manipulated. Clearly, we have two cryptocurrencies competing to show their vision of the money of the future to the rest of the world. But who is the most powerful? To understand more, see our Electroneum vs Monero comparison.
Comparison between Electroneum vs Monero
The Differences Between Electroneum and Monero
Although both currencies were created with the intention of being used for payments, they use different approaches to doing so. Electroneum’s primary aim is to improve accessibility to financial services for individuals all around the world, as we’ll see in our Electroneum vs Monero comparison. You may have a gateway to Electroneum’s payments network or assist transfers and swaps with other users using its mobile application. You may also use Electroneum’s platform to make money or give it to a charity of your choice.
Meanwhile, Monero is mainly concerned with the privacy and security of money, as well as how it may be traced. Despite the fact that cryptocurrencies provide more privacy than traditional fiat money, they may still be tracked. Monero fills this gap by using sophisticated cryptographic programming to make tracking the movement of money as difficult as possible.
What Is Electroneum and How Does It Work?
Electroneum, which was founded in 2017, is a mobile-focused cryptocurrency network that has been developed and embraced as a fast and simple method to transmit money or to be accepted as a form of payment. As a result, you may think of Electroneum as a cryptocurrency-fueled, blockchain-powered version of PayPal, Apple Pay, Square, or Stripe. The aim of Electroneum was to develop a digital platform that would allow people to access financial services quickly, securely, and affordably.
It’s particularly essential in certain areas of the globe, such as Africa, where significant segments of the population lack access to financial services. As a result, adopting electronic payments, making online transfers, or applying for loans with a click of a button has been difficult, if not impossible, for these “unbanked” people. Despite their lack of convenient access to banks and ATMs, they do have access to the internet and a mobile device.
Electroneum takes advantage of this by making it simple for unbanked people to embrace increasingly digital forms of banking using just their phone. Electroneum has even made its mobile app compatible with older operating systems and phones with less powerful hardware. In more than 190 countries, for example, you may use its mobile application to make payments, buy products, transfer money, and fill up your bills.
Electroneum’s ETN Cryptocurrencies: What Are They?
ETN is the Electroneum network’s native coin. Despite the fact that Electroneum is not as well-known as some other cryptocurrencies, ETN tokens remain one of the most “used” tokens on the market. This is because to the fact that Electroneum’s mobile app has been downloaded by over 2.8 million individuals worldwide and that they use its ETN on a daily basis. Electroneum was the UK’s first significant home-grown cryptocurrency when it launched in 2017.
Electroneum sold more than $40 million worth of ETN cryptocurrency tokens to more than 115,000 people in a public sale that year, after a very successful initial coin offering (ICO). It still holds the record for the most individuals who have participated in an ICO at any one time. The Bitcoin and Ethereum raised during the sale will be utilized to continue Electroneum’s development and future expansion plans, which have remained largely static so far.
ETN is now valued approximately $0.017669 per token as of writing this Electroneum vs Monero comparison. Although it is still a long way from its all-time high of $0.236200 in 2017, it has gained 1,137.72 percent from its all-time low in March 2020. The entire token supply limit is 21,000,000,000 ETN, and there are now 17,846,281,543 ETN in circulation. Electroneum’s ETN, which is the 228th most valuable cryptocurrency, has a market capitalization of $315,334,491.
What Are the Functions of Electroneum’s Core Technologies and Features?
Electroneum has maintained a permissioned network to guarantee that the ecosystem benefits everyone equally while also sticking to Electroneum’s fundamental philanthropic and humanitarian principles. This has enabled Electroneum to establish a “moderated” blockchain, in which the company’s staff may hand-pick a group of non-governmental organizations (NGOs) to serve as network validators. At the time of writing this Electroneum vs. Monero comparison, there were 12 available.
This is part of Electroneum’s Proof-of-Responsibility (PoR) blockchain, which encourages miners to work together for the common benefit. This makes Electroneum’s blockchain very safe against bad actors’ 51 percent assaults, while simultaneously enabling NGOs to earn money and give it to their good causes. This saves Electroneum a lot of time and effort by removing the need to determine if validators are mining for personal benefit.
Even the co-inventor of the blockchain, Dr. Scott Stornetta, who also contributed to the Bitcoin whitepaper, praised this hybrid compromise between permissioned and permission-less with a regulated blockchain. It has enabled Electroneum to provide mining incentives to those who need them the most while still ensuring the network’s security and reliability for everyone else. Electroneum’s blockchain is now very energy efficient as a result of this.
How Can Electroneum Be Used in the Real World?
To utilize Electroneum, all you have to do is download the Electroneum mobile app and look for services that take its native ETN coins as payment. While researching this Electroneum vs. Monero comparison, we discovered that Electroneum is gradually growing in popularity and acceptance, particularly in poor and developing countries. According to Electroneum, more than a billion individuals worldwide do not have access to financial services.
You may pay your energy bills with ETN tokens via its mobile app in certain areas of Africa. Electroneum’s hybrid-moderated blockchain processes 100,000 transactions per month on average across the world. Electroneum has handled over 220,000 transactions for topping up mobile data or making utility payments throughout the course of its existence, as well as over 300,000 transactions for in-app transfers between its users.
More than 2,100 retailers across the globe accept ETN via its ‘ETN Everywhere’ merchant network, which covers more than 25 different industries. Consider utilizing Electroneum’s ETN tokens to pay for meals at restaurants, cab trips, hotel and lodging bookings, bill payments, and more. Electroneum’s mobile application has also grown in other areas, as we’ll see below in our Electroneum versus Monero comparison:
- AnyTask – The Electroneum mobile app includes a freelancing platform. You may either sell specific tasks or labor for ETN in exchange for money, or you can earn ETN tokens by performing freelance jobs specified by others without having to pay a middleman’s fee.
- TaskSchool — A free online educational platform where you may acquire new skills and earn ETN cryptocurrency tokens. Learning new languages, picture or video editing, programming, and DIY skills are just a few examples.
- ETN Donate — As we discussed in our Electroneum vs Monero comparison, Electroneum provides blockchain validator positions to NGOs and charities that may utilize mining earnings for humanitarian purposes. Electroneum’s ETN Donate has thus far received over 280,000 ETN in contributions from its community members. Ubuntu Pathways, WONDER Foundation, and Lawyers for Good are among the organizations involved.
What Will Electroneum’s Roadmap Look Like in the Future?
Despite its worldwide reach, Electroneum is one of the lesser-known cryptocurrencies, and it hasn’t achieved the same level of popularity as other tokens aimed at powering payment systems. We may use Monero’s XMR, which is among the top-30 most popular cryptocurrencies, as an example in our Electroneum vs Monero comparison. Electroneum, on the other hand, has a detailed strategy for expanding its audience in the foreseeable future.
Electroneum’s primary emphasis will be on increasing the usefulness of its ETN coins. AnyTask will get much-needed attention in order to help develop the Electroneum economy, as well as the creation of a new in-app store to make spending ETN tokens much simpler. Within Electroneum’s mobile app, platforms and services such as integrating meal delivery, purchasing vouchers or coupons, gift cards, and more will be available.
Electroneum’s payment services will expand into new areas while simultaneously reducing prices and expanding their reach in current ones. Electroneum will also collaborate with other blockchains to increase Electroneum’s visibility and enable other blockchain projects to reward their users with ETN. Furthermore, Electroneum will have a robust marketing campaign in place, as well as a concentrated push to have its ETN tokens listed on additional exchanges, such as Binance.
Review of Electroneum
So, how can we bring the first part of our Electroneum vs Monero comparison to a close? Simply stated, Electroneum still has some hope for a bright future, due to its already vibrant and engaged community, as well as its global reach. Electroneum has set itself the aim of becoming an influential money that can inspire change while being fair and sustainable, despite its lack of popularity compared to other cryptocurrencies.
Electroneum still has a lot to prove to the world if it wants to change its fortunes, but the Covid-19 epidemic is highlighting its usefulness. With many people avoiding personal interaction, we are becoming more conscious of the condition of the digital economy and the benefits that cryptocurrencies may provide. Electroneum fills that need admirably, allowing users to trade and apply value almost instantly anywhere in the globe while paying just pennies in fees.
Advantages and disadvantages
Pros of Electroneum
- Its ETN coins have a wide range of applications and may be utilized by a huge number of businesses and consumers across the globe.
- All of your account information and administration, as well as the wallet itself, can be accessible via a mobile application, making it very simple to use and maintain.
- Allows more individuals across the globe, particularly in impoverished regions, to have fast and easy access to banking and financial services.
- Staking cryptocurrency is a built-in feature that allows you to generate passive income from your holdings.
- Mining rewards are given to non-governmental organizations (NGOs) for philanthropic causes and humanitarian missions, with users having the option to contribute directly via the app.
- Still a behind in terms of marketing and exposure, Electroneum has remained relatively unknown among the larger population that is likely to utilize it.
- Despite being a hybrid architecture, its blockchain is still centralized to some extent.
What Is Monero and How Does It Work?
Monero was created in 2014, although its origins may be traced back to Bytecoin, a privacy-focused cryptocurrency that was originally released in 2012. Monero’s open-source system is intended to be a “obfuscated” decentralized public ledger, and its code was forked from Bytecoin. Anyone may transfer Monero’s XMR coins inside its network using privacy-enhancing methods, making it difficult for outsiders to track the transaction.
Monero’s blockchain is designed to make tracing the source, amount, or destination of a transaction more difficult. Monero became a popular option among the most privacy-conscious users as a result of this. Although it is a widespread misunderstanding that cryptocurrencies provide full anonymity and privacy when conducting transactions, it may be quite simple to trace out who is transferring money, to whom, and how much they are sending.
Although Monero’s innovations address this issue, they have also made it the most sought-after money for illegal purposes. Monero is considered as the main money for many darknet markets, where individuals may purchase stolen information, narcotics, weapons, and other items since every transaction is practically untraceable. Several incidents, such as the WannaCry ransomware cyber campaign, have utilized Monero’s cryptocurrency to conceal illegal profits.
What Are the XMR Cryptocurrencies of Monero?
XMR is the Monero ecosystem’s native currency. Monero’s XMR, like Electroneum’s ETN, is intended as a payments medium first and foremost, as we said previously in our Electroneum versus Monero head-to-head comparison. Monero, on the other hand, has concentrated its currency on building a safe, quick, low-cost, and censorship-resistant monetary network. Monero, like Electroneum, aims to divide mining profits among its users more fairly.
Their approaches, however, are quite different. Monero’s blockchain network is said to be immune to ASICs, allowing for more decentralized mining power than other Proof-of-Work (PoW) blockchains. Aside from that, Monero’s XMR coin has a number of additional objectives, including building a safe and reliable financial system, ensuring maximum user anonymity, and making its XMR cryptocurrencies fungible.
One XMR is worth $223.20 at the time of writing this Electroneum vs Monero comparison. This is shown by the fact that it is the 22nd most valuable cryptocurrency, with a market value of $3,987,215,837, and has a very healthy growth cycle.
It now has a circulating supply of 17,863,680 XMR tokens and a total supply of 18.4 million XMR. Monero, on the other hand, has designed a block reward that is always diminishing, with the supply rate dropping to 0.6 XMR per block after 2022, allowing it to stay liquid while yet being rare enough to give XMR a reasonable value.
What Are the Functions of Monero’s Core Technologies and Features?
Monero uses various privacy-enhancing methods to disguise the movement of its XMR coins inside the Monero network, in order to keep any transactions within the network as anonymous as possible. This is primarily made feasible by three key characteristics of Monero. To begin, Monero employs ‘Stealth Addresses,’ which let the sender and recipient to generate a randomized one-time use address for a transaction.
Transactions using a Stealth Address can’t be traced back to the sender or recipient, and can only be recognized by both parties. RingCT (short for Ring Confidential Transactions) is a more advanced version of Monero’s previous Ring Signatures concept. RingCT’s native integration ensures that the amount, origin, and destination of every transaction remain fully anonymous while maintaining Monero’s efficiency.
Since Monero’s creation, the Monero Research Lab has been constantly developing and improving Monero’s fundamental systems and technologies, with contributions and collaborations from over 500 developers across the globe. Overall, this has helped Monero stand out even among other privacy-focused cryptocurrencies like Zcash, with a coin that is completely private, safe, and anonymous by default, thanks to its blockchain.
What Is the Best Way to Use Monero in the Real World?
Monero’s XMR has been effectively incorporated into numerous legitimate businesses and platforms, despite its poor image as the preferred cryptocurrency of the criminal underground. Monero’s XMR may be used to buy products or services here, with the blockchain powering fast and low-cost payments all around the globe. Monero’s development team has also made it simple for businesses to integrate the cryptocurrency into their current payment terminals.
Popular cryptocurrency payment platforms like CoinPayments and NOWPayments, as well as Monero’s direct connection with WooCommerce to utilize its XMR coins, have aided this. Monero’s XMR coins may also be used to buy services and products online. Travala, for example, accepts Monero as a payment method and offers over 2-million different hotels and accommodations across the globe.
Alternatively, you may use Monero’s XMR to purchase VPN packages from well-known companies like Surf VPN, TorGuard, or cloakVPN. You may use XMR to purchase anything online, including mobile phones, clothes, goods, accessories, e-cigarettes, gold bullions, jewelry, and even ammo and sex toys if that’s your thing. Here are a few more places where you may spend Monero tokens as part of our Electroneum vs Monero comparison:
- Bitsa — A mobile-only prepaid card that allows you to transfer, trade, and pay using cryptocurrencies or fiat without having to establish a bank account.
- Purism is a privacy-focused device maker that uses proprietary, open-source software and open-ended hardware to create smartphones and PCs.
- Coincards – An online site where you can purchase gift cards for Amazon, GameStop, Home Depot, Xbox Live, and other retailers using cryptocurrencies like XMR.
- Veldt Gold is an online trader that allows you to convert cryptocurrencies like XMR into precious metals like gold bullions and silver coins.
What Will Monero’s Roadmap Look Like in the Future?
Monero has remained one of the most popular cryptocurrencies in use today, owing to its rising value. This will be supplemented by Monero’s plans for future development and consolidation, which should help to expand the currency’s use and reach. However, as we saw in our Electroneum vs Monero comparison, Monero’s roadmap for 2021 is very quiet and modest in contrast to what its competitors have planned.
Monero made a significant jump from CryptoNote to the RandomX algorithm in 2019, making Monero’s blockchain considerably more efficient and resistant to ASICs. Meanwhile, the Dandelion++ protocol was introduced in 2020, enhancing the privacy advantages of Monero transactions. With the native integration of Triptych onto Monero in 2021, these privacy-enhancing enhancements will be completed as well.
This enhancement will aid in further improving Monero transaction masking and making them more untraceable, while also taking up less space on the blockchain and being quicker to calculate. Bulletproofs+, on the other hand, will add to this by using a zero-knowledge proving paradigm. More significantly, Monero will strive to improve the scalability and speed of its blockchain via the development and implementation of second-layer scaling solutions.
Review of Monero
To summarize the second part of our Electroneum vs Monero comparison, we can only speculate on how far Monero can go in making each and every transaction totally untraceable. Although there will undoubtedly be many regulatory difficulties, as well as moral worries that your cryptocurrencies are being used to finance illegal weapons and drugs transactions, there are other ways in which Monero’s XMR coins may be truly beneficial.
Imagine a future where money can be transferred almost instantly anywhere on the planet, with no hidden costs, no censorship or restrictions, and no sense that someone is monitoring every single transaction. Monero is a strong tool in trying to reduce your valuable digital footprint, especially as the digital economy grows and more individuals become more aware that someone, somewhere, is watching their every action.
Advantages and disadvantages
Pros of Monero
- It allows you to trade and pay for XMR coins very instantly, securely, anonymously, and with low costs.
- Monero’s cryptocurrency may be used in the real world with a significant number of businesses and payment systems that support it.
- Independent developers and programmers have lent their assistance to community-developed blockchain to help sustain the ecosystem.
- An algorithmic approach that is resistant to ASICs to provide maximum security and stability for its blockchain while also ensuring a more equitable distribution of mining profits.
Cons of Monero
- There are many regulatory concerns about Monero’s privacy-enhancing features, particularly its illegal usage.
Conclusion: Electroneum vs. Monero
Without announcing a final winner, this wouldn’t have been deemed a fair competition. So, who won our Electroneum versus Monero fight, and which one stands above the other in terms of demonstrating how cryptocurrencies will be patterned after in the near future in today’s world? It’s a difficult decision to make, since despite their apparent similarities as excellent “currency” that may gladly replace money, Electroneum and Monero are extremely different.
Our choice today goes to Electroneum, which may surprise a few of you, because of their unusual routes to get there. Electroneum’s fundamental principles and the manner it has already been embraced today, despite its lack of popularity, are extremely hopeful of a healthy future where financial and monetary platforms may play a significant part in society. Electroneum’s more humanitarian attitude is commendable, and we can only hope for them to make a more concerted attempt to expand.
Monero, on the other hand, has a 10-fold higher market capitalization than Electroneum for a reason. Although Monero does not intend to transform the world, it has a laser-like concentration and a single-minded goal of integrating top-notch privacy and security features into one of the most important things we use every day — money. Overall, our Electroneum vs Monero comparison shows that cryptocurrencies have a long way to go in terms of innovation.
The is electroneum dead is a question that has been asked many times. There are some people who believe that the coin will be dead by 2021, but others think it’ll still be going strong.
Frequently Asked Questions
Is Electroneum a good investment 2021?
Electroneum is a cryptocurrency, so its not an investment. Its a currency.
Does Electroneum increase in value?
This is a difficult question to answer, as its impossible to know the future value of Electroneum.
Can Electroneum be mined?
Electroneum can be mined, but it is not as profitable as some other cryptocurrencies.
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